Bitwise CIO: Current crypto market resembles mid-2018, downturn may persist for some time.

BlockBeats news, November 15 - Bitwise Chief Investment Officer Matt Hougan stated in a post that the current crypto market reminds him of mid-2018: industry morale is low, and many participants are choosing to leave. He believes the market still needs to digest the long-term impacts of the midterm election results, the Binance incident, and monetary policy tightening, and the downturn may persist for some time. A major buying opportunity will emerge in the future, but it is difficult to predict when it will arrive.

Hougan pointed out that what broke the industry downturn back then was the innovative breakthrough brought by DeFi. He expects that this market cycle may also require new innovation to emerge from the downturn, but the real breakthrough is hard to foresee in advance.