Elon Musk predicts a prolonged depression in the crypto market
The entrepreneur also advised storing digital assets in cold wallets
14.11.2022 - 11:00
1155
2 min
0
What’s new? Tesla and SpaceX CEO Elon Musk has predicted a prolonged decline in the cryptocurrency market. He wrote this under a post by investor Jason Calacanis, who asked what awaits bitcoin in 2023, given that it is currently trading 75,6% below its all-time high of $69 000 recorded in November 2021. Musk believes that bitcoin as an asset will survive, but it will take a long time for the rate to recover. A few days earlier, he also named two other cryptocurrencies that have a future.
BTC will make it, but might be a long winter — Elon Musk (@elonmusk) November 14, 2022
What other statements did Musk make? On November 12, the billionaire joined a discussion about the collapse of the FTX exchange on Twitter Spaces. The bankruptcy of one of the largest trading platforms caused a downturn in the entire digital asset market, but the entrepreneur said that bitcoin, Ethereum, and Dogecoin probably have a future. He also urged listeners to store cryptocurrencies outside exchanges, in cold crypto wallets.
In addition, Musk spoke highly negatively about former FTX head Sam Bankman-Fried, explaining that he spoke to him for about half an hour as part of the discussion about the Twitter purchase deal.
News on the Yahoo Finance website
In early November, analysts at DappRadar noticed an increase in the number of unique active wallets in the DeFi sector and decentralized apps. From September to October, the growth was 7 and 6,8%, respectively. Experts noted that such activity demonstrates the resilience of the industry to macroeconomic shocks and may be a sign of market recovery.
Later, analysts at JPMorgan said that the collapse of the FTX exchange could push bitcoin to fall to $13 000. And research firm Fundstrat suggested that high market volatility would bring the asset’s rate below $10 000.
Useful material?
Telegram 
Twitter Incidents
The company is linking the incident to a compromised private key on a service wallet, rather than a smart contract exploit
May 22, 2026
Incidents
Following the incident, the project temporarily halted trading operations and node activity.
May 15, 2026
Incidents
The user spent weeks unsuccessfully trying to guess the password until Claude helped find an old wallet backup file
May 14, 2026
Crypto regulations
Authorities are introducing mandatory registration for companies handling cross-border crypto transactions
May 8, 2026
Incidents
According to Blockaid, the attack may have been carried out by the same hacker behind the 1inch Fusion V1 exploit.
May 7, 2026
Incidents
The attacker gained administrative access and altered contracts to drain user funds
Apr 30, 2026
Cryptocurrency rates
-
Bitcoin
$63 729
BTC
-0.74%
-
Ethereum
$1 765.1
ETH
-2.68%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.17
XRP
-3.08%
-
TRON
$0.160134
TRX
-1.59%
-
Dogecoin
$0.088332
DOGE
-3.6%
-
Zcash
$455.63
ZEC
-26.87%
-
Stellar XLM
$0.201085
XLM
-4.08%
-
Cardano
$0.179297
ADA
-10.9%
-
Polkadot
$3.32
DOT
+5.27%