Analyst: “Crypto Enduring a Stress Test”

Known for his analysis on Twitter, Michaël Van de Poppe evaluated the latest developments in the crypto market. In his comment shared on Twitter, Poppe thinks that cryptocurrencies, especially Bitcoin, have gone through an important stress test with all the negative news overlapping.

While the pressures on the crypto markets have emerged as the US-based regulators and banking problem, Michaël Van de Poppe claimed that over time, investors will react to pressures from governments and the banking sector and will embrace crypto markets more. Comments on Michaël Van de Poppe’s opinion included many who agreed with the idea, but also thought that without traditional banking support, it would be difficult to transfer funds to crypto markets, which would make it harder for industry adoption.

Cryptocurrency markets started 2023 with a positive outlook, but the tide turned towards the end of the first quarter. After the upward momentum in the first month of the year left its place to a horizontal outlook in February, a rapid downward trend started in the crypto money market with the succession of negative news about the crypto markets in March. Bitcoin sank below the psychological limit of $20,000, thus losing 22% from its 2023 peak of $25,250 seen in mid-February to $19,650 as of now. With Bitcoin’s decline exceeding 10% this week, with the pullback accelerated by Silvergate’s liquidation decision this week, cryptocurrencies are showing their worst weekly performance since the FTX crash.