Bitcoin Has Died Nearly 500 Times as Bear Market Bottom Signals End of Crypto

Bitcoin Has Died Nearly 500 Times as Bear Market Bottom Signals End of Crypto
  • Bitcoin has been declared dead 465+ times from 2010
  • Over 124 articles claimed crypto was dead in 2017.
  • The first such claim was made in 2010 by the Underground Economist when Bitcoin was trading at $0.23.

Renowned Indian Author Chetan Bhagat wrote a column declaring that crypto is dead. Is it the sign at the bottom?

The article from the well-known author Chetan Bhagat focuses on how crypto is dead due to the collapse of FTX. He expressed his strong anti-crypto opinion stating that crypto is like communism which promises decentralization but ultimately leads to power in the hands of a select few.

Bitcoin declared dead 465 times.

Bitcoin has been declared dead 465+ times, according to a page in 99Bitcoins, that counts the total reported Bitcoin obituaries. The Underground Economist made the first such report with the title, “Why Bitcoin can’t be a currency,” when the price of Bitcoin was $0.23. The article is no longer live today.

Satoshi Stacker, a well-known crypto analyst, predicted that as more and more people hear about the damage caused by FTX, there will be more reporting on “Crypto is Dead.”

Is the bottom in?

The crypto community believes that such articles are a signal for the bottom. Usually, during the market bottom, the FUD (Fear, Uncertainty, and Doubt) is at its peak. The frequency of articles claiming the death of crypto increases. The chart below shows that most articles with bearish sentiment were written when the market was preparing for a rally in Nov 2013.

Bitcoin bottom
Source: 99Bitcoins

Similarly, 93 obituaries were reported when the market bottomed in 2018. In 2020 various reports claimed Bitcoin was worthless, dead, and rat poison. The exception to this was in 2017 when over 124 articles were written declaring crypto dead due to multiple bans on crypto exchanges, Initial Coin Offering (ICOs) in China.

 

 

Source: https://beincrypto.com/bitcoin-has-died-nearly-500-times-as-bear-market-bottom-signals-end-of-crypto/

 

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

j j j

Anndy Lian’s Keynote Speech at GNSEC 2022: Future of NFTS, Regulations & Bear Market Benefits

Anndy Lian’s Keynote Speech at GNSEC 2022: Future of NFTS, Regulations & Bear Market Benefits

In the digital transformation trend, the transformation of software engineering technology plays an important role and leads the development pattern of the digital technology industry.

GNSEC 2022 Global Next Generation Software Engineering Online Summit focuses on the full spectrum of software engineering and technology to define a new generation of software engineering. It aims to gather experts, scholars and practitioners in the software engineering industry to tell important latest research results, share the most cutting-edge technical practice experience, and promote mutual exchange and cooperation between experts in production, learning and research.

The event brought more than 1,000 registered delegates and will provide an on-site virtual experience that allows attendees to interact, learn and grow together. The online summit will focus on DevOps, Cloud Native and Open Source, AI, Testing and Quality, R&D performance and O&M-related issues, while focusing on software engineering best practices in finance, communications, the internet and many other industries. Thus, breaking down industry barriers and making technology drive performance.

His topic on NFT is timely for the industry as there are more people who are into NFT and would like to find out more.

Anndy Lian is one of the speakers at the event. He is an early blockchain adopter and an intergovernmental expert on crypto matters. His recent book “NFT: From Zero to Hero” has sold more than 8,000 copies on Bybit NFT Marketplace and now selling on Amazon and Google books.

Around 105 nations have legalised NFTs expressly or as part of a larger recognition of cryptocurrencies and virtual currencies. However, as the aforementioned list illustrates, legislation regarding NFTs is frequently general and not designed mainly for NFTs.

The U.S., Canada, Australia, and most of the European Union are notable examples of integrated and moderately regulated markets. In each of these jurisdictions, the predominant legal strategy is to view NFTs as either a type of capital gains taxable asset or a component of an individual’s income tax portfolio.

Anndy mentioned in his speech that creators must look at regulations before starting their businesses. there are still a lot of nations where NFTs and cryptocurrencies are either implicitly or expressly banned. This is because those governments view NFTs and other digital assets as threats to the current financial system and sources of illicit and/or terrorist financing. China, Vietnam, Algeria, Egypt, Qatar and Nepal are notable instances.

GNSEC is Co-Organized by DAOPS FOUNDATION and Escom Event, and supported by HKPC and Greatops. This is GNSEC’s second online event in Southeast Asia.

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

j j j

What Are the Stages of a Crypto Bear Market?

What Are the Stages of a Crypto Bear Market?

Bear market is a term used in the crypto space to describe a general market crash, typically when the market has lost more than 20% of its value. That said, most signs of an impending bearish market are not always so clear at the onset.

Although volatility is nothing new in the industry, the cryptocurrency market is currently experiencing severe difficulties. Bitcoin is down more than 60% from its all-time high, and Ether is down more than 65% from its peak price. The rapid fall of $LUNA also contributed to the crypto market slump, as nearly $50 billion was wiped off the market cap in less than two days. Fear and uncertainty in the sector are currently at an all-time high, with the Fear and Greed Index displaying extreme fear and with most altcoins down at least 40% from their all-time highs.

Right now, nobody knows for sure when the market will completely recover. However, it’s also worth noting that there are stages of a crypto bear market, and the best bet right now is to study them to see where the market is currently, and to better job of discernment when it starts to recover. Blockworks’ Jason Yanowitz recently

what he sees as the three stages of a crypto bear market, with the market currently in the second stage of a downturn.

The Stages of a Crypto Bear Market

First stage: the unwind

confirmed Connor Sephton for CoinMarketCap.

about the crypto bear market

Another market crisis that typifies stage two of the current bear market is the Celsius situation- after withdrawals were halted due to the platform’s current liquidity issues. “Celsius Network hasn’t offered an update to its community since June 20, when it warned affected users that it will take time to stabilize its operations,” it was confirmed.

To avoid liquidation, Celsius has been putting up more collateral as the price of Bitcoin falls. It’s reported that when Luna fell, Celsius pulled more than $535 million in crypto assets from Anchor, according to public blockchain data.

“Unlike banks, Celsius promises retail customers huge returns, sometimes as much as 18.6% annually. The lure of big profits has led individual investors to pour assets into Celsius and platforms like it,” according to a report in Reuters.

In October Celsius had $25 billion in assets, although that had fallen to around $11.8 billion last month. And now there’s news that FTX, which was looking at making a deal with Celsius, has walked away due to the state of its finances. “Celsius had a $2 billion hole in its balance sheet,” according to a source quoted by The Block.

regarding Celsius on June 30 from @BlockchainAndy

With Bitcoin nearing its worst monthly losses since 2011 and BTC price at $19K, it’s not surprising that the market sentiment is still saturated by fear and anger; in other words, the market is still far from stage three of the crypto market, typified by “bottomless exhaustion” where “max exhaustion” replaces “max pain” to quote Yanowitz.

Indeed, in a report on June 29, Deutsche Bank argued that the crypto market prices are unlikely to stabilize as there are no “common valuation models like those within the public equity system”. The market is also highly fragmented, it added. While the bank said that Bitcoin could touch $28,000 by the end of the year, it also warned that “speculative trades are likely to involve the simultaneous use of several coins, which increases spillover effects, the bank said.

Whatever liquidity might exist in these markets could quickly evaporate, which would erode confidence in prices and increase the likelihood of contagion.” Any macro shock could test the recent lows in cryptocurrencies prices and “reignite contagion risks in the DeFi ecosystem, the report added. It appears then we are stuck in stage two of crypto winter for many months to come, dependent on wider stability in the crypto and wider markets.

 

Original Source: https://hackernoon.com/what-are-the-stages-of-a-crypto-bear-market

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

j j j