Coin News

Crypto Bear Market Will Get Worse In Coming Days – Predicts Tezos Founder

3 Nov, 20222 min readAnalytics
Crypto Bear Market Will Get Worse In Coming Days – Predicts Tezos Founder

On Wednesday evening, Bitcoin was largely flat, but Dogecoin and Ethereum saw gains with the total market value of cryptocurrencies being roughly constant at $1 trillion. After a largely lackluster market month, cryptocurrency ended October slightly higher, setting up what may be a busy November. Many cryptocurrency companies began to struggle as a result of falling bitcoin prices as the U.S. The Federal Reserve scaled back its pandemic-era support.

Over 70% of the recent peaks have been lost by large corporations like Bitcoin, Ethereum, and others. The Fed, which is steadfastly working to control inflation, is on track to announce another rate hike.

Cofounder of “Ethereum killer” Tezos Kathleen Breitman predicts that the current bear market cycle in cryptocurrencies will only worsen. Breitman explains that cheap money “inflated” the most recent bull run.

She said that “a lot of easy money was pouring into the system.” The co-founder of Tezos thinks that the value of cryptocurrency enterprises has increased. She cited the fact that despite its sales volume dropping compared to 2021, the top NFT marketplace OpenSea is still valued at an astounding $13.3 billion. “There was a lot of cheap money that went in. Valuations went super sky-high,” Breitman noted.

Bear cycle similar to previous cycle?

The analytics company Glassnode compared the bottom of the current Bitcoin market cycle with those from earlier bear markets in its “week on-chain” report on October 31. A double-top rejection from last week’s relief rally appears to have put an end to it. The market was “hammering out a Bitcoin bottom, with almost textbook similarities to earlier cycle lows,” according to Glassnode.

#Bitcoin has rallied back above the key $20k psychological level after many months of low volatility.In this edition, we analyze how Bitcoin may be hammering out a near-textbook bear market floor and what risks may lay on the road ahead.Read it here — glassnode (@glassnode) October 31, 2022

It stated that, similar to earlier cycles, investors and hodlers have suffered significant financial losses as a result of the bear market in Bitcoin. It went on to say that the only thing left is a component of time and investor indifference.

Source

Subscribe to get our top stories

Coin News
App StoreApp Store