Cardano founder thinks we’ve entered another crypto winter, says he’s been through a lot already
Charles Hoskinson says that a new crypto winter has descended upon us, and the market is “in the panicked blood in the street phase.”
Meanwhile, German economist Holger Zschaepitz believes that Bitcoin’s current correction is weaker than it was in 2020.
“If this is your first crypto winter, then welcome”
Hoskinson has welcomed everyone to the crypto winter who has not yet experienced such a period on the market before.
He said he has seen many of these periods of crypto decline, saying that these “winters” always come unexpectedly and everyone starts to panic at first. Within a few months, a bottom is usually found and then it takes a long time for the crypto market to rally.
Current crypto crash is not unusual, an economist says
Holger Zschaepitz has taken to Twitter to remind the crypto community that the free fall of the crypto market that is happening currently is not the first one, and there is nothing unusual about it history-wise.
Currently, he wrote, the leading cryptocurrency, Bitcoin, has plunged 61% from its November 2021 all-time high.
In 2020, the price collapsed roughly 80%, when BTC briefly fell below $4,000.
The previous crypto winter happened in early 2018 and lasted until 2021, when Bitcoin rose to $39,700 in January, then surged above $63,000 in April after Tesla bought BTC and started trading. accept BTC payments. The latter did not last long; Elon Musk froze them, citing the controversial environmental issue of Proof-of-Work mining.
Earlier today, Bitcoin fell to a low of $26,300, but by now it has recovered to the $27,500 zone. The second biggest cryptocurrency, Ethereum, is sitting below $2,000, trading at $1,890.
