Summary
- Matt Hougan, Bitwise’s chief investment officer, said the current cryptocurrency market resembles the 2018 bear market.
- He said the downturn could continue for some time due to the impact of the U.S. midterm election results, the Binance situation and tight monetary policy.
- He said that while the exact timing is difficult to predict, a buy-the-dip opportunity could emerge and new technological innovation such as decentralized finance (DeFi) could help drive a market recovery.
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