Although the past few rounds of bear markets have dross, they have also spawned essence

By: @magikinvestxyz

Source: Twitter

Here's a quick rundown of past bear market outcomes

@MessariCrypto hosts an in-depth podcast with @Saypien@mikeykremer@chasedevens

The main points of discussion are:

- Results of previous bear markets

-Discussion of potential industries that could excel in the next bull cycle

2011 - The first cryptocurrency crash, causing Bitcoin to lose about 90% of its value.

The real reason at the time was to speculate on an exchange with very little volume.

Accounts of hundreds of users reportedly hacked, millions of dollars stolen

2012-2013 - Cryptocurrencies experienced a 30-50% crash.

This is the result of the hack of Mt Gox and a Ponzi scheme that promised users high returns. Mt Gox was the largest bitcoin exchange at the time. One of the lessons is that the exchanges were holding the funds in hot wallets at the time.

Leading to cold wallets like @Trezor and @Ledger .

Other exchanges like @krakenfx and @coinbase pop up considering the amount of transactions Mt Gox handles.

2014-2015 - China's ban on Bitcoin causes a nearly 75% drop in value.

The result raises the topic of decentralization.

Hence @Ethereum , Lightning Network, Stablecoins, DAOs and Perpetual Contracts etc.

2017 - There are many reasons for the bear market, including:

Regulatory crackdown in the US and China

- The first spot bitcoin ETF was rejected and

-ICO craze scam.

However, we did also see many successful ICOs during this time, such as @Polkadot , @Filecoin , and @Tezos .

Resulting in many infrastructure investments like @AaveAave , @Chainlink and @MakerDAO

The NFT space is also gaining a lot of traction.

Launch of @OpenSea , first batch of super successful NFT projects including @CryptoKitties .

2018 and 2020 - The bear market is mainly caused by the macroeconomic decline.

This led to L2 @OptimismPBC , @Arbitrum , @zkSync and @StarkWareLtd

We also see many alternative L1 solutions like @Solana , @Avalancheavax .

DeFi has witnessed advanced innovations such as liquidity mining and flash loans

The current bear market - what's going on right now:

- Institutional lending opaque

- Overleveraged institutional remortgage capital

- General stablecoin and algorithmic stablecoin breakdown.