John Wu, head of Ava Labs, which owns the AVAX brand, a smart contract platform, made new statements. In his statements, Wu talked about the decline in cryptocurrencies, the correlation between cryptocurrencies and stock markets, and the Ethereum Merge update, which has only a few days left. Wu commented on the recent correlation between Bitcoin and Nasdaq:

   “The correlation situation is an important argument for the future of cryptocurrencies. Considering that cryptocurrencies are completely independent, it is quite interesting that it works together with traditional finance. But considering that it follows tech companies, it is not so strange.”

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The administrator of the AVAX platform expects the bear season in cryptocurrencies to continue for a while:

   "As far as I'm concerned, the bear season in cryptocurrencies will continue for a while. However, new initiatives and applications in the industry continue to increase. This is very important."

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Wu stated that he expects a limited bullish movement in Ethereum and BTC with the Ethereum Merge update, which will be the transition of the Etheruem network from a proof-of-work (PoW) system to a proof-of-stake (PoS) system. Finally, Wu talked about stablecoins:

   “Stablecoins will exist in the future. As cryptocurrencies decline, the value of stablecoins remains stable. Investors can expect market conditions to change by buying a stablecoin instead of leaving the crypto ecosystem altogether in case of a decline.”

The crypto industry has lost 6.8% of its value in the last 24 hours, with over $300 million in positions liquidated in the drop. Bitcoin's price fell as low as $20,042 as it lost 6.8% of its value in the past 24 hours. In the last seven days, Bitcoin has lost about 4% of its value. The asset is currently trading down more than 70% from its all-time high. According to the data, the total Bitcoin liquidation in the last 24 hours is $83 million.