Iván Tello, from the Decrypto exchange, thinks that weak projects could go bankrupt in winter. These bitcoiners suggested that investors “become aware” of how bitcoin operates.
The bear market of bitcoin and digital assets has also extended to the traditional market. This expansion happens because the help managed to hack the conventional system and get in, becoming the one who takes total power over part of that volatility that those assets are having.
These ideas got exposed by Ivan Tello, who took part in a virtual activity named “How to survive the crypto winter,” led by the Alianza Blockchain Iberoamérica this May 20. The meeting got hosted by Mauricio Tovar from the Colombian Blockchain Association.
It also had the voice of Rodolfo Andragnes from the NGO Bitcoin Argentina; and Matías Bari, the current leader of SatoshiTango.
The executives expressed their memories concerning the bear markets that bitcoin has gone through during its history. Tello explained that it is essential to “de-dramatize” the crash of bitcoin and said that this Friday, May 20, the shares of the MercadoLibre Company crumbled down more than BTC itself.
In that sense, all the panelists recognized having suffered from previous bearish stages and had lost considerable amounts of money until they realized how the market behaves.
According to Tello, whoever is uncomfortable” today because of the market’s current position is because he over-leveraged or over-sold. On the other hand, the representative also highlighted that exchanges are responsible for the lack of training they give users.
All panelists advise investors to “become aware” of bitcoin and the market to carry out its activities comfortably.
Andragnes and Bari recalled that the cryptocurrency went through many winters that have lasted up to a year. All recognized having struggled with severe difficulties, those which cause capitulation.
Winter was Unavoidable
Winter, for market purposes, refers to a long bearish period. In that sense, Tello highlighted that he is “a believer in cycles and winter is one, it was going to come anyway.”
For Bari, it is vital to understand market cycles and get ready with both fits firmly on the ground to resist the complex parts of these periods.
In that sense, Tello said that this weak project could have been the stablecoin terra USD (UST) and Terra (LUNA). Tello pointed at Terra precisely because it was one of the projects that fell sharply in recent days.
Terra recently crashed due to decoupling in the price of the UST stablecoin concerning the US asset, absorbing the rest of the market down and prolonging the well-known winter in the crypto sector.
The topic of the UST stablecoin was appropriate for the Decrypto co-founder to highlight that, although the market continues to register a fall, he observes a vital adoption of this type of digital asset.
This vital adoption gets primarily done by entities headquartered in Argentina and Peru, nations where the exchange he runs has the most significant operations.
By: Jenson Nuñez
