In light of the recent massacre that was yesterday’s market, where stocks went into irrefutable bear territory, and the crypto industry witnessed the worst daily loss in history, questions have been raised. The actual number crunch was horrifying, with most of the crypto industry recording a summary loss of 50% across the board. Those are some terrible numbers, no matter how you spin it.
Hard-Hitting Questions Must Be Asked
With any luck, the “haven asset” narrative that was pushed and subsequently disproven several times over, can finally be put to rest with this colossal drop in the market it experienced. The loss wasn’t only for people that buy Bitcoin, sad as it is. Some of the top addresses within the Ethereum network enacted a summary dump of their various holdings, and crypto exchanges across the globe are struggling to keep up with this staggering volatility.
Loomer, a significant figure in the crypto industry, asked the question everyone should be asking in this given situation: What should the crypto industry do to try and convince people of buying crypto? With the bear markets in such chaos, it’s easy to highlight the crippling volatility the crypto industry has. Even stablecoins like Dai have struggled and almost crumbled under the monumental pressures of today’s market.
so how the fuck do we convince anyone to ever buy/trade bitcoin again?
it literally went down 50% in one day
— loomdart (@loomdart) March 13, 2020
Some Good In The Horrible
In response to this tweet, a large number within the cryptoverse tried to joke the matter off, serious a concern as it was. Leave it to a large media outlet to make some rather noteworthy jokes, but others took the question seriously.
Those that did, pointed out that there were still large profits to be made through doing so. Bitcoin is currently trading in one of its lowest points for a while now, only at a meager $5,500 range, but it actually dropped lower than $4,000. Thus those that bought it at its absolute lowest managed to catch a good profit. However, this is the equivalent of saying, “The market crashed abysmally, so when it crashed just very badly, I could get a profit.”
Gambling Over Trading
That’s not a good way to sell anything. It sounds more like a gamble than proper trading, which some of us will have to admit Bitcoin can be considered as, at times. This extreme situation simply highlighted the worst of it.
These are dark days, indeed, for the crypto industry. The damage done this past week will take years to repair, months if we’re lucky.