While Dogecoin has a market cap of $7 billion, the bear market is far from over, says a prominent fund manager

Renowned financial market expert and portfolio manager Michael Gayed said that as long as Dogecoin, as an example of a worthless asset according to him, has a market capitalization of $7 billion, the collapse of the financial markets is far from over.

The current market cap of Dogecoin is still over $7 billion.

This shit is not over.

— Michael A. Gayed, CFA (@leadlagreport) September 22, 2022

Referring to the statements of the expert on the same day, one can understand an opinion that the downtrend in the stock market, and thus also in the closely correlated crypto market, will end when the collapse of the real estate market will be more.

That said, the housing situation in the United States is extremely ambiguous, with the affordability of existing homes declining at the same time that sales of existing homes have historically fallen.

Crypto market linked to the US economy – unfortunately

Thus, according to Gayed, the markets are far from over and there is no immediate solution. The expert’s opinion refers to the well-known principle that if people who are as far removed from investments as possible are interested in them, smart investors should leave the market.

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This is indirectly confirmed by yesterday’s Fed rate meeting. Despite the expected decision to raise the indicator by 0.75%, the crypto market reacted with a sharp decline. However, the focus was on the Fed chief’s speech, in which he announced a rate hike to a restrictive level, above neutral, reflecting the regulator’s harsh and extremely hawkish view on measures. aimed at curbing inflexible inflation.

As long as Dogecoin is worth $7 billion in the near-recessionary state of the economy, don’t expect positivity or a return to the bull market.