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With various launch and news of bankruptcy flying in from every corner in the crypto world. Everyone wants to be able to catch the said "bottom" and hodl to the top.
While this is the ideal factor that ensures success in the crypto space. We can't neglect one thing and that how every crypto cycle has no exact or specific bottom.
But what we can be sure about is the type of people and atmosphere you have in the market.
Currently, fear is in the clouds and on the mind of majority. We've seen projects filling for bankruptcy, haulting withdrawals and finding it easier to contract instead of expanding and riding the market.
Not long ago celcius was a prime example of those who haulted withdrawal's without notifying customers. But another firm is here with a little twist and thats a crypto bank in germany who has given a date to his 500k plus users to withdrawal their funds before Dec 18.
German crypto bank Nuri tells 500K users to withdraw funds ahead of shutdowns
This is a little bit better than the former but at the same time, it shows why we can't trust these centralized entities anymore. And only Defi is coming to the rescue
The next cycle and phase.
Just as life itself is filled with cycles, phases, ups and downs. The crypto market is meant to suffer the same fate. While everyone knows crypto is down, we forget that its a signal to nudge us into the next cycle or phase. This current market is predicted to be the start of a new cycle and those who expand instead of contract will surely have the common tag of the successful - he was lucky.
Such is the case of china banning crypto while Hong Kong reportedly wants to legalize crypto trading. s.
These actions are both going to take some energy either from trying to catch minners still laying around or making Hong kong one of the few places you can trade and use crypto without sanction. Let's not forget Hong Kong is just 1674 km from china. As many who live in China sees the advantage of this, it'll be a downward trend for China when the market turns and Hong kong will be tagged lucky with their tax share from increase as the market move to the next phase.
Take a look at these two scenarios, while one contract another expand.
The market has experienced a lot of downs over the months and the past crypto cycles shows we are starting a new cycle and those who expand instead of contracting are those who will benefit greatly from the next phase. Those who can expand their reach in the present market phase are those countries, states, projects, individual and tokens that will have 10x values in the next crypto cycle. And while others contract or are only focused on buying the rock bottom we should act like hong Kong who wants to expand its reach.
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