Over the last year, cryptocurrency prices have dropped significantly and mainstream attention has been waning in recent months. However, according to recent data, the digital currency and blockchain conference circuit did not see a steady decline during the last six months of 2018.
Digital Currency and Blockchain Focused Conferences Are Still Trending
Cryptocurrency and blockchain related conferences did not see a decline in popularity last year. The number of crypto-infused events held was a stark contrast to the many other sectors within the digital asset economy, according to recent data collected by the analysis site Tradeblock. In 2018, cryptocurrency conferences really started heating up and event organizers pulled in millions from steady ticket sales and initial coin offering (ICO) exhibition booths. For instance, last year at Consensus Week (May 11-17) in New York the conference scored a whopping $10.5 million with event tickets being sold for $1,500-2,000 for all 7,000 attendees.
In fact, blockchain conference tickets sold for big money all year long and most of the events in 2018 sold out. The two-day Ethereum Ethereal Summit hosted by Consensys sold tickets for $1,300 a pop, even after Vitalik Buterin publicly spoke out against expensive conference tickets and rampant scams. The Women on the Block conference on Mother’s Day sold for $299-599, and Token Summit on May 17 sold out its early bird tickets at $649 and sold the rest of the seats in the house for $979. Last May, the company Eventbrite was selling NYC Blockchain Tech & Invest Summit tickets for $899-$1,299 per person.
In the face of massive layoffs, the declining cryptocurrency market values in 2018, and tickets selling for hundreds and even thousands of dollars — Blockchain conferences have remained unscathed from the faltering crypto economy. The well known provider of institutional trading tools and digital currency data Tradeblock explained this week that 2018 blockchain event organizers continued to host conferences all around the world.
“Despite the crypto bear market during 2018, the number of industry related conferences did not see a steady decline in the latter half of the year,” the analytical data website Tradeblock detailed on Thursday.
Pricey Crypto Events See Sold Out Exhibit Halls and Thousands of Attendees
Many of the 2018 blockchain events had upwards of hundreds to thousands of attendees, according to the vast list of conferences held last year. The Paris Fintech Forum saw 2,000 guests, Finovate Europe 1,400, Malta Blockchain Summit 9,500, Cryptocurrency World Expo Berlin 1,600, Blockchain Summit Vienna 2,000, Deconomy South Korea 2,000, Blockchain Conference Moscow 2,000, and the Blockchain Expo Global in London saw 6,000 participants. Blockchain conferences saw appearances from numerous cryptocurrency developers and blockchain luminaries as well, such as Tim Draper, Joseph Lubin, Changpeng “CZ” Zhao, Vitalik Buterin, Charlie Lee, Balaji Srinivasan, and many other speakers.
2019 cryptocurrency and blockchain related conferences are still in full swing as there are many scheduled for the next few months already. There are conferences such as Blockchainge DC, Crypto Investor Show Manchester, TNABC Miami, and the Binance Blockchain Week event. Some of these conferences will host up to 4,500 people depending on the blockchain event. Even though online attention and crypto trends may be dwindling, the general public is still very inquisitive toward cryptocurrency and blockchain focused events.
What do you think about the cryptocurrency and blockchain conference circuit still thriving? Did you attend any blockchain conferences last year? Let us know what you think about this subject in the comments section below.
One year ago today, the crypto bubble reached its fever pitch before the inevitable crash that occurred throughout the remainder of 2018 and has lingered into the new year.
Crypto Market Down 84% on Anniversary of All-Time High
According to CoinMarketCap, the cryptocurrency market cap — which measures the combined notional value of all cryptocurrencies — reached $835.7 billion on Jan. 7, 2018 at approximately 11:17 UTC.
That meant that, at least on paper, cryptocurrency as an investment class was worth more than Facebook and Twitter — combined — as well as the narrow money supplies of all but eight countries.
Today, however, the cryptocurrency market cap sits at just $136.3 billion, representing an approximate decline of 84 percent. Even more remarkable is that this occurred even as the number of crypto projects tracked by CoinMarketCap has swelled to 2,086.
Ripple Worth More in Jan. 2018 than Entire Crypto Market Cap Today
Notably, the cryptocurrency peak occurred several weeks after market bellwether bitcoin first fell into decline. The introduction of bitcoin futures in mid-December seems to have punctured the bitcoin price bubble, as the flagship cryptocurrency peaked near $20,000 just days after its futures contracts began trading on regulated US exchanges CBOE and CME.
However, that capital did not flow out of the cryptocurrency markets, at least not at first, because the altcoin bubble continued to inflate at a wild clip through late December and the first week of 2018.
That bubble was largely driven by the price movements of ripple (XRP), which became the poster child for retail-driven speculation even as its backers sought to market it as the suit-and-tie cryptocurrency built for banks and other financial institutions.
Ripple was particularly popular in the South Korean market, where the “Kimchi Premium” drove the token’s global average as high as $3.84. On Monday morning, the ripple price was sitting at $0.366, representing a one-year decline of more than 90 percent.
At its peak, ripple — then the second-largest cryptocurrency behind bitcoin — had a market cap of nearly $149 billion, which is more than $13 billion more than the total crypto market cap today.
Of course, ripple wasn’t the only cryptocurrency to take a 90 percent or greater buzz-cut from its early 2018 peak. Other major coins and tokens also holding that dubious distinction include bitcoin cash (96 percent), litecoin (90 percent), tron (92 percent), cardano (96 percent), monero (90 percent), dash (95 percent), NEM (97 percent), NEO (96 percent), and zcash (94 percent).
Searching for Crypto Winter’s Silver Lining
Needless to say, 2018 was a tough year for investors. However, it wasn’t all bad for the cryptocurrency ecosystem as a whole. The bear market forced investors to eye projects with greater scrutiny, and regulatory crackdowns have all but killed the initial coin offering (ICO) market but will hopefully result in new legislation that promotes true innovation while protecting investors from fraud.
Most importantly, the bear market did not stop developers from continuing to build out the technologies that will help bitcoin and other cryptocurrency networks scale to accommodate mainstream adoption, whenever that does arrive. The Lightning Network (LN), for instance, has continued to see its total capacity grow, despite the fact that the bitcoin price has been in decline. Moreover, the median bitcoin transaction fee has fallen to a more than three-year low, even as the network processes about 75 percent more payments on a daily basis than it did the last time fees were this low.
That’s not to say the work is complete. Fraud is still far too common in the crypto industry, and many much-hyped applications of blockchain technology have yet to demonstrate to utility compared to their centralized counterparts. And somehow, $700 billion in losses later, many projects still seem overvalued. (Dentacoin — “The Blockchain Solution for the Global Dental Industry” — has an implied market cap of $64.9 million.)
Nevertheless, as investors await the next great bull run, the industry will hopefully emerge from Crypto Winter as a more mature ecosystem, one better prepared to establish itself as more than a passing fad.
The Nasdaq is in a bear market. On December 23, the Nasdaq Composite fell to a new yearly low at 6,332 points, as stocks and securities listed on the exchange plummeted in value.
A bear market is commonly referred to as a 20 percent drop from a market, index, or asset’s all-time high. Since its newly established all-time high on August 29 at 8,109 points, the Nasdaq Composite has fallen by nearly 22 percent to 6,332 points.
As technology stocks in the likes of Amazon and Cisco recorded a daily drop of 3 to 6 percent on the day, the Nasdaq Composite struggled to sustain any sort of momentum and dropped by 3 percent within a six-hour span.
Nasdaq in Trouble, What Investors Can Anticipate
The U.S. government and the Trump administration have attributed the poor performance of the U.S. stock market to the latest rate hike by the Federal Reserve.
The increase in the federal funds rate has made it more costly for businesses, especially small to medium businesses, to lend money from financial institutions, placing more pressure on the struggling economy of the U.S.
Jeff Kravetz, a regional investment director at U.S. Bank Wealth Management, said that the Fed believes the economy of the U.S. is still strong. But, the country’s central bank has failed to consider key variables that may affect the short-term prospect of the global economy including the tension between the U.S. and China over the long-lasting trade war and high tariffs.
“The Fed is making the case the economy is still good, but there’s so many things investors are worried about,” Kravetz said.
Although several analysts have claimed that the Fed cannot alter the rate purely based on the performance of the U.S. stock market, such an argument was relevant prior to decline in the Nasdaq Composite and the Dow Jones.
Both the Nasdaq Composite and the Dow Jones are up quite significantly from early 2017. However, with about a week of trading left before the year’s end, if the sell-pressure on the U.S. stock market continues to grow and it does not demonstrate signs of a drastic trend reversal, an additional drop in value can be expected throughout December and the first month of 2019.
UBS Global Wealth Management executive Jason Draho told the WSJ that investors in the stock market are refraining from initiating in any investment until the year’s end, and without buy volumes, the intensifying sell pressure could lead to a steeper sell-off for U.S. markets.
The fear of slowing growth and a bear market has become much more prominent. There’s not many buyers who want to step up and say they’re willing to buy today, and many are waiting for the new year.
Dow Jones Also Approaching Bear Market Territory
The Dow Jones has dropped by 16.3 percent from its all-time high at 26,828 points and is approaching bear market territory.
On the day, the Dow Jones recorded a 1.81 percent drop, ending the week as the market’s worst week since the 2008 financial crisis
After ongoing stock market volatility, blamed on technology stocks, interest rate hikes and trade disputes, the bears are calling a possible crash. Meanwhile, as money flows out of the conventional markets, cryptocurrencies are green and gaining. Cryptocurrency market capitalization is now up over $9 billion.
For the stock markets, the Dow has fallen 508 points and 2.1%, the S&P 500 is also down 2.1% and at its lowest point this year, and the Nasdaq, though up slightly today is down across 2018. All three markets have fallen 8% in December.
This time healthcare products rather than technology stocks might be the blame for the Dow’s fall. Johnson and Johnson’s stocks fell dramatically over reports of asbestos in the iconic brand’s baby powder. UnitedHealth stocks also fell after part of the Obamacare Affordable Care Act was ruled unconstitutional. Goldman Sach’s is in the spotlight too, after being accused by the Malaysian government of misleading investors over bond sales underwritten by the Wall Street Giant.
The overriding reasons for the fall are also still much broader and do still point back to the threat of interest rate hikes by the U.S Federal Reserve this week as well as trade and diplomacy issues with China striking again.
A Major Buy Signal – For Crypto?
One “relentless” bear, former congressman Ron Paul, is warning of an epic market collapse. He says a downturn could be “worse than 1929” but if liquidity is allowed it doesn’t have to be a long one. Paul told CNBC:
“Once this volatility shows that we’re not going to resume the bull market, then people are going to rush for the exits.”
Indeed, it appears today stock market investors are doing just that. Maybe they are buying elsewhere…
An American Association of Individual Investor’s survey puts “bullish” market sentiments at their lowest since mid-2016. Yet ever bullish Fundstrat’s Tom Lee believes the bearish sentiment indicates the market is ready for buyers:
“We believe sentiment has reached an extreme bearish level that historically is a major contrarian buy signal.”
After writing that in his note to clients earlier today it seems investors are buying, but not stocks. Money is flowing back into cryptocurrencies. At the time of writing the overall market capitalization is at $113.9 billion and still rising. Bitcoin (BTC) is still up over 8% and has broken the $3,500 threshold. Ripple’s XRP is up 14% and EOS now a massive 26%. CCN reported on its 21% rise earlier today.
According to data compiled by The Block from Etherscan.io, the number of unique Ethereum addresses (not wallets) has recently surpassed a key, round number milestone at 50 million — a monumental accomplishment for any network. Interestingly, even amid 2018’s dismal unpredictable bear market, the growth of this figure hasn’t slowed (much), as depicted in the graph below.
Yet, this statistic’s current growth prospects are a far cry from those seen in early-January 2018, which was when ETH surpassed $1,000, and while demand for DApps and Ethereum (token) trading shot through the metaphorical roof. For example, on January 4th, as the altcoin mania was nearing its peak, 352,888 new addresses were created in a single day.
Today, approximately 70,000 new addresses are added to the network each and every day, which is far from a measly sum, to say the least. This could indicate that tens of thousands of consumers still see value in what Ethereum has to offer, as processes have become even cheaper, specifically due to market qualms.
It Isn’t All Sunshine And Rainbows
While the network’s continual growth is a welcome sight, it isn’t all sunshine and rainbows, so to speak. As noted by The Block, the number of active addresses, or accounts that send and receive transactions on the day-to-day, has actually fallen, even while total addresses have been well on the rise. On January 16th, 2018, 719,093 Ethereum addresses sent and/or received transactions, that same figure sits at a dismal 232,085 on Saturday — not the end of the world, but a harrowing sight nonetheless.
Worse yet, active Ethereum addresses only account for 0.46% for all unique addresses in existence, a far cry from the ~3.5% seen in January.
The number of daily transactions on the network has also fallen, from 1,349,890 on January 4th — a seeming important date in Ethereum’s multi-year history — to 551,916 as of yesterday. To give the latter figure some perspective, 551,916 daily transactions amount to 22,996 an hour, 383 a minute, and 6.4 a second — a far cry from what Visa processes.
ETH Posts Slight Gain In ‘Sea Of Green’
In spite of the caveats of Ethereum’s current state, Ether has performed relatively well over the past 24 hours. According to Coin Market Cap, the asset is up to $85.5 apiece, while posting a slight gain of 1.2% in the past day. Although ETH is outperforming its rivals in Bitcoin (BTC), XRP, and EOS by less than 1%, it has underperformed a number of other prominent altcoins — Litecoin (+7.61%), Bitcoin SV (+11.09%), and Maker (+7.92%).
At the time of writing, the market capitalization of cryptocurrencies is at $103 billion, with volume backing the market moves amounting to $10.4 billion (unadjusted).
The current prolonged bear cycle doesn’t always mean selloff, Grayscale Bitcoin Investment Trust chose to pile up their Bitcoin stack, instead.
Not everyone is dumping their Bitcoin in the prolonged bear cycle. Digital Currency Group’s asset manager, Grayscale, for instance, is reported to have been piling up their Bitcoin stack while the bear is ruling.
According to Diar, Grayscale’s Bitcoin Investment Trust (GBTC) now owns 203,000 BTC, making them the owner of more than 1% of total Bitcoin circulating supply.
As of writing time, the total holding is worth around $790,530,608, which makes them the largest Bitcoin institutional investor.
The above chart clearly shows that when Bitcoin price was decreasing, the amount of Bitcoin owned by Grayscale was instead increasing.
It seems like the prolonged bear market doesn’t make Bitcoin trust less appealing to accredited investors. According to Grayscale’s website, it is set for trading at 22% premium over current Bitcoin price.
It appears that the great reckoning has arrived: the long-anticipated time when Bitcoin and the cryptocurrency market’s excessive hype has run out of steam.
From starting 2018 at a high price point of around $16,000, Bitcoin’s value has now dropped below the psychological mark of $5,000, an event that most crypto enthusiasts did not think would happen, after months of holding at the $6,000-6,500 range.
It’s very depressing news indeed, especially after last year’s remarkable bull run.
However, the public response to the market plunge does not give the impression that any sort of reckoning has arrived. While many average investors are likely operating at a severe loss, the HODLers and big names seem unfazed.
With Ripple now second in market cap and several previously well-performing tokens taking heavy losses, we could be at a point where the market is putting on a new face and entering 2019 with a different personality — one where stability and increased scrutiny on funding and operations will determine how the price plays out, as opposed to what is now largely just the mindset of investors.
Here, we’ll take a look at what some well-known crypto enthusiasts are saying, as well as the general public sentiment. We’ll also dive into what Bitcoin’s future looks like.
Anthony Pompliano Made the Prediction
Anthony Pompliano, a well-respected venture capitalist who is one of the most ardent supporters of Bitcoin and decentralized technology, actually predicted in late August that BTC price could drop significantly.
Pompliano, who has both personal and professional investments in Bitcoin, said that the Bitcoin could fall to as low as $3,000, a complete-180 from a prediction of $50,000 in January. To his credit, he dared to correct himself and realize that the market is far more nascent — 4 years from $50,000, as he said.
In a recent podcast, he, like many long-term investors, said that he sees bear markets as a good thing as “[they] get rid of the tourists so that the true entrepreneurs can focus on building sustainable value.”
When speaking about fund managers who last made a profit in the bull run of 2017, “Pomp,” as he is affectionately called, doesn’t see another profitable run until 2020.
Others Are More or Less Optimistic
Anthony Pompliano is a long-term man through and through, and this sentiment is shared with several other notable figures.
Tom Lee, co-founder of Fundstrat Global Advisers, has brought his Bitcoin valuation down from $25,000 to $10,000 by the year’s end.
Speaking to CNBC, he said:
While bitcoin broke below that psychologically important $6,000, this has lead to a renewed wave of pessimism. But we believe the negative swing in sentiment is much worse than the fundamental implications.
He also sees Bakkt as a part of an important setup in infrastructure for institutional trading, saying that it is a “part of a broader creation of infrastructure necessary for institutional involvement.”
Andreas M. Antonopoulos, much loved by the community, makes a different point:
Many had bought into the crypto market at the worst possible time, and Antonopoulos is right.
Now, more than ever, the tribalism and irrational, evidence-absent bickering by crypto community members should be passed up in favor of a more rational, thoughtful approach where people are given a safe and accessible way to enter the crypto market.
Reddit, a bastion of cryptocurrency investors, displays sentiments across the spectrum. For the most part, redditors urge investing no more than one can lose and hodling for the long run. Several individuals have unfortunately lost a great portion of their savings and this makes it all the more necessary that people approach cryptocurrency investing with caution.
Some are also happy to see the market being purged of terrible projects.
As this necessary bloodletting takes place, it’s important to remember Antonopoulos’ words.
Institutional Investors Still in the Game
Institutional investors, meanwhile, are settling in for the long game.
Just as the bear market had begun and Bitcoin had dropped below $6,000, Big Four firm KPMG released a report that spoke positively of digital assets.
While they believe that it a long way from mainstream adoption, they also conclude that the market is too big to ignore, saying:
In 2018, we are seeing a wave of new entrants in the market such as security token platforms, stablecoins, and even established financial services institutions that are launching crypto products and services. Cryptoassets are now impossible to ignore.
However, concurring with the belief of some investors, they say that institutionalization is necessary for the next phase in crypto growth:
Institutionalization is the at-scale participation in the crypto market of banks, broker dealers, exchanges, payment providers, fintechs, and other entities in the global financial services ecosystem. We believe this is a necessary next step for crypto to create trust and scale.
The Role of Bitcoin Cash
An unavoidable part of this whole incident is the hard fork of Bitcoin Cash, now split into Bitcoin ABC and Bitcoin SV (“Satoshi’s Vision”).
The 2 forks are now part of what Brian Kelly, founder and CEO of crypto investment firm BKCM, call a “crypto civil war.”
Some speculate that the fork must have triggered a sell-off among BCH holders, which in turn — as is the case with the crypto market — caused a lot of anxious and trigger-happy investors to sell more, plunging values even further.
There is no way to be certain of BCH’s role in triggering BTC’s plunge below the $5,000 handle. After all, Bitcoin and the market as a whole has been in a tricky situation for a few months now. Perhaps the hard fork was the inevitable nudge that pushed the market lower.
It does highlight one important point: altcoins are suffering far worse than Bitcoin and this is partially because of how reliant they are on it. These bear markets are essentially mass murders, and if tokens drop significantly in value, they could be wiped off the market.
Kelly put it best:
I think all other assets that are not Bitcoin are in the midst of a liquidity crisis. What we’re seeing across the board is asset prices are down 75 percent or more, in some cases 95 percent. We’re now at a point where projects are running out of money. They’re going to need to start firing employees. They’re going to need to cut costs. You’re going to see consolidation, and some of these assets, inevitably, will get marked to zero.
The Flippening and Changing Face of the Market
Under typical circumstances, the fact that Ripple overtook Ethereum in market cap would have received far more coverage, but circumstances being what they are, the news slipped by with comparatively little attention.
Ripple did overtake Ethereum earlier this year, swapping places for short lengths of time. This time though, it seems to have made a stronger swap, and continues to hold second place.
This is interesting for a few reasons. It appears that there is more backing from Ripple supporters than there is for Ethereum, though whether this will remain in the long run is open to debate. The former has been the recipient of a deluge of positive news in the past few months and has some wondering whether it can topple Bitcoin.
Whether or not this specific instance of the XRP “flipping” BTC will happen is, even now, a guessing game.
However, it does point to a larger aspect of the market: BTC’s market dominance, currently still above 50%, may not last for much longer.
This is a good thing.
The reliance on Bitcoin, which has its own set of technical and adoption issues to deal with, means that all tokens are affected by its performance. If the weight of the cryptocurrency revolution is more evenly distributed among a few tokens, then the dangers of loss would become less significant.
One Last Thing: Bear Markets and Funding
As noted by Pompliano, the bear market has consequences for the thousands of projects and ICOs fundraising in cryptocurrency.
As most of these teams have gathered funds in cryptocurrency — say $50 million — in the form of BTC or ETH or their own native coin, the price drops mean that these teams no longer possess the same amount of funds, and one wonders if they have taken into account the occurrence of a severe bear market phase in their planning.
If not, then it could have further repercussions for the market.
If projects lack the funds to continue operations or, worse, pay back investors, then it could damage the market further — though it could also offer the double-edged benefit of weeding the market of projects that have been badly planned.
This is a problem that extends more generally to industries that are reliant on cryptocurrency. As crypto payments become an increasingly popular choice, volatile markets become increasingly consequential. Stability, then, becomes an essential requirement for the market.
Crypto startups too will suffer, as Pompliano said:
[referring to bankruptcy] Then, and only then, will we start to see the capitulation necessary for bear markets to bottom out. The structure of a volatile market like crypto brings many advantages, but the nuances described above are the dark side. Things will get much worse before they get better. That is okay…Watch closely for the founders who are quietly toiling away with talented teams right now…
Will We Finally See Some Stability?
With a wide range of institutional investment, such as Bakkt, around the corner, the hope is that this institutional involvement will open up access to a broad range of investors, many of whom will apply rationale in investing. This could subsequently bring some much-needed stability to the market.
Stable prices would remove many of the worries of investors. Merchants would not have to worry about accepting crypto payments only for the prices to depreciate, and regulators would not exhibit so much concern about volatility affecting investors.
Stability, coupled with technological development, could also see more investors coming into the crypto space.
The hope now for investors is that the steady drip of institutional investment and adoption of blockchain’s practical applications will see them through this rough phase.
If the bitcoin price falls below the important year-to-date support level, the dominant cryptocurrency will suffer irreparable damage in the marketplace. This is the opinion of Renaissance Macro Research, quoted by CNBC on Thursday Aug. 9.
Bitcoin May Be ‘Permanently Impaired’
According to the financial analysis firm, what bitcoin is facing right now could be much more significant than just a brief bear run or a retracement. The cryptocurrency could in fact be facing an existential crisis, with its key year-to-date support level being the buffer between it and more substantial damage. Break that level, says Renaissance Macro Research, and bitcoin will be “permanently impaired.”
After a bull run took it well above $8,000, bitcoin has sunk back below $7,000, and its current price is roughly 14 percent down on the same time a week ago. On Wednesday August 7, it lost about 6 percent of its value on news that the U.S. Securities and Exchange Commission (SEC) delayed a long-awaited decision on a proposed bitcoin exchange-traded fund (ETF).
This, however, could just be the tip of the pain iceberg for investors according to Renaissance head of technical tesearch Jeff deGraaf.
Speaking to CNBC, he stated that if the psychologically important year-to-date support level is breached, he would recommend taking short positions on BTC.
Speaking to clients on Thursday, deGraaf said:
“Parabolic moves are notoriously dangerous for short‐sellers … Usually a top develops that often appears as a descending triangle over months, with reduced volatility and little [fanfare]. Once the top is complete on the support violation, the security in question can often be considered permanently impaired or even ‘game‐over’. We are of course referencing Bitcoin as exhibit ‘A’ in today’s market.”
deGraaf’s words will come as bad news for cryptocurrency investors because he is a personality that markets generally tend to take note of when he speaks. As one of Wall Street’s best regarded forecasters since the turn of the millennium, deGraaf has been recognised severally for accurate predictions and peerless analysis. For a total of 10 years, he has been ranked as top technical analyst by Investor Magazine, and in 2014 he was inducted into the Institutional Investor’s Research Hall of Fame.
What all of this potentially means to an investor is that one of Wall Street’s finest analysts has painted a scenario where bitcoin — down about 50 percent in 2018 — is not going on a bear run it will recover from, but is rather drifting toward a position of permanent asset damage.
Earlier this week, however, CCN reported that Pantera Capital CEO Dan Morehead urged investors to “stop overreacting” to the SEC’s delayed response to the proposed bitcoin ETF, as bitcoin continues to take a pounding.
Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!
The price of bitcoin (BTC) may be up slightly Wednesday, but that hasn’t exactly raised the spirits of the asset’s most avid investors.
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Rather, with the market now down roughly 70 percent from 2017’s highs, many HOLDers, the bitcoin faithful who have vowed never to sell, are becoming convinced they might have seen the last big rally before another long-time bear market (as happened in 2014).
In crypto lingo, it’s time to put on some gloves for another “crypto winter.”
Put more simply, investors now think they’ll face a long period where the market might be unable to attract new investment. Adding to the reasoning? It’s happened before.
The cryptocurrency once dropped by 70 percent in a seven-month time period from June 2014 to January 2015 – the longest bear market time period in crypto. At the time, many people panicked and sold.
Except this time, bitcoin’s faithful say they will stay more optimistic.
To remind themselves of what happened in the past (and to prepare for a possibly tough time ahead), an online meme titled “things I did during the 14/15 bear market” is trending on social media right now.
It all started from Twitter user @PhilCrypto77’s tweet yesterday.
Things I did during the 14/15 bear market 1) Lost lots of BTC by leaving it in Alts 2) Sent all my Viacoin to Cryptodouble (Rekt) 3) Started Trading forex (fail) 4) Hacked 5) Invested in cloud mining (rekt) 6) Shorted $170 20x leverage (OKCoin) 7) Most importantly, never gave up
Things I did during the 14/15 bear market 1) lost 100 BTC in 3 hours on OKCoin margin trading (bad risk management) 2) became an altcoin believer/bagholder twice (rekt) 3) Started Trading forex (fail) 4) Narrowly avoided Mintpal exit scam 5) Never gave up https://t.co/2SxCnntaht
Some of the posts were pretty serious and inspiring:
Things I did during the 2014/15 Bitcoin bear market (aka list of minor miracles): – avoided MtGox 😓 – became a dad 😍 – launched crypto hedge fund 🚀 – beat cancer 🥳 – exited PayCoin/GAW in profit 😏 – HODL'd & reinvested all trading profits 🤑 – embraced baldness
Things I did during the 2014/15 #Bitcoin bear market: – bought local distressed GPU rigs for bottom dollar – ran those rigs at a 0 electricity cost location – refined my spec mining – learned to hodl good projects patiently – maintained 100h weeks running my businesses – traveled
Still, it’s important to remember why the meme is still trendy, as it reflects how HODLers have learned how to stay calm during tough times. In some ways, this means even the most sophomoric tweets might actually be a sign that the industry is maturing.
So, how are you HODLing up?
Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research! Source
Author: Muyao Shen
Image Credits 1-9: Twitter Image Credit