Kraken Founder Jesse Powell Predicts Next ‘Big Event’ That Pushes Crypto Out of Bear Market

Crypto veteran Jesse Powell is weighing in on the state of the trade following the collapse of FTX, giving a prediction for what’s going to propel the area out of its bear market.

In a brand new interview on the Bankless podcast, Powell says with billions of {dollars} now gone and a status to restore, the trade will want time to recuperate from the FTX debacle.

The Kraken founder says that the Bitcoin (BTC) halving, which can doubtless happen someday within the first half of subsequent 12 months, could possibly be the following bullish catalyst for crypto markets.

“It’s only a large hit to lose $10 billion in capital from this trade. To have that simply stolen away, that would’ve gone to nice stuff and moved this trade ahead. In order that’s going to take a while to recuperate from.

Clearly, costs are depressed because of all this as nicely, so I feel we’re going into a good deeper bear market winter. It could be protracted, we don’t have one other Bitcoin halving till March 2024. It’s going to be a while, and I feel that’s kind of the following type of huge occasion that may trigger us to bounce out of a bear market.”

Powell says that unhealthy actors and unlucky occasions will proceed to occur to crypto, however he stays bullish on the long-term prospects of the trade.

“I feel sadly, it’s the identical story because it type of has been for the trade for the final 11 years that I’ve been in it, which is we acquired to maintain marching up this hill, possibly we acquired to dash up this hill for some time to recuperate some floor. However it is a conflict, and it’s a marathon and I don’t suppose we’re going to have the ability to relaxation on our laurels as an trade.

I feel there’ll proceed to be unhealthy actors that are available that we’ve got to get out. There’s going to proceed to be blows in opposition to the trade, and deceptive data on the market. In the end I feel we acquired to recollect why crypto is right here within the first place, and that’s to ship Bitcoin and monetary freedom mainly to the entire world.”


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