Speaking on “Morning with Maria”, Kavita Gupta, founder of Delta Blockchain Fund, says that “we are seeing the biggest drop in the crypto market in a long time” as prices have “fallen” from all-time highs. And she also believes that “a crypto winter is here” as bitcoin is trading below $30,000.
Gupta further points to the falling price of bitcoin as “a crypto winter is here”. While the price of Bitcoin and Ethereum is trading at almost half of their higher value.
Furthermore Gupta cautions that the crypto market is currently experiencing a “correction” from its “crazy speculative high”, and it looks like it is going to stay.
Bitwise Asset Management CIO Matt Hogan argued that the markets are experiencing significant volatility in the near term.
And all risk assets, including bitcoin, are experiencing a macro-driven risk revaluation. He further cautioned about crypto volatility being around for the next few months.
In addition, Varney & Co also warns about the volatility of the crypto market for the next three to six months.
Varney & Co. also believes that the long-term outlook for bitcoin is very strong.
According to recent reports, Bitcoin has dropped to $25,000, its lowest since December 2020, then bounced back over $30,000 while experiencing a lot of volatility.
Proving its volatility yet again, the crypto traded just below $30,000, down from an all-time high of over $68,000 in November 2021.
Furthermore, in an interview with Bloomberg Technology, Gupta said, due to the effects of the crypto winter, the price of bitcoin could drop to $14,000, along with a drop in the price of Ethereum.
She also gives a positive note on bitcoin’s highs, saying, “Bitcoin is still hitting another new high in more than a year, despite the crypto winter.”
Believing that market correction and more companies using bitcoin on their balance sheets will provide an opportunity for more bitcoin adoption. As a result of which bitcoin attains the price of another new high.
Further speaking on the collapse of TeraUSD, Gupta said that this collapse will affect the next move of the stablecoin market, which aims to be tied to another crypto and stay away from fiat to avoid Tier’s fate.