Crypto investors are a very unhappy bunch right now and who could blame them? Bitcoin is down a whopping 72% from its all-time-high price in November 2021, almost a whole year ago. Ethereum has plummeted as well, 72% down from $4,878. Ouch. Crypto advocates point out that it’s not just crypto that is suffering. Stocks have dived also, simply everything is down.
The Ethereum merge got everyone talking ETH, and while this absolutely was a major milestone for the blockchain it’s still down a heartbreaking 21% since the event.
However investors who are long seem to be missing out one major factor. For a better temperature check on how crypto is doing, look at the major recent signs of mainstream adoption. In the past two months, we got a string of indications that major financial institutions and tech companies believe crypto is here to stay. You’d be excused for having missed these news stories while the global economy was collapsing all around us.
BlackRock, Google, BNY Mellon
— Barry Silbert (@BarrySilbert) October 11, 2022