Bitcoin Bear Markets Not Same


This is an opinion editorial by Anthony Feliciano, a Bitcoin event organizer and contributor to Bitcoin Magazine.

On Wednesday, June 15, 2022, the Federal Reserve announced a 75 basis point hike to interest rates and possibly another 75 basis point hike in July. Friday, June 17, bitcoin saw a massive sell-off along with the rest of the crypto markets, shedding billions in total market capitalization. A first for bitcoin happened as well — we dipped below the previous cycle’s all-time high of $19,756. Bitcoin dipped to ~$17,000, not once but twice, before rebounding to $20,000 levels by Sunday. This had many people talking about the “R word” for the economy and another “crypto winter” like that occurred from January 2018 to December 2020.

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