Jefferies: No signs of a market bottom yet despite crash

U.S. investment bank Jefferies has stated that despite the recent sharp decline in the cryptocurrency market, there are still no signs of a short-term bottom. The bank attributed the downturn to global risk-off sentiment and liquidity adjustments stemming from capital outflows. While a bottom has yet to emerge in the short term, Jefferies noted that long-term positive drivers for the market include an improving regulatory environment, maturing infrastructure, and greater participation from traditional financial institutions. The analysis concluded that any rebound will likely be led by projects with genuine revenue-generating mechanisms.