The mother of all cryptocurrencies, Bitcoin (BTC) is currently in a price correction phase just like other cryptos following the bearish situation that has persisted throughout the year.
However, the continued plunging price of BTC has made the situation unlike that of other digital assets.
This is actually the effect of the Federal Reserve (Fed) raising interest rates to control inflation but it has had a profound effect on BTC over the past few months.
The streak, Fidelity's global macro director, Jurrien Timmer expects that the situation will turn around when the Fed begins to ease policy expected in early 2023 which is likely to continue for a period of two years and could push the price of BTC back up.
On record, the prolonged crypto market crash has resulted in BTC reaching somewhat alarming levels as the number of whales holding the digital asset dwindles.
It is worth noting that BTC whales have held the lowest supply in the past three years, while the increase in addresses holding 0.1 to 10 BTC also occurred at the same time.
Meanwhile, BTC made a small jump last month by outperforming all market assets except the dollar strength index (DXY).
According to Rayne Steinberg, CEO of crypto investment firm Arca stated that the BTC bear market is nearing the end after struggling to reach the $23,000 price zone for the past two months.
