Greetings Fellow Cryptocurrency and Blockchain Technology Enthusiasts!
In the following months, this blog will serve you as a knowledge base of what’s happening in the world of cryptocurrency. The articles represent the author’s view of the current situation as he hopes to bring you a different view on the depressed state of the market.
I’d like to begin with a short summary of the past few months and continue with current state and why this Cryptocurrency Winter is beneficial for the future.
The past few years have been amazing. We’ve been enjoying a bullish market with tons of cryptocurrencies booming and giving us outstanding returns. It felt like a dream, we’ve heard numerous awesome stories and many of our friends have retired or moved to some exotic country you’ve never heard before.
Companies were raising millions of dollars, governments have started to expand regulations, the news was full of blockchain-ish words and your grandparents wanted to buy some bitcoins. The hype was everywhere and people were loaning money just to join the train. Greed was the emotion that made the masses go crazy. Remember how everyone didn’t want to miss the opportunity?
What happened next was surprising for many, depressing for the majority and expected for the minority. The market crashed, people panicked and tens of thousands of people have lost their hard earned money. The market began its fall on 17th December and hasn’t stopped bleeding ever since.
There was some hope in January when BTC bounced from 12 800 USD to 17 000 USD and after the 2nd bounce in February from 7000 USD to 12 000 USD. This was obviously just a part of the emotional cycle, playing to its perfection and BTC continued with its journey to the bottom. As of today, January 20th BTC is valued at 3500 USD.
People who were desperately buying it above 5 figure number are now too scared to even think about entering the market again. The news has stopped talking about it and if you confront anyone around you whether they think cryptocurrencies will ever recover they ensure you the market is dead.
Cryptocurrency Winter is here. And that’s a great thing! Stay tuned for the next article as we’ll discuss great opportunities and how the bear market affects our future.
End of Part 1.