Cumberland Believes A Market Recovery In 2023

Cumberland believes that adoption will result in a market recovery in 2023, but only after a “spat of instability” as the “market rewires itself”. DRW crypto trading firm says prices should be lower after a busy month.

The firm’s head of trading, Jonah Van Bourg, predicts an eventual uptrend next year as a result of deregulation by China and Russia, which would increase bitcoin’s “geopolitical relevance,” as well as the continuous use of blockchain technology by large IT companies.

According to Cumberland‘s tweet, price action is consolidating after a very busy month.

Following the thread, the collapse of FTX and Terra withdrew oxygen from loan markets and expedited realignment with more sober technology valuations. Several companies in the industry have scaled back their objectives or gone out of business.

In the wake of billions of dollars worth of those liquidations and trillions of dollars of lost market capitalization, the next leg of price action is almost entirely dependent upon whether there are further firesales to come.

While Van Bourg believes that a few portfolios will be unwound in the coming months, the major risk he sees is a lack of cryptocurrency rather than a surplus.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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