New research expects a gloomy year for Bitcoin as DeFi and DAOs rise By Cointelegraph

New research expects a gloomy year for Bitcoin as DeFi and DAOs rise

Cryptocurrency Jan 21, 2022 11:20AM ET

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New research expects a gloomy year for Bitcoin as DeFi and DAOs rise

Another major player in the cryptocurrency world is forecasting a dismal year for Bitcoin (BTC) in 2022. Following the United States Federal Reserve’s and other central banks’ tightening of liquidity measures, Huobi Research believes that BTC will enter a bear market. On the brighter side, decentralized finance (DeFi) will continue to expand and adapt, with decentralized autonomous organization (DAO) governance eventually becoming a major driver of activity on the chain.

Bitcoin and Ether (ETH) prices plummeted on Thursday night on the cryptocurrency market, shedding about $150 billion from the market. Over the last 24 hours, Bitcoin has lost roughly 7.9% of its value to go as low as $38,788 at the time of writing.

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