The Fate of Crypto, From Bullish To Called “Bullshit”
Crypto assets achieved glory in 2021 then. At that time the price skyrocketed like crazy. Bitcoin hit an all-time high of US$68,000/coin in November 2021.
Bullish predictions were scattered, some even predicted that the cryptocurrency with the largest capitalization would break US$ 100,000/coin.
But unlucky, a year later the price actually fell. From mid-November 2022 until early 2023, the bitcoin price has been stuck below US$ 17,000/coin. That is, over the past year its value has fallen by around 75%.
To make matters worse, various problems hit the crypto industry last year. Starting from the destruction of TerraUSD and Terra Luna by Terraform Labs, which became the beginning of the collapse of all crypto assets. Then the hottest thing was the destruction of the FTX crypto exchange.
It is certain that many retail players will suffer losses.
Senator Jon Tester from the Democratic Party in the United States even said crypto is bullshit.
“I have doubts about crypto, I can’t figure out what’s backing it, there’s no full trust and credit in the American people, it’s… it’s bullshit,” he said in an interview with Semafor published on Twitter December 2. .
The same thing was also expressed by Senator Elizabeth Warren, who said she was happy to hear that many called crypto bullshit.
“I’m really happy about that. In fact, much of the crypto world has to hide, from regulators and from the usual rules that apply to financial markets, it should stop. The way they profit is not by offering value, but by providing a place for fraud and money laundering, he said.
Even so, it cannot be denied that crypto will always be in demand even though the price has fallen.
Coin Telegraph reports that bitcoin’s current position is attracting many big players, known as whales. The support area is estimated to be around US$ 16,000 while resistance is at US$ 17,000.
The re-entry of the whales can certainly withstand further decline in bitcoin.
Erik Voorhess, CEO of ShapeShaft believes it will take around 6 months to 3 years for the crypto market to become bullish again.
Disclaimer: This story is not intended to encourage readers to buy or sell the related asset. The investment decision is entirely up to you, and we are not responsible for any losses or profits arising from that decision.
