Crypto Winter

An extended bear market in cryptocurrency prices, typically lasting a year or more and characterized by declining prices, reduced trading volume, project failures, and industry layoffs. The term was coined during the 2018-2019 downturn after Bitcoin fell from nearly $20,000 to below $3,500, and was used again during the 2022 collapse that took Bitcoin from $69,000 to $15,500 and brought down FTX, Three Arrows Capital, and Terra/Luna. Crypto winters test conviction -- those who survive often emerge with the strongest projects and deepest conviction.