Crypto Event Organizers Cut Down Lavishness Amid Bear Market

Due to the bear market that has sent shockwaves through the crypto industry, the landscape of crypto events is undergoing a significant shift. 

As the hype and excitement of the Bull Run diminish, organizers are now trimming the fluff and prioritizing functional discourse within these gatherings.

Aside from this, crypto event attendees are now showing more concern about the regulatory system of the industry and asking intelligent questions.

The Bear Market’s Effect On Virtual Assets Events

Over the past few years, crypto events have become synonymous with lavish parties, extravagant displays, and an emphasis on promoting various projects. 

However, the recent downturn in the market has forced organizers to reassess their priorities and cater to the needs of a more discerning and mature audience.

Notably, a crypto vlogger, Tiffany Fong, who became popular after interviewing FTX CEO, Sam Bankman-Fried, is reportedly being present at crypto events for the first time in 2023. 

A report revealed that she attended the NFT NYC 2023 conference. Moreover, she noted in a tweet that she would also be present at the Bitcoin Miami 2023 conference.

During one of the events, she noted that huge DJs don’t show up at events like they used to when the crypto market was bullish. She also received insight from other attendees that the area of entertainment has even dropped in 2023.

The days of over-the-top celebrations and flashy showcases are over. Event organizers are embracing a more pragmatic approach, dedicating their resources to fostering meaningful discussions, education, and networking opportunities. 

This shift in focus reflects the growing recognition that the crypto industry needs substantive dialogue and collaboration to mature and overcome its challenges.

Meanwhile, attendees at the XRP Las Vegas conference on May 6 and 7 expressed their bullish thoughts about the future of digital assets. John Deaton, who has been following up on the case between Ripple Labs and the SEC, noted that they asked some “well-thought-out questions”. However, he added that the questions somehow revealed their frustration about the industry.

He tied their frustration to the tough stance of the SEC’s Chair, Gary Gensler, on cryptocurrencies, which is also visible from his action on several digital asset companies. 

Crypto Market View

Notably, the bear market acted as a catalyst, pushing crypto events to prioritize functional discussions that can shape the future of cryptocurrencies and blockchain technology.

Meanwhile, the broader crypto market cap has decreased by 0.08% in the last day, as it stands at approximately $1.14 trillion. 

Its trading volume in the last 24 hours has also declined by 21.73%, standing at around $30.69 billion. The total trading volumes for DeFi and stable coins currently show $2.41 billion and $27.55 billion respectively.