News Tech: According to Edward Moya, senior market analyst at foreign exchange Oanda, the crypto winter could finally be coming to an end.
“You can see, in my opinion, that more hodler capital is beginning to broaden their exposure and strengthen their positions. The crypto winter may have ended, he suggested on “All About Bitcoin.”
Despite recent negative market headlines, some cryptocurrency investors are starting to purchase more bitcoin (BTC) and other cryptocurrencies, he added.
He remarked following last week’s market collapse, which shattered expectations of a quick recovery in the price of bitcoin following the market meltdown earlier this year. In a report released on Monday, analysts at the cryptocurrency research firm Delphi Digital said that if bitcoin follows the pattern of other historical price cycles, it may drop as low as $10,000 before eventually rising.
Following Powell’s statements, “the bulk of Wall Street, notably hedge funds, [are] anticipating some pain in the stock market,” which would indicate how high the following interest rate rise might be. That may then “impact on crypto,” according to Moya.