Crypto is notoriously a “tough neighbourhood,” as even evergreen Bitcoin bull Tom Lee has put it. After a week in which double-digit losses wreaked havoc on many high-profile cryptos, and Bitcoin(BTC) momentarily fell through the $6,000 support, pitiless bearish sentiment has been circling, with some accusing the top coin of being “exhibit A” in a “permanently impaired or even game‐over” market.
While Bitcoin may have posted 2018 lows, Ethereum (ETH) also plummeted to an eleven-month low to trade at around $254, falling by as much as 20 percent on August 14 alone. That same day, total market cap collapsed by $13.2 billion — back to late November 2017 levels. VC investor Tim Draper told Cointelegraph in an email that these vertiginous swings are exactly “why [he] made [his] prediction for 2022:” “The long term trend is way up, but I expect many short-term swings in the market along the way. Fundamentally, the world needs Bitcoin, and that demand will
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