Even if we have seen a bottom, it could still be months before | FxPro

Even if we have seen a bottom, it could still be months before the next sustained rally.

Bitcoin’s return above $20,000 does not mean it has hit “the bottom”, warned renowned cryptocurrency critic and gold supporter Peter Schiff.

Kraken exchange marketing director Dan Held said bitcoin had chosen the most pessimistic scenario possible amid rising inflation and an impending recession. According to him, “those who survive will get HODLer status”.

El Salvador President Nayib Bukele urged the cryptocurrency community not to panic as the market falls. According to him, the decline is relatively standard, and market participants must be patient.

JPMorgan Bank said that the rising share of stable coins in the total market capitalisation of the crypto market indicates its growth potential.

Changpeng Zhao, chief executive of cryptocurrency exchange Binance, denied media reports that the platform bought more than 100,000 BTC on a falling market.