BITCOIN and other cryptocurrency markets are currently in freefall with some down as much as 50 per cent since highs in April.
Bitcoin has crashed this morning May 19) after China announced a crackdown on cryptocurrencies.
The markets, according to one analyst predicted they were headed for a “crypto winter” before the tokens would once again boom.
The CEO of cryptocurrency website ADVFN Clem Chambers said: “For me it is that simple: sell the bubble, buy the crash and the following crypto winter. I did that after 2017 and I’ve sold the bubble and am waiting to buy the aftermath of the crash this time around.
“There will be no hurry because the next crypto winter will be as long as the last and the coming boom will likely be twice as high as this one.”
It comes after Bitcoin plunged last week as Elon Musk said Tesla would no longer accept Bitcoin payments to buy cars.
In the fallout from Musk’s comments StopElon has been launched in a bid to stop his influence on the markets.
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