Crypto influencer Quinten Francois had pointed out before the chaos began that Bitcoin’s past cycles were filled with severe corrections – some as deep as 50% – that had traders calling for the end, only for Bitcoin to keep climbing. That is how the cycle works. Pain, disbelief, new highs. Rinse, repeat.
The crypto influencer articulated this prior to the carnage seen on the market over the past few days. With Bitcoin trading 40% in two ways in two days, and being a multi-trillion dollar asset, the amount of pain the market experienced was exceptional.
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Billions in perpetual futures liquidations? That is just the beginning. The Bitcoin price fell to $73,000, soared back to $95,000 and fell to $84,000 the next day. Needless to say, the sentiment of market participants has changed.
Are we?
And then there was Binance’s former CEO, Changpeng Zhao – CZ. While the market flailed, he kept it simple. A short message, laced with dry humor and a hint of reassurance. Depending on your perspective, he noted, it is not clear if the latest move is good or bad. But he left it on a hopeful note: “We are still here. And WAGMI.”
For those in crypto, WAGMI – short for “We’re All Gonna Make It” – is more than a phrase. It is a mindset. It is a reminder that the space has been through worse, survived and thrived.
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Bitcoin’s wild swings are nothing new. The people who have been here long enough know that. It has always been a game of patience, conviction and weathering the storm. The market is shaken up.
The bigger question is what comes next.
