There really wasn’t a Bear Market

Bear market: these are two words that frighten most investors. This sharp and prolonged drop in prices often causes investors to sell off their cryptos or get lost in an endless dilemma. And for more than a year, the expression has been hovering like a rebellious shadow over the crypto universe. However, for those who know how to read between the lines, there really was no Bear Market. If you don’t believe it, that’s normal. However, we are going to take you through a short overview of the events that are happening before our eyes during this period and which are fundamentally against the logic of a Bear Market as it is conceived.

Why this growing interest in cryptocurrencies?

Basically, the main characteristic of a bear market is the loss of investor confidence in cryptocurrencies following a significant loss in the value of cryptocurrencies. These difficult times usually cause most crypto projects to be abandoned with some developers’ zeal waning and pressure from regulators easing.

However, while it is true that the current state of the crypto market has convinced several institutional clients to divest themselves of their cryptocurrencies or exit the market, there is a contrary trend among a certain number.

Indeed, according to data from blockchain analytics firm Glassnode, over 13.3 million BTC worth over $388.7 billion have been held for more than a year by investors. This crypto-optimism indicates that these investors continue to believe strongly in the rise in the price of BTC in the long term, which is more a characteristic of a Bull Market.

So what about the exchange Binance which has just received two licenses to offer crypto products and services in El Salvador, the country that became known as the first to make Bitcoin legal tender in its territory? Binance, shortly before receiving these two licenses in El Salvador, had already, last July, inaugurated two different subsidiaries, the first in Japan and the second in Dubai.

This policy of expansion and consolidation in a period considered to be a lean period in the crypto world should not leave anyone indifferent. We understand that the cryptocurrency market is not as gloomy as it seems. Investors are assured that there will be an upward correction in prices. And this opinion is not only theirs. It is also that of the builders.

Crypto projects continue to grow despite the market situation!

Even if the media does not make too many events, more and more crypto projects are currently emerging. We are witnessing radical innovations on Bitcoin, impressive collaborations between Tech and crypto companies such as Microsoft and Apto Labs for example, launches of innovative crypto products or services, etc.

Last July, for example, mining company Bitdeer Technologies added 15,000 new mining machines to its facilities, resulting in a 41% year-on-year increase in business. For its part, the crypto startup Puffer recently raised $5.5 million to accelerate the development of its crypto activities.

At the same time, the company Circle Internet Financial, issuer of the USDC stablecoin, launched a new programmable Web3 wallet. It was August 8, 2023. Thanks to this new portfolio, companies wishing to do so will now be able to integrate crypto payment services and NFT management services directly into their e-commerce applications. Their customers will therefore be able to more easily pay for their purchases directly in cryptocurrencies.

The Red Cross, which does not want to be the rest, has also initiated a similar project by partnering with the crypto payment platform, Triple A. An integration is made with the Triple A gateway to make crypto donations possible at the Red Cross in the form of crypto, especially in the form of BTC, ETH, USDT and USDC, since these are the currently supported cryptocurrencies.

It is clear that, contrary to typical Bear Market scenarios, interest in cryptocurrencies has not really waned. Rather, there is a paradoxical enthusiasm for cryptocurrencies and an active preparation for the next phase of crypto economic growth, which proves that companies and institutions continue to believe in cryptocurrencies in 2023. Better, the adoption by the European Parliament of the MiCA regulation on April 20, 2023 also strengthens the confidence of institutional clients in crypto services and products.

In the meantime, operators are gearing up for the 2024 Digital Asset Summit

In March 2024, cryptos will bring the world together again. Cryptocurrency industry leaders, policy makers, institutional experts will gather in Washington at the Digital Assets Summit to discuss the latest developments and challenges in the evolving world of cryptocurrencies, to share ideas and boost innovation. adoption and accelerate industry transformation.

So, the crypto investor will therefore ask the following question: what to do with his crypto in the current state of the market? Should they be sold quickly or kept? The answer is simple. It all depends on your investor profile. In the long term, Bitcoin still performs well.

However, if you are a trader, it is normal for the wait to be a hardship. The advice is to turn to cryptocurrencies that continue to perform in this period while keeping your cryptocurrencies which are likely to experience a sudden jump at any time. If you have to, buy more, now that the drop is significant.

What is certain, the market will regain its good shape. It is an economic principle. And that’s precisely why builders are rushing in and launching new projects and innovations are starting to become mainstream.

When prices are low, crypto projects are more economical and more lucrative. When the market recovers, and it’s not for very long, many would have already taken enough steps to get the most out of it. You too, take your measurements. Choose one of promising cryptocurrencies in 2023 following and check if they suit your needs.