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(Kitco News) – As Crypto Winter heats up, Bitcoin A break below the $18,000 support level is possible. Bitcoin Prices have fallen to $6,000, according to Florian Grummes, managing director of Midas Touch Consulting.
At some point, we expect this $18,000 support level to be breached, and we could actually lose another 30, 40, or 50 percent.
throughout the year BitcoinThe price of Ethereum fell 60% and Ethereum fell 65%. Grummes said a recovery could happen in 2023 and 2024 could be “the beginning of a new bull market.” Bitcoin half-life occurs.
Grummes spoke with Kitco News Editor-in-Chief and Lead Anchor Michelle Makori at the Future Blockchain Summit in Dubai.
Crypto Winter Outlook
The cryptocurrency bear market has sparked a string of corporate failures, including DeFi firm Celsius, crypto fund 3AC, and blockchain firm Terraform Labs.
For example, Terraform Labs reached a market cap of $45 billion in a week following the collapse of stablecoin TerraUSD (UST) and native token Luna.
These failures are necessary to clean the cryptocurrency market of inefficient or rogue companies, Grummes said.
There are so many scams and so many bad projects in this space that we have to get rid of, he told Makori. Especially for those who are hodling… but we need time to eliminate all these villains.”
However, Grummes said a recovery is expected in 2023 based on previous bear market periods.
Normally, a cryptocurrency winter lasts 20-27 months, so expect it to take at least half a year, or even a year. Bitcoin A 2024 halving will bring some light and perhaps start a new bull market,” he explained.
The Bitcoin Halving halves the new Bitcoin supply and mining rewards. This will Bitcoin It is more valuable and can have a positive contagion effect that benefits altcoins.
“Digital Slavery”
Grummes pointed out that despite Crypto Winter, each country is developing its own official digital currency controlled and issued by a central bank. For example, the Federal Reserve plans to release its own digital token, his FedCoin.
Critics of these Central Bank Digital Currencies (CBDC) argue that because governments can fully track, trace and control these digital tokens, CBDCs violate privacy and financially end political dissidents. It claims to be used to punish.
According to the Atlantic Council, 105 countries are developing CBDCs.
“If [CBDCs] Then we will all be digital slaves,” Grummes said. [except] It’s manageable money, much like China’s social credit system.
Grummes highlighted the risks of CBDC to well-functioning democracies.
Some of the unelected central banks make money out of thin air, track where and how they spend it, and what interest rates they earn and what they can do with it. If I could give an order, it would be… not a very good prospect for all of us.”
Watch the video above for Grummes’ gold and Bitcoin prospects.
Watch the video above to see how Di Iorio intends to help further decentralize Bitcoin and Ethereum.
Follow Michelle Macori on Twitter. @Michelle Makori
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Disclaimer: The views expressed in this article are those of the author and may not reflect the views of the author Kikko Metals Co., Ltd. The author has made every effort to ensure the accuracy of the information provided. However, neither Kitco Metals Inc. nor the authors can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation of an exchange of commodities, securities or other financial instruments. Kitco Metals Inc. and the authors of this article accept no liability for loss and/or damage resulting from the use of this publication.
