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I honestly believe the crypto market or the bear market commenced ever since Elon Musk, CEO of Tesla, announced that the company would no longer support Bitcoin. And no doubt, the price of Bitcoin started to decline. Just as you would guess, his statement had a ripple effect on the entire market as well. Many investors and enthusiasts were hoping for an instant recovery, unfortunately, the situation only got worse.
As the months went by, I already knew that the market was not going to recover any time soon as Bitcoin continued to decline, and its price fell below $50k. This was something that set fear in people like myself.
I'm not going to pretend right now. Elon Musk's influence on the market was one of the reasons Bitcoin touched $69k. When he withdrew his support for Bitcoin, it was only natural for the price to drop. But I never expected it to drop as much as it did.
As if that wasn't enough, the situation 'again' became worse by the recent Luna saga, which had a negative impact on the entire market. This saga didn't also affect ust(stablecoin) holders. Governments from around the world took a closer look at the crypto market and started to frown upon anything related to it.
In my home country, the government had already banned crypto nationwide before all of this happened. Many of us, the youth, had hoped that the ban would be lifted, but unfortunately, that never happened.
Additionally, the FTT issue came in when the market had already bled. Thankfully, the weak or spaghetti hands as we call them had already sold all their holdings, while the strong and believers were the ones left. This is the reason I believe the market did not bottom much after the FTT issue.
As I type this, Bitcoin is trading at $18k and the whole market is looking sweet again. It’s 2023 January, and this is already happening? Wow! I must say that this year is starting off pretty good. Let’s hope to see what it has for us all.