WSJ: Investors are Wary of a New Round of the "Crypto Winter"

BlockBeats News, December 2nd, according to The Wall Street Journal report, the selloff in the cryptocurrency market is intensifying. Bitcoin and other digital tokens are facing a more widespread downturn that is sweeping across all markets of high-risk trades. In recent months, unprofitable tech companies, speculative shell companies, and "Meme" have fallen out of favor. Patrick Horsman, Chief Investment Officer of the crypto financial management company BNB Plus, said that as investors become increasingly pessimistic about the market and economic outlook, they are reducing their risk exposure.

Horsman said, "I think we may see Bitcoin fall all the way back to $60,000. We don't think the pain is over yet."

Strong rebounds and sickening plunges have been a recurring theme since the early days of the crypto industry. In previous "crypto winters," Bitcoin and other major digital assets lost up to 80% of their value before reversing. Each previous cycle (including the 2022 winter) was to some extent triggered by investor concerns about widespread fraud.

The current selloff, which has reassured some and confounded others, is unique in that there is no new Mt. Gox or FTX—collapses of these crypto companies that have previously fueled broader market crashes.