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Crypto Winter Pushes Digital World into Complete Lockdown, Tweets Nuerer

Cryptocurrency Sep 23, 2022 09:30AM ET
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© Reuters Crypto Winter Pushes Digital World into Complete Lockdown, Tweets Nuerer
 
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  • Ran Nuener tweeted about the present crypto winter that began in November 2021.
  • The market bear broke and froze major crypto exchanges and platforms leading them even to quit.
  • Extra efforts, including weekend content writing, are put into practice.

Ran Nuener, the CEO of Onchain Capital, a Crypto Asset and Fund and Advisory service, tweeted about the stagnant condition of the crypto space. He tried to make the public aware of the situation, tweeting that “most channels and creators have taken a break, cut down or even quit in the bear market. We’re doubling down”.

In the world of crypto, the bear market is an extended period of time in which prices fall to a greater extent and the market breaks. The current crypto winter began in November 2021 and based on the past trends, it is estimated that it would last for a while.

It had been identified that most of the currencies had huge losses during this period of dullness. Bitcoin had been struggling for the past few months to remain at the threshold of $28000. Also, Ethereum (ETH), Cardano (ADA), and Polygon (MATIC) were showing up to 60% decline in their value.

As Nuener pointed out, the whole digital world had been stagnant. The major companies like Gemini and Coinbase (NASDAQ:COIN) froze hiring. Coinbase showed an 86 percent decline in its shares.

Nuener also added that the digital world was doubling down, in an effort to retrieve the brighter days. He told that there are” 5 shows a day and now weekend content too!”

Tracing back, the previous crypto winter lasted for two years; it began in 2017 and ended in 2020. Traders and investors are much constrained in anticipation that the current bear market would also show a similar extension.

The market is currently experiencing its third bear market, since the inception of Bitcoin in 2009, having declined by almost 70% from its all-time high.

Though market bear isn’t something alien to experienced crypto investors, the current winter puts investors in more panic. The current crash began due to some macroeconomic factors like rampant inflation which caused US Federal Reserve and other central banks to increase interest rates.

As the earlier market bears didn’t witness such pressures, the current break is much constraining. The research director at Kaiko, Clara Medalie told that “The 2017 crash was largely due to the burst of a hype bubble”.

The post Crypto Winter Pushes Digital World into Complete Lockdown, Tweets Nuerer appeared first on Coin Edition.

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Crypto Winter Pushes Digital World into Complete Lockdown, Tweets Nuerer
 

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