THE EFFECT OF THE CRYPTO BEAR MARKET

For many crypto fans and admirers, the year 2022 isn’t going as expected, as the red candles on the chart don’t look to be going away anytime soon.

It’s June, and we’re almost halfway through the year, and Bitcoin’s price has dropped by more than 50%, with other alt coins faring much worse. Coins like Terra Luna(LUNA) have plummeted from $100 to pennies, and SOLANA(SOL) has plummeted from $200 to $30 to $35 as of writing this piece. Ethereum isn’t left out either.

The downsizing, laying off, and dismissing of staff and workers by so many crypto enterprises and brands is one of the biggest effects of this slump. Coinbase, Gemini, cryptoCom, and BlockFi are just a few examples. While most of the aforementioned organizations have laid off employees, Binance, Ripple, Kraken, and a slew of other companies have opened the door to Job employment, despite the difficult market conditions.

Some of these corporations and exchanges banned fund withdrawals after investors moved over $200 billion out of the market due to the level of concern in the price movement. Since February 2021, this is one of the greatest withdrawals the crypto industry has seen. Firms such as Celsius had to put a halt to monies being transferred out of the exchange while still defending their actions as a precautionary measure to protect the community.

While this is understandable and provides as a mechanism for businesses to keep afloat till the bear market passes, it also affects many talented and great people.

On the plus side, the bear market is a vehicle for flushing out rugpull initiatives and tokens that lack a compelling utility and team. This is where scams and frauds are flushed out of the system, making the crypto market a safer and more secure place for investors, newcomers, and traders.

So, take a big breath, dear reader. The bears will not be here indefinitely. Green candles will reappear, and those portfolios will reclaim their all-time highs.