Glassnode’s analysts predicted a Bitcoin’s price increase
Glassnode’s experts noted that the Bitcoin exchange rate has started to grow, but the market still needs time to recover. Now its price has already crossed the psychological mark of $20,000.
The exchange rate of $20,000 attracted the largest number of short-term holders. Experts said that at each psychological price level of $30,000 and $40.000 creates an increased demand from short-term holders. In order to increase the Bitcoin exchange rate, it is important to force the coins back into the hands of long-term investors.
Last week, analysts recorded a bottoming out of the Bitcoin exchange rate. This means that after about 160 days, the crypto market may start to recover. Experts at Grayscale Investments have suggested that the crypto winter may end by late March of 2023.
Former Goldman Sachs executive Raoul Pal also said that there is a possible market trend reversal due to the growth of global liquidity.
The Ethereum exchange rate is also rising, which has a positive effect on the market. The price of this cryptocurrency has almost doubled since the lowest levels.
Binance CEO Changpeng Zhao said that the current situation is quite usual for both the stock and crypto markets. The crypto market decline was caused by natural market cycles, which are quite predictable. Zhao intends to hire more employees during the crypto winter and strengthen the company’s position.
Other crypto exchanges and companies have announced staffing cuts in order to maintain profitability. Among them are Gemini, Coinbase and Crypto.com. NFT-marketplace OpenSea will also cut its staff by 20%.
Earlier UST stablecoin has lost its parity with the U.S. dollar due to market crash. This incident also has negatively affected the market situation.