The crypto market took a significant hit during the week of June 13 due to a drop in the price of Bitcoin.
The market capitalization began the week at $867 billion and ended the week at $955 billion.
This occurred at a time when investors began withdrawing Bitcoins from exchanges, and analysts believe Bitcoin will continue to fall.
Bitcoin
Bitcoin also finished the week in the green, mirroring the overall market cap.
The price was hovering around $17,616 at the start of the week and had risen to $21,247 at the time of writing, representing a 20% increase.
Bearish market sentiment
Even as investors withdraw their Bitcoins from exchanges and miners opt to sell, crypto hedge funds remain bullish on Bitcoin.
Despite the market crash, prominent analysts and executives never questioned the value of Bitcoin.
While everyone agrees that the bear market will wipe out thousands of coins and blockchains, major crypto executives believe that those that provide real value will survive and rise above their previous levels.
Bertrand Perez, CEO of the Web3 Foundation, stated:
“We’re in a bear market. And I think that’s good. It’s good, because it’s going to clear the people who were there for the bad reasons,”
Bloomberg’s Senior Commodity Strategist Mike McGlone, on the other hand, believes Bitcoin will reach $100,000 by 2025. McGlone comments on Bitcoin adoption and halving rates, saying:
“For now, I expect Bitcoin to trade lower -I don’t know by how much. […] it could get down to 20,000, I doubt it does. But whatever happens, I fully expect it to get to 100,000 dollars in two years.”
To read our blog on “A-list celebrities ditch their NFT avatars amid the crypto winter,” click here