2022 Has Witnessed the Longest Crypto Crash in the Market

The year 2022 has been bad for cryptocurrency. This year has witnessed the longest and worst crypto crash in history. The bear markets are persistent and have only dipped further.

Usually, by July, the markets are picking up. The Twitter community is always driving the hype, starting with Bluechip coins before proceeding to altcoins and later on meme coins.

Bitcoin is still at a consolidation point of $22,000 for the past two months. Ethereum is as low as $1,559 at the time of writing this article. Both $Mana and $Matic are at values of 0.9 and $0.8 respectively. $SAND has dropped to a value of $1.35.

This is really bad because the markets seem to be stagnant. Crypto traders are having a difficult time, especially with most assets liquidated. What's worse is that people keep thinking that any account or investment associated with cryptocurrency is a scam.

Even though some coins seem to be doing fairly well, it is difficult to say the markets are doing fine. Many people are not trading for fear of a rug pull. People want to trade where there are many active traders pumping a coin, not one.

Possible Causes for the Crypto Crash

There is no clear cause of this market crash except for the Luna crash and Bitcoin halving. The market seems to awake and then later on crashes. It's a bearish cycle.

Luna Crash initiated the bear markets, followed by China. However, what seems to sustain it is the possibility of a looming Bitcoin halving.

What is Bitcoin Halving?

Bitcoin halving is the reduction in amount of rewards given to miners every four years. Bitcoin halving occurs because of Bitcoin's mining algorithm generates new blocks every 10 minutes. However, this timing fluctuates as new miners join the network, and in the past decade, the average time it takes to mine a new block in Bitcoin's blockchain is 9.5 minutes

One plus side with Bitcoin halving is that early investors can get into the market and old investors can increase coin accumulation in their portfolios. This year we will have many crypto billionaires. I hope we become many.

Any Hope for Crypto?

Other than being a fake "Shill me your #NFT" influencer on YouTube, there is little hope for the bear market. However, you can actually make money during the bear market. There are flashloans and a trading method called "shorting".