Investors hope crypto is nearing the end of its trillion-dollar crash

The turbulent cryptocurrency market may be close to the bottom of its steep crash, which has seen digital asset prices slashed by more than 60 per cent in the last six months, hopeful investors and market-watchers say.

Henrik Andersson, chief investment officer at Apollo Capital, thinks crypto might be reaching the bottom.Since then, Bitcoin - the largest and most well-known crypto - has fallen by 70 per cent to $US19,400 and has spent much of the last month trading between $US19,000 to $US22,000. It’s a level which Henrik Andersson, chief investment officer at $100 million crypto fund Apollo Capital, thinks could be pretty much as low as it will go.

“Of course it could go a little lower...it’s hard to pinpoint the bottom of the market, and it’s somewhat dependent on the macro environment and what other markets do as well.”Over the past 12 months, the crypto market has moved increasingly in line with equity markets, showing an unprecedented level of correlation with major indices such as the US tech exchange NASDAQ.

But it’s due to this correlation that Gilbert believes crypto might still have a little further to fall. He doesn’t believe that equity markets have reached their bottom yet, with any falls in broader markets likely to flow through to crypto.“The macro environment is affecting crypto more than ever, and that at the moment isn’t looking the best,” he says. “We’re not really in a position where we know that inflation has peaked, and we probably need central banks to be a bit more dovish.

Source: News Formal (newsformal.com)

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