Crypto Carnage: Crashing Down to its Death (AGAIN)! Or is it?

Crypto Carnage: Extra! Extra! For the THIRD time, Crypto Is DEAD! Or maybe not, says Ben Zhou, the CEO of Bybit.

Guys and Gals, I hate to break the news to y’all about the foreseeable future. Crypto is not dead, crypto is just doing its thing.

Do you know what this is now? It’s the thing where you wished you had bought in on the dot com boom and never did.

Crypto Carnage – Is it Real?

Aside from the macroeconomic stuff every Bitcoin analyst on every news channel is hollering about (that they were right all along that crypto is doomed to spin down the rabbit hole) let’s talk about what really happened to crypto.

Is crypto winter really coming? The short answer is “YES”, and the long answer is “YESSSSSSSS, we are in it already.”

We are now officially in the bear market, but as we all know by now (if you don’t, refer to paragraph one), bears and bulls are so unpredictable, especially in crypto. Sometimes, they go against interest rates, prices of gold and petroleum, and pandemics. And sometimes, just sometimes, they go with the flow.

The great shorts of UST were not what ignited this downfall. But it was really the last straw that broke the camel’s back. The last bull market was so unforgivingly bullish that it seemed it was too good to be true. But you know what they say about too good to be true? For some, it was true, and for some, please refer to paragraph one. 

Defi and the bull market

What fueled the last bull market was a combination of many things. One breakthrough was the concept of Defi, and that brought so many arguments about DEX and CEX.

There is definitely nothing wrong with Defi. Staking mechanisms that brought traditional P2P lending back to life on the blockchain. But there is something wrong with the fundamentals of the people who led and participated in some of these projects (think UST/LUNA).

If you can’t get a grasp on something to invest in, just remember one thing, you cannot make the money outside of your knowledge bank. Learning prior to investing or doing anything is the key to success.  

NFTs and hype

Then, there are NFTs. They are a completely different animal and these things are HOT. They are so HOT, the likes of McLaren, Louis Vuitton, Hublot, McDonald´s, Coca-Cola, Budweiser, and Charmin (yes Charmin, the toilet paper) were creating NFTs.

Do you think they understand what NFTs are all about? Maybe. Do you think they are in it for the money? Yes. Do I think the current NFTs are hyped, pumped, and manipulated? Absolutely! Do I think it’s wrong for those people who used NFTs to make bank? Absolutely Not!

Current NFTs, although jacked up, are based on the basics of supply and demand, and it is about marketing and how the market reacts to certain hype. Cough, Sotheby, cough, great stunt! 

The Hype Factor

Sorry to break it to you again, but hype is something that is not unique to the crypto world. What? You didn’t know that? You thought this would only happen in the shady crypto space? 

Watches, cars, bags, shoes – these are all things that you and I both understand. Marketers of these products use similar tactics to lure in “loyal” customers until they milk you to “death.” And yet, just yet, you never thought what they did was wrong.

I bet right now some of you are riding in ya G63 and looking at that 5711 on your wrist and agreeing. Why is that?

Crypto Carnage is Not A Thing

For those of you who really think crypto is dead, keep fantasizing, it might give you a boing when it hits the next all-time high. 

Be Bold, Be Borderless people!

About the Author

Ben Zhou is the Co-founder and CEO of Bybit. He has led the cryptocurrency exchange into a platform with over 6 million users since its founding in 2018. Ben has several years of experience in the cryptocurrency industry prior to founding Bybit, and was previously General Manager of forex and CFD trading brokerage firm XM in China.

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