Episode 4 of CryptoPumpNews’s Crypto Trading Secrets podcast options an interview with Nicholas Merten, who shared his opinions on the crypto bear market and extra.
Nicholas Merten, a crypto dealer and the creator of the DataDash YouTube channel, joined CryptoPumpNews’s Crypto Trading Secrets podcast for an interview with host Benjamin Pirus, discussing a lot of matters, together with his opinions on the state of the crypto market. “I think that right now, we’ve been going through what can only be seen as a period of consolidation,” he stated when requested about his ideas on the value of Bitcoin (BTC) as of Jan. 9, the date of the interview.
Bitcoin largely traded sideways for a part of November and most of December. January, nevertheless, has seen the asset rise from beneath $17,000 to above $23,000. Looking again at Bitcoin’s value chart reveals the asset close to the start of its ascent on Jan. 9, sitting within the low- to mid-$17,000 vary.
Merten famous that he likes to take a look at the massive image. “I think crypto is going through again this period of massive restructuring that I think is going to be overall good for the space long term, but I think people quite underestimate just how long this could really play out,” he defined, including:
“The damage that was done by companies like FTX and Celsius, Three Arrows Capital, the whole fiasco with LUNA, is really going to leave an irreversible scar on the industry, and I think we need to understand not only how that contagion continues to play out but that it’s playing out in this little micro space within crypto. And when we really step out into the macro perspective, the big-picture view, we really start to see with inflation, global supply chain issues, that crypto is not going to be the leading asset class for some time.”
Throughout 2022, the crypto and blockchain house confronted troublesome instances, seeing the collapse of a number of business gamers. Industry hedge fund Three Arrows Capital and lending outfit Celsius each went bankrupt in 2022. Digital asset change large FTX, crypto venture Terra — with its LUNA and TerraUSD (UST) property — and others additionally fell through the 12 months, inflicting ripple results within the crypto house.
“I say that as someone who got into crypto around 2016, 2017, who really rode the wave of the last decade in stocks and crypto,” Merten continued. “I think we need to understand that the end of that secular bull market where times were good, quantitative easing was fresh, there was lots of money being injected into the economy propping up asset evaluations — I think those times are unfortunately over, and we need to prepare for a cold winter where eventually we can start to look for some signs on bottoming.”
Merten additionally answered an array of different questions through the interview. Check out the episode and different episodes from CryptoPumpNews’s Crypto Trading Secrets podcast on Cointelegraph’s podcast web page, Apple Podcasts, Spotify, Google Podcasts and TuneIn.
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