When is the bearish market coming?

Stepan Gershuni 

A bear market and a strong fall of more than 60% occurs in the crypt when the level of delusion is off scale.

It was still early in 2013. In 2017, the number of insane ICOs from people who do not understand business and crypto flooded the air. Curious about what will happen next?

On the one hand, today there are no less of the same madmen: all the old organizers of conferences, trainings and collectors of money in tokens for any nonsense climbed out. It is clear that they have evolved and learned words like NFT, dog tokens, learned how to make DAOs, farms and token steaks.

On the one hand, there are no fewer such madmen today: all the old organizers of conferences, trainings and fundraisers in tokens climbed out for all sorts of nonsense. It is clear that they have evolved and learned words like NFT, dog tokens, learned how to make DAOs, farms and token steaks.

On the other hand, a large number of very real user cases have taken shape in WEB3, with a market of billions of potential users who are ready to move here from offline platforms and for whom the speculative component of investments is not very important. The fact that the media is already criticizing not so much the idea of ​​bitcoin or WEB3, but simply spreading blatant and shamefully stupid misinformation. For example, that NFTs can be saved as pictures, so they will not fly to the moon; bitcoin mining threatens the environment - this is an indicator that the "collective minds" here have almost certainly won.

In parallel, an interesting story is taking place in the capital market. There is a continuous outflow of value from the fiat world to the crypto. Now the turn has come to the most conservative and ancient ones, but they just have the most cash. They can be safely considered "early miners" of Fiat. Infrastructure in the form of ETFs, stablecoins, favorable regulation in many regions makes this process easy, and the transparency and instant round-the-clock liquidity of the market accelerates it.

The main thing that is happening is the separation of the vertical and the industry inside the crypt, from each other. For example, over the past year, SUSHI, CREAM and SNX in relation to the air, made minus 90%, while AXS and YGG + 200%. In a sense, we've been in the DeFi bear market and the GameFi bull market for quite some time now. Something like the end of the bull market is happening in the L1 / L2 area. DeSo is still in its infancy, but we see billions of dollars in venture capital investments targeting space. A similar “bull run” starts in the DAO tooling vertical. Bitcoin, in turn, is a kind of index of these movements, but it is also partly not independent due to regulation and conservative big-check investors ...

To be continued…

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