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As cryptocurrency prices rise amid optimism, 10T Holdings founder Dan Topiero says Q4 will be “the best quarter” for cryptocurrencies since the last bull market.
in a interview With Bloomberg on Tuesday, December 5, 2023, Topiero expressed his belief that the cryptocurrency market will show significant improvement by the end of 2023, saying that the fourth quarter will be the “best quarter since the bull market.”
“We believe the bear market ended in the fourth quarter of 2022. We had a sideways movement for a while and then in July (2023) things took off with comments from Larry Fink (CEO of BlackRock)(…) “
and topier
He admitted that many investors in 2022 lost interest in crypto exchanges as volume and revenue on trading platforms fell significantly compared to the high levels seen in 2021. However, the CEO of 10T Holdings believes that this quarter It will be a “fantastic quarter for all of our companies.” As of December 2023, 10T Holdings has around $1.2 billion in assets under management, and its portfolio includes major crypto players such as Gemini, Kraken, Deribit, Animoca Brands and Yuga Labs.
Topiero's statement comes shortly after several venture capital firms reduced their investments in crypto startups.
Investment firm Tiger Global, for example, is said to have written down the value of its holdings in Bored Ape Yacht Club (an nft collection made by Yuga Labs) and OpenSea, a digital collectibles marketplace, by 69% and 94%. % respectively. Coatue Management, a US-based technology investment firm, also significantly reduced the valuation of its investment in OpenSea by 90%, from an initial $120 million to just $13 million.
