{"id":26336,"date":"2023-12-08T14:15:19","date_gmt":"2023-12-08T14:15:19","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoins-many-deaths-is-crypto-market-past-point-of-no-return\/"},"modified":"2023-12-08T14:15:21","modified_gmt":"2023-12-08T14:15:21","slug":"bitcoins-many-deaths-is-crypto-market-past-point-of-no-return","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoins-many-deaths-is-crypto-market-past-point-of-no-return\/","title":{"rendered":"Bitcoin\u2019s many deaths: Is crypto market past \u2018point of no return?\u2019"},"content":{"rendered":"
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Bitcoin and the broader crypto market have been gleefully declared dead more than a few times during bear markets, but some experts say it would take a genuinely extreme set of events for it to truly die.<\/p>\n
According to 99Bitcoins \u2014 a website that, among other things, tracks how many times Bitcoin (BTC) has been declared dead by mainstream media outlets \u2014 the largest crypto by market cap has died 474 times since 2010. <\/p>\n
Often, the proclamation is met with cheering by crypto skeptics as evidence that BTC is not a viable asset, but it might not be so simple to kill off crypto \u2014 at least according to some experts in the space. <\/p>\n
\nA year ago #Bitcoin<\/a> hit $69,000. One of the main reason for the spectacular rally was all the leverage that funded unprecedented #crypto<\/a> advertising and speculative buying. The #FTX<\/a> bankruptcy proves the entire rally was a fraud. It will never be repeated. Bitcoin mania is over.<\/p>\n
\u2014 Peter Schiff (@PeterSchiff) November 11, 2022<\/a><\/p><\/blockquote>\n
Tomasz Wojewoda, head of business development at BNB Chain, is confident it would take more than a bear market or crypto winter to end BTC and the crypto market, even though it\u2019s been a particularly harsh downswing since the all-time highs of 2021. <\/p>\n
A bear market is when the value of crypto has fallen by at least 20% and continues to fall, while a crypto winter is a prolonged period of depressed asset prices in the market.<\/p>\n
Wojewoda told Cointelegraph that, in his opinion, the only way BTC and the broader crypto market could die would be if something extreme happened, such as the underlying community losing interest and everyone exiting the space at once.<\/p>\n
However, he doesn\u2019t see this happening anytime soon. Regardless of fiascos like the FTX saga and other dramas in the space, Wojewoda believes there is always \u201cgoing to be demand for crypto.\u201d<\/p>\n
\u201cThe crypto market, like any market in the economy, moves in waves and trends upward or downward depending on market sentiment,\u201d he said. \u201cThe market has been through multiple bear markets, but historically, we have seen the market recover from similar trends.\u201d <\/p>\n
In 2011, 2013, 2017 and 2021, crypto saw huge spikes in value, only to come crashing back down to earth. So far, after each crash, the price has recovered years down the road.\u00a0<\/p>\n
Overall, this bear market and crypto winter has been particularly savage. After reaching highs of over $69,000 in 2021, BTC lost more than 60% of its value in 2022, according to CoinGecko. As of 2023, it has recovered some, but BTC is still roughly 40% down since its all-time highs. <\/p>\n
According to Wojewoda, challenging times like these \u201ccan actually be positive for the industry\u201d and not a sign that crypto is dying, even though it may feel like it. Specifically, he thinks market crashes can help weed out bad actors.<\/p>\n
Related: <\/em><\/strong>Security audits \u2018not enough\u2019 as losses reach $1.5B in 2023, security professional says<\/em><\/strong><\/p>\n
He also sees it as a time when \u201cstrong projects focus on building and improving the user experience.\u201d<\/p>\n
Regulation won\u2019t kill crypto\u00a0<\/h2>\n
Banking regulators appear to be trying to kill or dismantle the crypto industry, brandishing an array of lawsuits and an intimidating flood of regulatory measures. There are fears this could spell doom for the industry.<\/p>\n
The United States Securities and Exchange Commission, led by Chair Gary Gensler, has been particularly aggressive against crypto firms. According to Gensler, his agency has filed over 780 enforcement actions in 2023, including over 500 standalone cases. <\/p>\n
\n1\/ Today Coinbase received a Wells notice from the SEC focused on staking and asset listings. A Wells notice typically precedes an enforcement action.<\/p>\n
\u2014 Brian Armstrong \ufe0f (@brian_armstrong) March 22, 2023<\/a><\/p><\/blockquote>\n
Crypto and BTC have survived, though. Regulations have been slow to come and, in some cases, poorly created. Wojewoda thinks some form of regulation can ultimately be a good thing for the industry and will not be the reason it dies. <\/p>\n
\u201cGlobal regulations can impact the growth of crypto; however, with more countries embracing crypto worldwide, I don\u2019t think this will be a reason for crypto to \u2018die off,\u201d he said.<\/p>\n
\u201cRegulation in the industry is a good thing. It keeps users safe, and a clear framework enables the industry to build around it.\u201d<\/p><\/blockquote>\n
Some crypto will probably die, but the industry will survive<\/h2>\n
Wojewoda is convinced the crypto market will reach the other side of this crypto winter and beyond. He thinks it will likely survive as a concept, but not all projects and currencies will make it long-term. <\/p>\n
According to Exploding Topics, there are over 10,500 different cryptocurrencies in existence as of November 2023. However, it\u2019s estimated that only 8,848 are still active in the space, with the others dropping off or dying.<\/p>\n
\u201cProjects that didn\u2019t have a real-life use case died off, but the ones that truly make an impact have not only survived but thrived,\u201d Wojewoda said.<\/p>\n
\u201cThere are many things that can impact the trajectory of crypto, such as sentiment, regulation and other factors \u2014 for example, the Bitcoin ETF filing and upcoming Bitcoin halving,\u201d he added.<\/p>\n
\nNew Research note from me today. We still believe 90% chance by Jan 10 for spot #Bitcoin<\/a> ETF approvals. But if it comes earlier we are entering a window where a wave of approval orders for all the current applicants *COULD* occur pic.twitter.com\/u6dBva1ytD<\/a><\/p>\n