The crypto community is wallowing in the misery of a protracted bear market so bad that some are calling it the ‘worst’ in history.
Bitcoin peaked at $69,044.77 on Nov. 10, 2021, and remains 60% down from its all-time high, according to data from CoinMarketCap.
But even as the icy winds of crypto winter continue to blow, there is disagreement on just how bad the prevailing market conditions really are.
A community depressed
The crypto community is at a low ebb, as anyone with a social media account can attest.
On Crypto X, the prevailing mood is one of despair, with the odd moment of levity coming from dark, gallows humor. Discussions are turning to weighty topics such as depression and suicide as some HODLers struggle to cope with the persistent downturn.
A number of users have relayed stories of friends or family who have sadly passed away, with the current bear cycle being a contributing factor. Community member Vasu Crypto summed up the general sentiment on Sunday:
“It’s okay to feel sad sometimes. But don’t let it lead to depression or suicide. Talk to someone you trust if you’re struggling.”
For those struggling with depression, the matter may be academic, but even as the community now rallies around to support each other, there are those questioning whether the current bear cycle is really the worst on record.
2 crypto people that I met IRL committed suicide recently & had a drug overdose. They were depressed & my bet, the bear market had something to do w/it. If you are feeling depressed
#1 Seek help
#2 Don't go to drugs
#3 Get Family or Friend SupportBear Markets DONT Last Forever
— MOON KING B-ROOTS (@iambroots) September 11, 2023
The worst bear market ever?
At the tail end of last month, Michael van de Poppe dubbed the current downturn “the longest bear market in history for Bitcoin.”
The CEO and founder of MN Trading went on to add, “It might feel like there’s not even going to be a bull cycle anymore, and I understand why these thoughts are there.”
Not everyone agreed with de Poppe’s bearish assessment, however.
Quantum Economic founder Mati Greenspan pointed out that bear and bull markets are in the eye of the beholder.
“The thing is, the terms ‘bull’ and ‘bear market’ are entirely subjective,” Greenspan told CoinTelegraph at the end of August.
“It can mean either the price has moved in the past or that the price is expected to move in a certain direction in the future. The ambiguity creates endless opportunities for analysts to make pointless arguments in perpetuity.”
The entire crypto community in the ever lasting bear market pic.twitter.com/wWiu4mCmQL
— Wendy O (@CryptoWendyO) September 7, 2023
The bear and the bull
For the crypto community, the argument over bear and bull markets may seem to miss the point. The truth is that many in the community are hurting, and negative sentiment is high.
For those people, there may be a hint of a brighter future ahead. Even de Poppe, who argues that the market is in its worst bear cycle ever, continues to argue that there are reasons for optimism.
De Poppe cites five reasons for more positive market sentiment.
- BlackRock owns stakes in mining companies (and Valkyrie, too).
- Multiple Bitcoin and Ethereum ETF applications
- The first Bitcoin ETF in Europe
- Hong Kong opens for crypto
- Oman is investing $1.1 billion in Bitcoin.
These five points may be the foundation of a more positive Bitcoin story. Until prices rise once more and more positive sentiments persist, individuals are asked to remain mindful and take care of their mental health.
Are you struggling to cope with the bear market blues? Help is available. Suicide prevention hotlines (international).
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