Cardano’s founder Charles Hoskinson said that we are now in a new crypto winter (downturn) which will take months to find its bottom
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According to Charles Hoskinson, a new crypto winter has arrived, and the market is “in the frightening bleeding in the street phase.”
Meanwhile, according to German economist Holger Zschaepitz, the present Bitcoin correction is lesser than it was in 2020.
“If this is your first crypto winter, then welcome”
Hoskinson has welcomed anyone who has never experienced a crypto winter before to the market.
He claimed that he has witnessed many of these crypto downturns and that these “winters” always strike unexpectedly, causing everyone to fear at first.
A bottom is usually reached within a few months, and then the crypto market takes a long time to recover.
“The current crypto crash is nothing unusual in historical terms”
Holger Zschaepitz took to Twitter to warn the crypto community that the present free fall in the crypto market is not the first, and there is nothing unique about it historically.
He noted that the leading cryptocurrency, Bitcoin, has currently dropped 61% from its all-time high in November 2021.
When Bitcoin momentarily dipped below $4000 in 2020, the price fell by about 80%.
The previous crypto winter began in early 2018 and lasted until 2021 when Bitcoin surged to $39,700 in January before soaring above $63,000 in April after Tesla purchased BTC and began accepting BTC payments.
The latter did not survive long; Elon Musk froze them, citing the contentious subject of Proof-of-Work mining and its environmental impact.
Bitcoin plummeted to a low of $26,300 earlier today but has now recovered to around $27,500. Ethereum, the second-largest cryptocurrency, is selling at $1,890, much below the $2,000 mark.