Crypto Money Market Is Down, Vitalik Buterin Reveals People Who Love Bitcoin Prices Cs. Drop

Bitcoin and Ethereum cryptocurrencies are down. (Vitaly Mazur-Unsplash)

JAKARTA – The cryptocurrency market is in a bearish trend. This makes investors experience losses. Several cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Cardano (ADA), and Dogecoin (DOGE) experienced significant declines. However, Ethereum founder, Vitalik Buterin, stated that the market's downward trend has made some people happy.

Buterin mentions that they are crypto people, “many of them welcome the bear market trend”. The reason is that people are happy to welcome a decline in prices because there is a potential for a reversal before going higher.

"They welcome the downward market trend because when there is a reversal period prices will also go up fast - this obviously makes a lot of people happy - but it also tends to invite a lot of short-term losses because there is speculation", Buterin said as quoted by Bloomberg.

The price of the Bitcoin cryptocurrency declined after breaking its all-time high price record (ATH) in November 2021. At that time, Bitcoin touched a price of IDR 984,115,318 per coin. Based on data from Coingecko, at the time of writing the price of BTC was at IDR 558,324,395. Down by 41.3 percent from its ATH since November 10 last year.

In 2018, digital assets experienced what is known as a “crypto winter” in which crypto prices experienced a massive decline. After that, crypto prices began to experience a significant increase, some even breaking new price records. It also spurred the emergence of new millionaire stories. On the other hand, there are also pumps and dumps schemes that often harm investors.

"Winter is when a lot of those apps crash and you can see which projects are really sustainable in the long term, both in their models and in their teams and people", the 28-year-old said.

In addition, Buterin also explained that the "crypto winter" moment could help crypto developers who are building their projects to be able to focus more on improving technology.

“When everyone is trying to use blockchain again, we don't want them to find out again that there really isn't enough space on the network for everyone.”

In recent years, Vitalik Buterin has been aggressively upgrading the technology on the Ethereum network, including his hard work in reducing high transaction fees.