The crypto winter and bear market of 2022 is far from over, according to some industry experts. On-chain data backs up the premise that the ice won’t be thawing for a while yet.
According to Tezos blockchain co-founder Kathleen Breitman, the ongoing crypto winter is “only going to get worse.” The industry needs to recalibrate to a higher interest rate world, she noted.
Speaking to CNBC on Nov. 2, the industry expert blamed venture firms for the bear market.
“A lot of this was inflated on cheap money, and a lot of this was backed by basically, like, VCs trying to pump.”
Breitman added that the easy money flowing into the system stoked the value of some of the companies. She used OpenSea as an example. The marketplace’s trading volume slumped 88% between September 2021 and September 2022.
The comments were primarily focused on the over-inflated valuations of crypto companies rather than the actual asset prices.
