Since the beginning of the year there has been nothing but blood on the streets. Some people were fast and smart and were able to switch to stable coins and back to crypto at good moments, but for the majority they either hodeled or sold / kept in stable coins.
Stable coins are nothing but a temporary step, it makes no sense to hold long term a stable coin, thus technically moving to stable coin is like selling your crypto.
Those hodling have been wrecked, with price of their coins droping more than 40-90% in some cases.
Who is to blame ?
Governments come at 1st position. Having ignored bitcoin for so long, they realized this problem is not gonna go away by itself. Thus the regulations and SEC announcements, and ICO banning …
Scam shitcoins, and greed come at 2nd position. People got greedy, they started jumping on baseless project-less shitcoins hoping to get rich, and then they started shilling these shitcoins.
Wannabe Entrepreneurs come at 3rd position. Every wannabe entrepreneur with an idea, no matter how stupid it is or how unrealistic it is, wanted to take advantage of the new ICO funding mania and gets the funds needed to launch the project. Some of these people have no entrepreneur nor programing nor any pro experience for that matter.
Financial Institutions come at 4th position. While openly rejecting cryptocurrency, many have secretly played a role in manipulating the market, creating huge pumps and dumps that led to a lot of money lost by the real crypto community.
Will Cryptocurrency ever boom again ?
Tough to say, but unless we see a bull market soon, it’s unlikely anyone would be interested in putting money in Crypto.