Crypto trader and creator of the DataDash YouTube channel Nicholas Merten joined Cointelegraph’s Crypto Trading Secrets podcast for an interview with host Benjamin Pirus, discussing a few things including his opinion on the state of the crypto market “ It can be seen,” he said when asked about his thoughts on the value of bitcoin
Interview date from January 9th.
For part of November and most of December, bitcoin traded heavily sideways. However, assets have increased from below $17,000 to above $23,000 in January. Looking back at bitcoin’s price list shows the asset near the beginning of its climb on January 9, sitting in the low- to mid-$17,000 range.
Merten noted that he likes to see the big picture. “I think crypto is going through this period of massive restructuring again which I think will be good overall in the long run for the space, but I think people are vastly underestimating how long it can actually play out,” he explained, adding:
“The damage done by companies like FTX and Celsius, Three Arrows Capital, the whole fiasco with LUNA, is really going to leave an irreversible scar on the industry, and I think we need to not only understand how that contagion continues to play out but that it’s playing out in this little micro space in Inside crypto. And when we really get out into the macro perspective, the big-picture view, we really start to see with inflation, global supply chain issues, that crypto is not going to be a major asset class for a while.”
By 2022, the crypto-blockchain space faced tough times, with the collapse of multiple industry players. Industry hedge fund Three Arrows Capital and lender Celsius both went bankrupt in 2022. Digital asset exchange giant FTX, crypto Project Terra — with its LUNA and TerraUSD (UST) assets — and others fell during the year, causing crypto-. In the middle of the wave-effects became the place.
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“I say that as someone who got into crypto around 2016, 2017, who really rode the wave of the last decade in stocks and crypto,” Merten continued. “I think we need to understand that within that secular bull market where times were good, quantitative easing was new, a lot of money was injected into the economy supporting asset valuations — I think those times are over unfortunately, and we are We need to prepare for a cold winter where we can finally start to find some signs about flooring.”
Merten also answered a host of other questions during the interview. Watch Cointelegraph’s Crypto Trading Secrets podcast episode and other episodes on Cointelegraph’s podcast page, Apple Podcasts, Spotify, Google Podcasts and TuneIn.