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The crypto industry is in a tough time, but the long-term bear market is nothing new to those who have been in the field since 2017. Prices for many projects have fallen by more than 80%, but sentiment within the industry is higher than ever. strong.
Much of the industry has supported rising prices and the need to move away from onboarding for large numbers of users. CryptoSlate contacted some of them to get an idea of the future of cryptography.
Nischal Shetty, founder of Shardeum and WazirX, India’s largest cryptocurrency exchange, said: CryptoSlate In the bear market, “People will be more cautious. ” As a result, companies need to “find organic growth methods.”
The recession leads to the need for better marketing content, and thus “needs more reading material for consumers, thus leading to increased participation and a better understanding of Web3.” However, Nischal also believes that the “winter of cryptocurrencies” could last “two to three years” before the industry returns to its “growth trajectory.”
Andrew Durgee, Head of Republic Cryptography, agrees:
“The recession has helped the industry mature and has become an important phase in which some of the most exciting innovations take place.”
He added that Ethereum was born from the bear market in 2014, and Polygon, Avalanche and Algorand “have taken shape” since 2017.
“I look forward to looking back on 2022 from a similar perspective, and look forward to what influential projects will emerge from this latest cycle.”
Regarding the potential winter length of the current cryptocurrency, Durgeee admits:Attention will be important when you see market sentiment settle down. “
Meanwhile, Anna Tutova, CEO of Coinstelegram, said:
“The bare market is a manifestation of a release with high expectations that the market imposes on a particular asset class.”
Tutoba argued that the bear market would create new projects and “a few new asset classes.”
Since DeFi and NFTs were born from the bear market, it’s reasonable to predict that a whole new digital asset class could emerge soon. The current situation is “the time to build the real company that the market wants” and “the deeper and sharper the bear market, the higher the return on the rise.”
Tutoba’s predictions on the length of the bear market are directed towards a technical analysis of the Bitcoin chart.
“The first cloud of the monthly candlestick bar, as I wrote at the beginning of July, has a bottom within 2-3 months, followed by a 6-8 month accumulation phase to the next market. On suggesting that it could soar towards. “
As we move forward, Tutova believes that the crypto industry is on track to give severe competition to traditional financial markets “within one or two market cycles.” She added it:
“Blockchain technology has the potential to become a game changer in how developing countries can catch up with developed countries in terms of economic performance.”
Puff, a major contributor to Iron Bank, believes in the crypto winter as a catalyst for industry improvement.
“The bear market allows builders to focus on construction without all the noise associated with a bull market. They are not tolerant of business models that do not fit into the product market, and projects that build and survive through them You will be the winner of the next bull market. “
To be successful, builders “have a responsibility to maintain security best practices, as well as a user experience to simplify complex processes and make them seamless and easy to understand.”
Richard Heart, the founder of HEX, reminded CryptoSlate:The ear market is perfect for shaking off weak hands. In his short-term view, “as long as FED raises interest rates, the stock market will fall and Bitcoin will fall accordingly.”
He reiterated Nishal’s comment, stating that “the Bitcoin bear market could last for years” and hoped to “bottom out at $ 11,000.”
Interestingly, he is more bullish on Altcoin than Bitcoin and believes that “Ethereum and pulse chains are likely to kill Bitcoin returns” as “Bitcoin is an old technology”. increase.
It’s interesting to hear that Hart is looking at the near future, “some coins are uncorrelated from Bitcoin,” as many are returning to Bitcoin as shelters.
When asked how the bear market could help move cryptocurrencies to new heights, Rob of Digital Asset News frankly said, “Silly projects need to die.” His rationale is that “they are otherwise absorbing resources and market capitalization to get big cash.”
He looked back on 2017 and the ICO bubble. “We were able to absorb this money and enrich our founders while keeping private investors poor.” Interestingly, he also emphasized the following:
“TThese zombie projects still remain and offer little or no value to the crypto ecosystem. They can stick because they are different from regular businesses that require traditional overhead like physical products. “
Rob said:
” Me I don’t want a bear market. We want an era of cryptocurrencies where we are annihilated and projects begin to be integrated into larger and better projects. ”
He admits, “This wouldn’t be a general opinion,” but thinks “it’s the right direction.” In his words, “crypto ice age” will last for two years, given the correlation between when the next Bitcoin halving will occur and “how long the recession usually lasts.”
XBO CMO Shimon Baron expanded this sentiment and told CryptoSlate, “The bear market we are witnessing offers the opportunity for novice crypto investors to enter the crypto trading and begin their exploration. I have. ”
An important aspect of this for Baron is to provide “easy and secure onboarding, as crypto exchanges can appear to threaten potential investors.” This crypto sentiment, which requires a better and more secure user experience, seems to dominate the BUIDLer economy of the current bear market.
In this story, Tim Halldolsson, CEO of cryptocurrency and NFT marketing agency LunarStrategy, said, “In times of market downturn, many knowledgeable long-term investors see it as an opportunity to buy it and make big deals. Insisted.
The recent announcement from a16z, a $ 4.5 billion crypto fund, is a prime example of such an investment strategy.
Simon Schaber, Chief Business Development Officer at Spool.fi, believes that providing “unsustainable” DeFi rates means “a crowd of true decentralized financial innovations” during the recent Bull Run. increase.But I think this is over because he insisted that
“Once this phase of web3 development is over, attention returns to product improvement. These focus stages after the bear market have always been the foundation of the industry’s progress.”
Shaver theorized that:If the central bank “goes in the opposite direction for fear of a global recession,” the crypto winter could be as short as six months to a year. But he pointed out that this was “the first time I’ve seen an institutional-dominated bear market.”
Kirobo CEO and co-founder Asaf Naim warns:
“It makes me want to blame the crypto winter in certain events like the collapse of Terra, but it certainly didn’t help, but it’s a short-sighted view.”
His view is that there are “positive things to see in this gloomy situation,” due to “wider global economic uncertainty.”
Naim’s philosophy is that low cryptocurrency prices act as a “surge to new users” and a recession helps “cut down the market for illegal players and over-leveraged companies.”
According to Naim, the way out of the current bear market relies on cryptography to show “true usefulness.” The recession is the time for “the companies that provide true utility will ultimately shine.”
One area that may not be welcomed by some of the crypto community is the move towards tightening regulations. The high-growth altcoin bubble is inevitably bursting, and many are adjusting it as a catalyst for tightening cryptographic regulations.
John de Vadoss, a blockchain developer and former Microsoft MD, said: CryptoSlate:
“”[The industry] It pays for extreme hyperleverage, unrestricted rehypothesis, and a malicious securitization cycle that is visibly out of control. ”
He believes that more regulations are currently on the card, “to ensure that rails, buffers, and constraints are enforced for accountable governance and responsible ongoing progress.” I am.
Koinly’s Tony Dhanjal responded to de Vadoss by citing Europe’s “breakthrough regulation known as MiCA” as a route to “end the wild west of cryptocurrencies.” “Future regulations are inevitable,” he said, “to do business in the EU, crypto asset service providers need to be approved.”
Narek Gevorgyan of CoinStats said:
“As long as cryptocurrencies exist, the bear market has been detrimental to individual investors jumping into the euphoric stage.”
Govergyan added that there were no strong investors.The beliefs and visions for the market have been washed away. “On the other hand, people with” thick skin “have” continued to build an ecosystem despite the bloody market. ”
In the future, Nalek “is paying attention to the new and exciting things that will be built in addition to the improvements made to the existing projects that were able to survive.” He didn’t want to make short-term predictions about the length of the cryptocurrency winter, but “the expected halving of Bitcoin around mid-2024 is solid and sufficient behind Bourlan. It acts as a tested driving force. “
Cryptocurrencies “recover only when the general financial markets recover,” said Zen Young, CEO and co-founder of Web3Auth, while the bear market “removes hype and speculative distractions and all. Encourage stakeholders to focus on their practical and functional needs. ” The bear market will refocus on building something important. “
However, Juan Pellicer, an analyst at Into the Block, said:After the dust has settled down in a few months, check if the cryptocurrency remains relevant.
If so, Periser believes it “proves to be resilient to the market crisis,” but “it’s too early to say so far.”
