Haciyev Reşit 
After the sharp declines in the cryptocurrency market, a striking assessment came from Bloomberg. Joe Weisenthal and Tracy Alloway, in their analysis of recent price movements in Bitcoin (BTC), described the current situation as “the coldest crypto winter in history.” The analysts noted that Bitcoin has lost around 44% of its value since the peak it saw in October, while many altcoins have suffered much deeper declines. Although even sharper price crashes have occurred in the past, they emphasized that the timing and accompanying structural issues make the current period psychologically far more exhausting.
Bitcoin Struggles Despite Macro Uncertainty
According to Joe Weisenthal, one of the key factors distinguishing this downturn from previous ones is that it is happening at a time when uncertainty surrounding the future of the U.S. dollar is increasing. Historically, Bitcoin would be expected to gain strength in such macro-stress environments, yet investors are instead turning to gold. Bitcoin’s failure to perform strongly even while confidence in fiat currencies is being questioned, the analysts argue, seriously weakens the “digital safe haven” narrative.
Bloomberg analysts also point out that the crypto market can no longer be viewed as an early-stage technology. With the rise of spot ETFs and broader access for institutional investors, Bitcoin and major altcoins have become fully mainstream assets. Despite this, price performance continues to disappoint. The inability of major projects like Ethereum (ETH) and Solana (SOL) to generate meaningful value for existing token holders stands out as one of the market’s key contradictions.
Pro-Crypto Policies Are No Longer Enough
The analysis also highlights developments on the regulatory front. Past regulatory pressure has largely given way to a more crypto-friendly political environment. However, according to the analysts, even this positive backdrop is no longer sufficient to support prices. This suggests that real economic value creation, rather than regulatory expectations alone, has become the decisive factor for crypto markets.
Another critical factor emphasized by Weisenthal and Alloway is the rise of the artificial intelligence sector. AI investments are drawing both capital and technical talent away from the crypto ecosystem. In particular, Bitcoin mining is increasingly struggling to compete with AI data centers for energy and infrastructure, which could place long-term pressure on network security.
Assessment
Bloomberg’s analysis shows that the current downturn in crypto markets is not just about falling prices, but rather the result of a combination of macroeconomic conditions, structural vulnerabilities, and technological shifts. In this context, the phrase “the coldest crypto winter in history” suggests that the market is moving beyond a simple temporary correction and entering a deeper transformation—one in which investor expectations, capital flows, and ecosystem dynamics are being fundamentally redefined.
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