On November 8, 2021, the cryptocurrency market began to experience a decline, which later turned into a full-fledged bearish trend. Making money in a growing market is much easier than in a falling one, so long-term downturns are often accompanied by bankruptcies of various participants. The current cycle has seen the collapse of major players such as FTX, Celsius, BlockFi, Hodlnaut, Voyager, and the depreciation of seemingly fundamentally strong projects such as Terra Luna and UST. These events unfolded recently, were noted by all market participants, caused stress, nervousness and significantly undermined confidence in the main players, in particular in funds, exchanges and the cryptocurrency industry as a whole. Many participants chose to withdraw their assets to cold wallets, anticipating the possible bankruptcy of other exchanges. Obviously, a continuation of the trend with the scam of large institutional players could easily cause a cascading panic effect, potentially ending the short history of cryptocurrencies.
