Bitcoin Bear Markets: We’ve Been Here Before Today

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This is an opinion editorial by Stephan Livera, host of the “Stephan Livera Podcast” and managing director of Swan Bitcoin International.

Some newer Bitcoiners could be upset about what’s gone on lately, especially if they were expecting very high highs for bitcoin or no large drawdowns. It seems like in the last few weeks, it has become evident that this is, in fact, a bear/sideways market.

From peak to trough, we’ve seen a 75% drop from $69,000 to around $17,600. We’ve seen a “crypto contagion” of sorts, with the blow-up of the Luna/UST ponzi, the liquidation of Three Arrows Capital (3AC) and other “crypto” market participants undergoing stress, such as Celsius stopping withdrawals and other entities having exposure to 3AC (e.g., Voyager, BlockFi).


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