Here’s How Long The ‘Brutal’ Bitcoin, Ethereum & Crypto Price Could Last
Bitcoin
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The bitcoin price, which has only held below $20,000 per bitcoin after coming within touching distance of $70,000 late last year, has crashed in the face of a series of serious interest rate hikes by the Federal Reserve in its fight to bring down inflation. The Ethereum price has also plunged, despite a long-awaited upgrade that some believe could overturn the established crypto order.
Now, as some are betting that the economic tide may already be turning, an influential crypto entrepreneur has predicted that the last crypto winter may not begin to thaw until 2024.
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US Federal Reserve Chairman Jerome Powell has sent crypto prices spiraling this year, wiping out around $2 … [+]
“Looking at macro stuff, I guess there’s probably 12 to 18 more months of these brutal Fed rates going up,” said Solana Labs co-founder Anatoly Yakovenko Decrypt. This week, the latest US jobs report suggested that the labor market has cooled, but not enough for the Fed to ease rate hikes.
“But there is an end to it,” Yakovenko added. “And just like the last bear market, a lot of teams that built and focused on product markets fit in and really tried to build amazing products — many of them succeeded, I think, in a very dramatic way.”
The last crypto winter, following the massive 2017 bitcoin price plunge from under $1,000 to around $20,000, lasted until the end of 2020, but saw the creation and growth of exchanges Binance and FTX as well as decentralized finance (DeFi) and third-generation blockchains such as ethereum -rival solana. Last month, formerly Google
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The Bitcoin price has traded sideways in recent weeks as investors try to gauge whether the Federal … [+]
However, the bitcoin price has rallied since falling to its lowest levels so far this year of below $18,000 in June, giving some in the crypto community confidence that a short-term rally may be on the cards.
“Although the current momentum could push the coin to $20,500 to $21,000 in the next few days, the chances of this growth being sustained in the medium term are uncertain,” said Fuad Fatullaev, CEO of web3 ecosystem WeWay. sent comments by e-mail.
“It is somewhat difficult to pinpoint what is driving the current uptrend in what appears to be natural retail buying momentum for the premier digital currency. However, investors and traders must keep in mind that the nascent asset class still has a huge correlation with the broader financial market which also still have a lot of headwinds ahead.”
