The crypto market is plunging into a global downtrend, says Vitalik Buterin
Ethereum co-founder Vitalik Buterin said in an interview with Bloomberg that the crypto winter has begun in the crypto market.
However, according to Buterin, there is a positive factor in the decline of cryptocurrencies. The global downtrend helps clear the market of low-quality and unreliable projects, the developer explained.
“During the crypto winter, many projects fall apart and it becomes clear who is focused on a long-term result, who has a clear development plan and a reliable team,” Buterin said.
On February 21, Ethereum is traded at $2750 . Also on February 21, the price of Ethereum decreased to $2650. In early January, the cost of Ethereum for the first time since July 2021 decreased to $1825 . the asset has updated its historical maximum above $4800. Since then, it has fallen in price by 34%.
Last week, JPMorgan chief global strategist David Kelly warned crypto investors of huge losses. According to Kelly, the cryptocurrency market will continue to fall as the US Federal Reserve raises interest rates. the Fed’s actions will end the era of “crazy speculation” in the digital asset market, Kelly said.
