Crypto winter will last until 2024, says ex-head of Meta Crypto

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Crypto bulls hoping for a quick recovery in the cryptocurrency market were disappointed when David Marcus, the founder of bitcoin (BTC) payments firm Lightspark, said the bear cycle would likely last until 2024, informed Cryptoslate.

Marcus, who was a co-creator of the abandoned Meta Diem cryptocurrency project, wrote the following on his blog on December 30, We won’t be leaving this crypto winter in 2023, and probably not in 2024 either.

According to Marcus, it will take “a few years” for the cryptocurrency market to recover from “unscrupulous gambler abuse” and for the necessary regulations to come into effect. Marcus added that it will take some time to restore investor confidence, which has been badly damaged by the string of recent high-profile bankruptcies, as reported by Cryptoslate.

According to Cryptoslate, hedge fund Three Arrows Capital (3AC), lenders Voyager Digital and Celsius Network, and newest, FTX, followed by lender BlockFi, were among the cryptocurrency companies that failed in 2022. Millions users were affected by the fall. of these companies, which have lost at least $10 billion in total.

(With information from Cryptoslate)

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