Wall Street Journal: Investors are worried about a new crypto winter.
On December 2, according to The Wall Street Journal, the sell-off in the cryptocurrency market is intensifying. Bitcoin and other digital tokens are experiencing a broader downturn sweeping through all high-risk trades in the market. In recent months, unprofitable tech companies, speculative shell companies, and "Meme" coins have fallen out of favor. Patrick Horsman, Chief Investment Officer of crypto financial management company BNB Plus, stated that as investors grow increasingly pessimistic about the market and economic outlook, they are reducing their risk exposure. Horsman said, "I think we may see Bitcoin fall all the way back to $60,000. We do not believe the pain is over." Strong rebounds and nauseating drops have been a constant since the early days of the crypto industry. During previous "crypto winters," Bitcoin and other major digital assets lost up to 80% of their value before reversing.
Each previous cycle (including the 2022 winter) was to some extent triggered by investor concerns about widespread fraud. The current sell-off is reassuring to some and difficult to explain to others because there is no new Mt. Gox or FTX—the collapse of these crypto companies previously helped drive the broader market crash.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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