What is this rebound due to?
“Every time bitcoin goes up $1,000 or $2,000, people start to proclaim that it is a bull market and that the bottom has been reached. Let me be clear: it is not. We are still in a bear market and the bottom has not been reachedsaid Teeka Tiwari, an analyst at Palm Beach Research Group (PBRG). This cryptocurrency expert recalls that, although some metrics suggest that the market “is regaining balance after spending a year in a brutal winter.”
“In November, we witnessed the mother of all implosions when FTX filed for bankruptcy. More than $30 billion vanished. The collapse of the large centralized players wiped out more than $800 billion of the cryptocurrency market in 2022. Some hope that the worst is over, but as I always say, hope is not strategy,” Tiwari said.
Source: Ambito
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