The cryptocurrency space has been in a lot of trouble lately, but according to one analyst — Edith Young, general partner at Race Capital — Things are not that bad Apparently, we are not in crypto winter.
Edith Young Confident of Encryption
In a recent interview, Young explained:
In a sense, ‘Warm Winter’ will basically push everyone who does it really [wants to be] There is a short term gain.
Bitcoin price has gone through one of the most ups and downs. The coin soared to $68,000 per unit last November and thus hit a new all-time high, but things took an ugly turn shortly thereafter, and now, ten months later, the digital asset seems to have grown to be loved by everyone just struggling to maintain a position In the low $20,000 range.
Furthermore, the total crypto space lost about $2 million in valuation as many other coins chose to follow in the footsteps of the failed Bitcoin, but while everyone is focused heavily on the actual prices and numbers that come with each of the world’s primary cryptocurrencies, Yeung chooses to focus on Several new crypto-based projects have appeared in recent months like web3, which you are very excited about.
She says that many of these projects will help earn long-term fortunes for investors, and that the prices at the moment do not reflect the amazing things that traders and crypto enthusiasts alike expect to see in the coming weeks. In her interview, Young explained:
I think there is a whole generation of the Internet [users who] I really think “You can’t monetize my data anymore… We should own the internet. That’s why there is such a payment with crypto because the ownership of Ethereum or Solana is really the user who owns that token, which is just a part of the Internet.”
Yeung described the current conditions the cryptocurrency market is facing as a warm winter, which means we probably won’t have as many problems as we think. While she is confident that conditions are not as bearish as they might seem, other analysts are skeptical of her comments, as James Butterville – Head of Research at Coin Shares – explained:
Bitcoin price drops 74 percent [from] From peak to bottom at one point. This closely matches the 83 percent drop seen in 2018 and should be taken in the context that the market is much larger and has a much broader investor base now than it did in 2018.
What will the Fed do?
Yuya Hasegawa, a crypto market analyst at Japanese crypto exchange Bit Bank, threw his two cents at him, saying:
I think the Fed will gradually have to confront and address some signs of an economic slowdown soon, so my medium-term outlook is somewhat optimistic.
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