The crypto community is in the throes of what some are calling the worst prolonged bear market in history.
Bitcoin’s peak $69,044.77 It is still down 60% from its peak on November 10, 2021, according to CoinMarketCap data.
But even as the cold winds of crypto winter continue to blow, there is disagreement over how bad current market conditions really are.
As anyone with a social media account can attest, the crypto community is in decline.
In Crypto X, the overall atmosphere is one of despair, with odd moments of levity that come from dark, gallows humor. Discussions are moving toward key themes such as: depression Some HODLers are struggling to cope with the prolonged recession, with some committing suicide.
Many users have told stories of friends and family members who have sadly passed away, and the current bear cycle has played a role. Community member Vasu Crypto summarized the general opinion on Sunday:
“It’s okay to feel sad sometimes. But don’t let it lead to depression or suicide. If you’re having trouble, talk to someone you trust.”
For those suffering from depression, this issue may be academic, but even as communities are now coming together to support each other, one wonders if the current bear cycle is really the worst ever There are some people.
Two crypto people I met IRL recently committed suicide, resulting in drug overdoses. They are depressed and my guess is that the bear market has something to do with that.If you’re feeling down
#1 Ask for help
#2 Don’t go on drugs
#3 Get support from family and friends
Bear markets don’t last forever
— MOON KING B-ROOTS (@iambroots) September 11, 2023
Worst bear market in history?
Late last month, Michael van de Poppe called the current economic downturn “the longest bear market in history for Bitcoin.”
The founder and CEO of MN Trading continued, “It may feel like there isn’t even a bull cycle anymore, but I understand why that idea is there.” added.
But not everyone agreed with De Poppe’s bearish assessment.
Bear and bull markets are in the eye of the beholder, said Matty Greenspan, founder of Quantum Economics.
“The reality is that the terms ‘bull market’ and ‘bear market’ are completely subjective,” Greenspan told Cointelegraph at the end. August.
“It means that either the price has moved in the past or that the price is expected to move in a certain direction in the future. This ambiguity provides endless opportunities for analysts to make pointless arguments forever. will be born.”
The entire crypto community in an eternal bear market pic.twitter.com/wWiu4mCmQL
— Wendy O (@CryptoWendyO) September 7, 2023
bear and bull
To the crypto community, the debate over bear and bull markets may seem beside the point. The truth is that many in the community are hurting and negative emotions are rising.
For such people, there may be a hint that a bright future will come. Even De Poppe, who claims the market is in the worst bear cycle in history, continues to insist there is reason for optimism.
De Poppe points to five reasons why market sentiment could be more positive.
- Blackrock owns a stake in a mining company (as does Valkyrie).
- Multiple Bitcoin and Ethereum ETF applications
- Europe’s first Bitcoin ETF
- Hong Kong opens to cryptocurrencies
- Oman has invested $1.1 billion in Bitcoin.
These five points could be the basis for a more positive story for Bitcoin. Until prices rise again and positive sentiment persists, individuals are urged to remain alert and take care of their mental health.
Struggling to cope with bear market blues? Help is available. Suicide Prevention Hotline (International).