the staff of the Ridgewood blog
Ridgewood NJ, a recent Twitter thread compares the last bearish phases in the crypto market to the current situation to see if the bear market has reached its bottom yet. It presents data from previous bear market bottom zones with metrics. BTC (Bitcoin)has always bottomed at around 70-85% from its top price except for the drawdown in 2011. It is still far too soon to tell if the market has reached the bottom yet. The current macroeconomic situation makes everything more uncertain.
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Meanwhile Tether’s CTO claims that traditional hedge funds are attempting coordinated attacks to try to short USDT. Despite Tether’s efforts to collaborate with regulators and increase transparency, the company has been branded as the bad guy. Tether has never failed a redemption, even after processing many billions of dollars’ worth of redemptions in recent months. USDT is the only stablecoin that has been proven under extreme pressure.
Interesting, you are looking for a bottom on crypto. Can you tell us your expected bottom of Bitcoin? Also, can you share your favorite list of cryptocurrencies to invest?
Zero is the bottom