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Charles Hoskinson Says This Crypto Winter Will Take Months to Find Its Bottom

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Thu, 05/12/2022 - 09:42
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Yuri Molchan
Cardano founder believes we have entered a new crypto winter, says he has been through many already
Charles Hoskinson Says This Crypto Winter Will Take Months to Find Its Bottom
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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 reckons that the current Bitcoin correction is smaller 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 stated that he has seen many of these crypto decline periods, saying that these "winters" always arrive unexpectedly, and everyone starts panicking at first. Within several months, a bottom is usually found, and then it takes a long time for the crypto market to climb back upward.

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 all-time high in November 2021.

In 2020, the price collapsed roughly 80%, when BTC briefly fell below $4,000.

The previous crypto winter occurred in early 2018 and lasted until 2021, when Bitcoin rose to $39,700 in January and then soared above $63,000 in April after Tesla bought BTC and began to accept BTC payments. The latter did not last long; Elon Musk froze them, citing the controversial issue of Proof-of-Work mining related to the environment.

Related
Veteran Trader Peter Brandt Predicts Local Bottom for Bitcoin

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.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.