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The veteran trader who became a legend in the cryptocurrency industry for accurately predicting the 2018 Bitcoin crash has released an update on the current state of the market.
Peter Brandt points out that the mainstream medias disturbing sentiment towards cryptocurrencies indicates that prices are at or near a bottom.
In a new memo to fellow traders, Brandt takes a particular look at the largest crypto assets by market capitalization: BTC and Ethereum.
This is the type of news that comes at or near the bottom of the major markets $BTC $ETH pic.twitter.com/DIPRpcx9Zn
Peter Brandt (@PeterLBrandt) November 19, 2022
Bitcoin in particular has seen hundreds of reports from various news outlets over the past decade.
according to 99 bitcoinBTC has been deemed worthless by established journalists and media outlets, heading towards zero a total of 466 times.
As the aftermath of crypto exchange FTX’s epic collapse continues to ripple through the industry, traders are now keeping an eye on institutional crypto trading and lending firm Genesis.
The company, which is owned by crypto giant Digital Currency Group (DCG), is reportedly seeking a $1 billion cash injection afterward. At rest Friday loan withdrawal.
According to Genesis, the freeze is temporary and will not affect the business operations of DCG or its many wholly owned subsidiaries.
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Featured Image: Shutterstock/Alexey Malkov/Fotomay
