Bitcoin is NOT naturally going down. It is being pushed down via whales placing spoofy sell orders on exchanges to make noobs and risk managers sell to “buy back lower”. They are stealing your bags and will make you buy back at a higher price.
While there’s no doubt in many people’s mind that Bitcoin will bounce back in 2019, there are indications that it could go even lower this year. With the sell-off being at its highest since mid-year, the currency could test the $3,000 level before the month ends. This could be the ultimate test for Bitcoin as falling below this level could greatly impair its ability to bounce back.
Crypto Startups Begin Sinking
The bear market has seen many crypto and blockchain startups either shrink their operations or sink altogether. Most of these startups raised funding through ICOs and have held most of it in Bitcoin and Ethereum. With the prices being 80 percent lower, they have been faced by lack of funds.
One of these is the Ethereum-based blockchain incubator, Consensys which recently revealed that it will reduce its workforce by 13 percent. The New York-based firm has been one of the most successful in the blockchain space and its downsizing shows just how much of an effect the bear market is having on most startups
Bloomberg also revealed that ETCDEV is closing down after lacking enough funds to operate. The startup is behind the successful Ethereum Classic which is a fork of Ethereum. According to its founder Igor Artamonov, the firm’s employees have had to seek employment in rival firms. He explained: