But by 5:15 a.m. EST, both began to slowly climb back, appearing to avoid the immediate precipitous slide many predicted would happen if $20,000 and $1,000 were breached. Some may have hoped $18,979 and $987 would be the lows of this crash.
No such luck: things got worse again around noon. Bitcoin and Ethereum took another dramatic leg lower, with BTC going to $17,772 at 4:30 p.m. EST on CoinMarketCap, and ETH to $898 at 4:15 p.m.
The current Crypto Winter is different from 2018 in that crypto is tanking along with tech stocks as the broader economy looks shaky, inflation is ballooning, and a full-on recession looks imminent.
As crypto believers look for the bottom (and some wait to buy back in), things could get much worse before they get better.
Kraken growth marketing director and Bitcoin influencer Dan Held declared on Saturday, “We are on the path of maximum pain.” Antoni Trenchev, founder of crypto lender Nexo, said on Bloomberg on Friday that the current crash “reminds me, quite frankly, of the 1907 bank panic.”
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