Crypto Market Crash: Crypto has crashed – can it bounce back?


Crypto Market Crash: Crypto has crashed – can it bounce back?

Holders are concerned about the lackluster crypto movement.

The value of various altcoins and stablecoins has plummeted to 90% of their all-time highs, indicating that cryptocurrency has officially entered the bear market period. Because of the present bearish crypto market, investors are speculating on when crypto will return.

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Several big cryptos are currently down as a result of the recent Luna crypto meltdown. All of this is due to the current negative market mentality, which also resulted in a big NFT market meltdown.

The recent crypto meltdown has caused concern among some crypto aficionados, forcing them to ponder and raise concerns about when the crypto market would reclaim its previous glory.

Will Cryptocurrency Make a Comeback?

Several cryptocurrencies have fallen below their average moving values as a result of the current adverse market mentality. At the time of writing, Bitcoin was trading at $21,200, while Ethereum, the second-largest cryptocurrency by market capitalization, was trading at $1,104. The global crypto market capitalization has now fallen below $1 trillion.

Several variables have influenced bitcoin pricing during this bear market.

Celsius Network's decision to cease its withdrawal, which prompted a market-wide crypto meltdown, is one of the primary culprits.

Increased inflation and waning consumer interest are two major factors contributing to the decline of cryptocurrencies.

While cryptocurrencies are battling to remain afloat, some cryptocurrency detractors are positive about Bitcoin, predicting that the bear market will end soon. According to research published by Andreessen Horowitz, a venture capital firm, this is the fourth crypto winter. He stated, "

"The last three were in 2011, 2013, and 2017. When you zoom out, though, all you can see is progress. From the outside, these cycles look chaotic, yet they have an underlying order."

Sandeep Narwal, the Co-Founder of Polygon, has expressed similar optimism, noting that he is positive about web3 and the crypto market's revival.

 Alan Vey, the founder and CEO of blockchain network provider Aventus, remarked in an interview with Verdict that the negative crypto phase is important to "filter out unnecessary crypto initiatives."

Of course, not everyone believes this. On June 14, Bill Gates spoke about bitcoin at a TechCrunch event. He slammed NFTs and cryptography, saying they are "100% based on bigger fool theory."

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