The crypto winter is everywhere around us and the latest digital currency news shows that it is not stopping, especially for cryptocurrencies like Bitcoin, Ethereum and Bitcoin Cash.
According to one general partner at Multicoin Capital and the CEO of Civic named Vinny Lingham, the crypto market won’t recover anytime soon.
As Lingham said on Twitter:
“The crypto market will rise again, but most likely only when the pain of the recent fall becomes a distant memory. Don’t underestimate the power of psychology in free markets.”
In 2017, the market saw one of the most intense bull runs in its decade-long history fueled by the sudden emergence of retail traders as well as individual investors in Japan, South Korea and other nearby markets.
However, we should face the fact that we are in a bear market – in fact the fourth largest bear market in the last 10 years for cryptocurrencies. What still drives the prices of cryptocurrencies is their potential to deliver value or even replace fiat currencies at some point.
According to analysts, it has taken the crypto market 62 weeks to recover from the major corrections, approximately a year and three months. However, given the increased mainstream media coverage, it may take longer for the current downward market to fully recover.
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