The head of Blockchain.com crypto exchange is confident in further decline of the cryptocurrency market

Peter Smith, CEO of Blockchain.com, a cryptocurrency exchange, warned that in the short term there will be a further drop in the cryptocurrency rate, but believes that in the long run this process will lead to a stronger industry.

Cryptocurrencies in general have experienced increased volatility following the Terra ecosystem collapse, which saw LUNA fall from its position as the leading crypto asset, as well as factors affecting stock markets, including inflation and the looming recession.

According to Smith, the cryptocurrency market will see many more challenges, but crypto investors should learn that it is important to average the dollar value of their positions to avoid increased exposure to sudden volatility spikes.

Speaking on CNBC, Smith suggested that investors should be prepared to hold their assets for a long time: «You have to be prepared to hold crypto for quite a while. Because we’re still in the early days of building this whole financial system.»