The price of Bitcoin has surpassed $30,000, but according to Zschaepitz, more is needed. There is a decline in crypto startup funding in 2023.
The price of Bitcoin has increased by over 80% since the beginning of the year. But is this increase enough to call it the "beginning of a bull market season"?
Holger Zschaepitz, a leading financial analyst, stated that Bitcoin's increase above $30,000 is only the beginning, and much more is needed to sustain a crypto recovery.
Zschaepitz's comments come against the backdrop of a crypto industry that faced significant turmoil last year, including an 87% drop in startup funding for crypto and blockchain ventures in the first quarter of 2023.
The consequences of last year's crypto scandals and the collapse of several major ventures left the industry in a state of uncertainty. While Zschaepitz acknowledges that Bitcoin's recovery could be the start of something new, he believes that it may not be enough to make up for the damage caused by the previous decline.
However, Ethereum has successfully completed a network upgrade, and the potential end of the tightening monetary policy cycle could create significantly more favorable conditions for a crypto surge.
As Zschaepitz suggests, Bitcoin's rise to $30,000 may only be the beginning, and a more robust and sustainable recovery will likely depend on a range of factors beyond the performance of a single cryptocurrency.
Decline in Startup Funding! One of the recent challenges for the crypto sector is a significant decline in startup funding. In the first quarter of 2023, crypto and blockchain startups raised only $900 million, an 87% drop compared to the same period last year.
