How to navigate a crypto downturn and succeed as a business

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Anyone with a passing familiarity with cryptocurrency will know that the market has been in a downward slide since November 2021. Ever since Bitcoin hit $69,000 back then, the market has been shedding value on an almost weekly basis, losing 75% of its market cap in the 12 months since the 2021 high point. This may seem drastic, but this is in fact well in line with a typical crypto bear market – the 2018 bear market saw the market cap drop by 87% within a year, so this time round is actually an improvement – so far. However, downturns also present great opportunities, both for crypto investors and for those running crypto projects, which this piece will discuss.

Crypto Downturn Impacting All Sectors

Many people attribute the crypto downturn to the collapse of FTX, but this only happened at the start of November this year, a year after Bitcoin’s $69,000 all-time high. What followed this was a typical reversal in price, such as we have seen after every market cycle tops out. The collapses of the likes of Terra, Celsius, Three Arrows Capital, and then FTX merely exacerbated the impact of the bear market, potentially taking the valuation of the crypto market down to where it usually goes, only quicker.

It isn’t just the crypto market that has suffered in the past year – the NFT market has taken a battering too. Many top collections, such as Bored Ape Yacht Club, are down 50% from their 2021 highs, while the number of sales on a daily basis has also halved since NFTs were the talk of the town.

How Can You Take Advantage?

So how can you and your project make the most of a crypto crash? The first is to use the time to rethink your marketing plan. Crypto winters are typically when quality projects do most of their building, free from distracting talk of price action. This quiet period is a great time to rethink your marketing plan, especially given the opportunities that a bear market throws up – if you know where to find them.

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