Bitcoin, Ethereum, and other cryptocurrencies are suffering from a crypto winter that wiped out nearly $2 trillion from the market. So, will winter end soon? How long will it take? Here are the latest comments from some industry experts…
Will the “winter” continue in Bitcoin and altcoins?
As we reported as Kriptokoin.com, Bitcoin, which approached $ 70,000 late last year, has now collapsed to $ 20,000. The cryptocurrency suffered a setback in the face of the severe interest rate of the FED, which is in the battle to reduce inflation. Ethereum (ETH), which has switched to the proof-of-stake consensus algorithm with the long-awaited Merge, has also gone down in the opposite direction of the general belief that the update will trigger the rise.
So, will we see an uptrend anytime soon? An influential personality in the cryptocurrency space has predicted that the crypto winter may not be resolved until 2024. “When I look at macro factors, I think the Fed will raise interest rates for another 12 to 18 months,” said Solana Labs co-founder Anatoly Yakovenko. Yakovenko also used the following statements:
But there is an end to this (interest rate hike). And just like the last bear market, a lot of the product market focused teams have adapted and tried to create some really great products – most of which I think have been very dramatically successful.
Last winter lasted about three years
The last crypto winter lasted until late 2020 after Bitcoin price hit $20,000 in 2017. However, in this process, decentralized finance (DeFi) gained strength, as well as Binance and FTX exchanges. Also, third-generation Blockchain networks like Ethereum competitor Solana have emerged and grown. These areas and innovations caught the attention of many. For example, last month, former Google CEO and billionaire Eric Schmidt announced his support for DeFi. Bitcoin price slumped to local lows below $18,000 in June. However, it has climbed slightly since then. It has given the crypto community confidence that a short-term rally may be on the cards.
WeWay CEO: We can see $ 20,500-21,000 in the coming days
Fuad Fatullaev, CEO of Web3 ecosystem WeWay, said, “The current momentum could push the coin into the $20,500 to $21,000 range in the next few days. However, he noted that the chances of this growth continuing in the medium term are uncertain. Fatullaev used the following statements:
It’s a little hard to pinpoint what’s fueling the current growth that appears to be a natural boost to retail buying for the biggest cryptocurrency. However, investors and traders will need to keep in mind that the emerging asset class still has tremendous correlation with the broad financial market. There is still a lot of headwind in the financial markets.
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