- Rayne Steinberg opined that the crypto winter would soon end.
- He said that for more than a month the crypto space had been viewing correlations broken down to broader asset classes.
- Though there is no exact answer to the question of the bear market closure, the symptoms convey that it would end soon.
Rayne Steinberg, founder and CEO of digital asset investment firm Arca, proclaimed that the crypto winter that began in November 2021 is closer to its end, though it is difficult to confirm when it will happen.
It had been more than a year that the whole crypto world had been under terrible conditions of the bear market or the crypto winter. Traders and investors had been keenly waiting to reach the end of the sterile period though it is not known.
As the previous crypto winter lasted almost three years, from January 2018 to December 2020, there were assumptions that there are chances for the current crypto winter to last long.
Recently, Steinberg added that one of the major reasons for his thought was that “about a month and a half ago, we really started to see [cryptomarket] correlations breakdown to the broader asset classes” even though the coins like BTC largely moved with stocks.
Furthermore, he told that the crypto market had been witnessing a “dispersion of returns”, while some “idiosyncratic things” including markets respond to companies’ news impacts.
Additionally, according to his views, as everything is not seen as “high beta or different betas of Bitcoin or Ethereum”, the end of the long lasted crypto winter is nearing.
As everything in the crypto market is unpredictable and beyond expectation, he opined that the end of the crypto winter was just a case of “question” without an exact answer, despite there are symptoms of a nearer end.
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