The crypto market has had a rough patch recently, and it’s been difficult for cryptocurrency investors to keep their emotions in check. TerraUSD, one of the most popular dollar-pegged stablecoins, crashed nearly overnight, leading to the sector’s market value drop. Bitcoin and ethereum, on the other hand, have seen huge price drops from their recent bull market highs.
Deepak Chopra, a cultural figure famed for his emotional intelligence and recent entrance into the NFT area, believes investors can’t ignore the recent crypto market catastrophe, but they should be able to look past it.
“The cryptocurrency market is in a state of collapse, having lost trillions of dollars.” Chopra recently stated, “We’re in a bear market.”
“Right now is the time to think long-term in these financial markets, including crypto. I think emergence happens when you have maximum diversity of people hanging in there creatively, complimenting each other’s strengths and having some kind of a spiritual and emotional ecosystem where they can help each other and that’s happening right now in the crypto community,” Chopra said.
Although declining trade volumes on crypto exchanges is one clue that we may be going in that direction, it is uncertain whether the recent rout represents the start of the next “crypto winter” – a multiyear bad market that happens on a cyclical basis for the crypto asset class.
The last “crypto winter” lasted from 2018 until the fall of 2020, during which time the value of cryptocurrencies plummeted and layoffs were common.
To read our blog on “TenUp Marketing Manager priceless conversation on the future of Crypto,” click here.