While the collapse has been rattling enough on its own, it has spawned an even bigger concern that the pain may persist for many months, according to UBS. — Reuters
There are few things scarier for investors than a bear market - unless you’re involved in crypto, in which case a winter is worse.
The chilling term refers to a sharp slump, followed by a drop-off in trading and months of market doldrums - a phenomenon that memorably befell the crypto market in 2018. Bitcoin’s price plunged by more than 80% to as low as US$3,100 (RM12,982) from the end of 2017 through December of the following year, a period characterized by the boom-and-bust of initial coin offerings and several big banks shelving their plans to start cryptocurrency trading desks. Bitcoin wouldn’t reach a new high until December 2020, according to data compiled by Bloomberg.
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