Kevin O'Leary: a serious negative event will determine the bottom of the crypto market

It is only possible to determine whether the cryptocurrency market has reached the bottom if there is a serious negative event.This opinion was expressed by investor and star of the TV show Shark Tank Kevin O'Leary in a comment to CoinDesk.

“You won’t get the bottom until you have an event,” the speaker emphasized.

The TV star added that for the players involvedthis is obviously not a positive thing. In his opinion, "panic determines the bottom" as the market capitulates before breaking out of the lows and slow recovery.

O'Leary is a strategic investor in Canadian DeFi platform WonderFi Technologies. He announced his vision of the situation on the crypto market on the eve of the listing of the company on the Toronto Stock Exchange.

The investor also called the current market crash a plus for WonderFi. According to him, volatility has increased trading activity on the platform.

O'Leary added that further regulation is needed for wider adoption of digital assets among institutionalists. We should start with stablecoins, the Shark Tank star believes.

Earlier, O'Leary said that he holds almost 10% of his capital in cryptocurrencies. According to him, he owns Ethereum and the USD Coin (USDC) stablecoin.

In January 2022, the investor spoke about the interest in buying shares of mining companies that use green energy, and in April about investing in Bitcoin and Solana.

Recall that in early June, BitMEX co-founder Arthur Hayes announced the passage of the first and second cryptocurrencies of the local bottom.

In May, best-selling author of Rich Dad Poor Dad and entrepreneur Robert Kiyosaki predicted a test of the $17,000 level for Bitcoin.