The overall cryptocurrency market has been agonizing through a year-long bear market that was dubbed “crypto winter” late last year because of its devastating outcome on the whole sector.
It is to be noted that the bitcoin price has been lessening gradually since it hit ATH of almost $20,000 in December 2017, sinking by around 80 percent over the last 13 months. It is seemingly hauling the entire market down with it.
Now, the chief executive of Civic, a blockchain-based company, is a forewarning that crypto winter could go “nuclear” if the bitcoin price drops much more.
The CEO of digital identity software company Civic, Vinny Lingham mentioned via Twitter that if we break below $3,000 for bitcoin, crypto winter might become crypto nuclear winter. He previously tweeted that the Bitcoin bear markets don’t end when the market shows that there is a bottom. They characteristically end when the market shows that there is no bottom.
Lingham mentioned in a recent interview, “The reality is that crypto needs real adoption and use cases. Until we have that we’re not going to have another bubble. The speculative mania is over. People want real numbers and usage and transaction volumes.”
It is to be noted that Lingham’s warning follows upsetting reports that bitcoin could be headed for further discomfort before the crypto winter ends.
Notably, around $400 billion in value has been wiped from the digital assets and crypto market over the past twelve months as adoption comes to a plateau. Furthermore, banks put closely-watched plans to get into bitcoin and cryptocurrencies on hold.
It is to be noted that Bitcoin’s 2017 bull run was chiefly put down to expectations that the institutional investments and bank support for bitcoin would arrive in next to no time. As 2018 advanced further and that investment failed to come into view, many investors and traders started worrying, liquidating their bitcoin and crypto positions.