According to the co-founder of a leading crypto price monitoring company, the crypto bear market may be just getting started. Bobby Ong made predictions that worried investors in his new statement.
Bobby Ong, who also serves as CoinGecko’s chief operating officer, said that cryptocurrency is in the midst of a macro-driven bear market, with Russia’s invasion of Ukraine and supply chain problems creating persistent inflation.
He stated that the US Federal Reserve had no “option” but to raise interest rates to suppress inflation.
“With the involvement of institutions, crypto is now TradFi [geleneksel finans] has become highly correlated with and is seen as a tech stock/risk asset, so it takes a big hit. Many publicly traded tech stocks have seen their market cap drop 75% in the past 6 months. Are we near the bottom?
Unfortunately, we are only at the beginning of the Fed’s cycle of tightening interest rates. The Fed will need to keep increasing interest rates for the next few quarters to rein in inflation, and more pains are coming. We told our team to expect the next 12-18 months to be challenging.”
However, according to Ong, CoinGecko is also preparing for a long bear market.
“We’re already in a bear market and it probably won’t last long. We need to prepare for tough times, watch out for spending, focus on optimizing revenue, and build what the community wants. Now it’s time to roll up your sleeves and BUIDL for the next loop. [inşa] it’s time.”
Besides, Ong also noted that many of the investors he knows are currently mostly “in cash”. added.
“Many investors I meet now have the cash. Arthur Hayes expects further declines and is just a buyer of Bitcoin (BTC) at $20,000 and Ethereum (ETH) at $1,300. It’s time to be extremely selective in your purchases and see you stronger on the other side of the cycle!”
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.