Cryptocurrency Prices Today May 20: Bitcoin, ether recover, XRP up over 3%; Tether in red

There’s more crypto destruction to come: Blockchain.com CEO

Cryptocurrency investors who experienced their first bout of crypto panic in recent weeks—witnessing the big bitcoin decline, the crash in stablecoins, the collapse of Luna, Terra and the fall from grace for Terraform Labs founder Do Kwon—better get used to it, according to Blockchain.com CEO Peter Smith. More pain is coming, more risk will be exposed but ultimately, it’s a good thing for the decentralised economy, Smith says. For the crypto investor, he says the lesson of the past few weeks should be back to the crypto equivalent of the traditional market investing concept of dollar-cost averaging—slowly building a position in an asset over time so all your money isn’t exposed to any single bout of volatility. Read more here.

This crypto winter will be long, cold and harsh

Bitcoin and other cryptocurrency assets are notoriously volatile, routinely suffering large drops of 50 percent or more. This doesn’t seem to bother the diehard believers in crypto too much, who have become used to declines of this magnitude. They simply use the decline to buy more. Even so, there are still a lot of people in the space who remember "crypto winter", the period between early 2018 and mid-2020 when prices went down and stayed down, and much of the innovation in crypto came to a halt. So, the question is: What do we make of the recent gyrations in the space, with the Bloomberg Galaxy Crypto Index down some 60 percent from its peak in early November? Does this mark the beginning of a new, long winter after a short spring or is it just a pause that refreshes? Read more here.