Crypto.com boss clarifies what’s different between now and last bear market

Crypto.com CEO Kris Marszalek called the brutal downturn a ‘really unsmooth day.’

Over the past 7 days, full marketplace headdress losses magnitude to $570 billion, oregon -33%. And with markets spooked, there’s ever the menace of much panic selling arsenic investors look to minimize their losses.

However, successful immoderate semblance of hopium, albeit a negligible one, Marszalek points retired that ‘nobody is questioning crypto’s survival,’ dissimilar the overriding communicative of the past carnivore market.

It’s a truly unsmooth time for crypto.

The biggest quality betwixt 2018 and what is happening today?

Nobody is questioning crypto’s survival. The manufacture volition travel backmost stronger. It ever does.

Stay harmless done the tempest 🙌

— Kris | Crypto.com (@kris) May 12, 2022

Then again, the past carnivore marketplace was typified by the sheer fig of projects that closed down. And the aforesaid volition beryllium existent this clip astir arsenic well.

The carnivore marketplace is here

This week’s crypto sell-off has banished immoderate conception of being successful a bull cycle. Over the past week, each apical 100 tokens, excluding stablecoins, has suffered double-digit losses.

Surprisingly TRON has faired champion nursing conscionable 12% losses implicit the past 7 days. Whereas STEPN, Fantom, and Gala were deed hardest losing 69%, 69%, and 60% successful value, respectively.

Marszalek points retired that this clip nary 1 is questioning the industry’s survival. But that doesn’t mean each task volition marque it done to the adjacent bull phase.

The website coinopsy.com lists dormant projects successful the categories of joke, scam, and abandoned. Sorting by day shows 753 crypto projects died successful 2018, highlighting the standard of the devastation caused by that carnivore market.

Although it’s inactive aboriginal days, developments since 2018 person propelled the abstraction guardant dramatically. For example, arsenic of February 2022, determination were 10,397 antithetic crypto projects versus 1,658 successful March 2018.

With that, it’s tenable to accidental thousands of crypto projects volition dice successful this carnivore market.

95% of projects volition die, says Do Kwon

Terra co-founder Do Kwon thinks astir each crypto projects volition die. In a caller interview, earlier the storm, helium said 95% of projects volition fail, adding that ‘there’s besides amusement successful watching companies dice too.’

Ironically, with Terra losing 99.9% of its worth implicit the past week, it looks arsenic though Terra volition beryllium among the dead. However, few, successful the space, would accidental they are entertained.

Do Kwon: "95% are going to dice [coins], but there's besides amusement successful watching companies dice too"

8 days ago. Ironic. pic.twitter.com/fEQMZIyd9a

— Pedr🌐 (@EncryptedPedro) May 11, 2022

Terra’s UST stablecoin de–peg was not the sole origin down the marketplace downturn. But it was inactive a important trigger to caller events.

For now, the autopsy continues.