The Reason We Can't Manage Another Crypto Disaster This Year

Many individuals I know are hopeful that the next bull run will allow them to permanently change their life. Some of them had already experienced two bull markets, which were full of errors, lessons, and experiences. However, having gained the necessary knowledge, they were hoping to make this one count when a significant uptrend in the spaces appeared.

With the negative external vibrations surrounding the LUNA and FTX saga, who knows what will happen next—possibly Solana? I believe that the cryptocurrency industry is going through a difficult time right now, and many people are acting rashly and panickingly to try to limit the losses they could possibly sustain. I believe that this might disturb the bear market, which may be a time when individuals are hoarding and building up.

---

The Will To Build Is Harmed By This

---

In order for the bear market to turn into the bull market, the space must make sense, new investment must enter, and the proper mindset must also prevail. People in the industry are worried for the first time over failing initiatives, which is worse because the market is in a bear market.

The reason for this is that during a bad market, people are often always wary about cryptocurrencies, but this pessimism is primarily held by insiders and outsiders who are familiar with the strategy of "buy more while it dips further," which invariably works.

---

Regulatory Agencies Might Not Want To Take Another Risk

---

I believe we have the ability to withstand the SEC and other regulatory authorities, but having initiatives fail here and there because of individuals who lack expertise is simply insane. DO KWON was one egotistical person, and his pointless error caused significant damage. I'm not sure if this is a growing phase that will finally make everything clear.

One thing I do know, though, is that if we don't look at the present as well as the future, there may not be any technology or resources left to transcend. Some of the most significant cryptocurrency projects need to perform better going forward, in my opinion. The "not your key, not your coin" adage is now complicated by the FTX case.

---

Our Achilles' Heel is CEX

---

Prior to the events of the past week, I believe that people still had a strong need for or interest about decentralized exchanges (DEX), even if they were aware that doing so would result in them losing genuine ownership of their coins immediately.

Will we emerge from the ashes like a phoenix? In my opinion, this is a time of awakening and purification. I dunno, it feels like another significant catastrophe might occur, or maybe this is just our fear of the tragic events that have occurred in this year alone. Indeed, this year has been chaotic, and there are no longer any goals or expectations for it.

---

Are We Insolvent Or Recovering?

---

However, in general, I believe that things need to calm down because many people suffered losses as a result of LUNA and FTX. While I keep on buying the LUNC dips, I ended up snagging a falling knife, which caused a significant gash to my hand and caused me to personally lose more than $800 during the LUNA crash.

People that lost a money during this two major crash, in my opinion, make up a sizable group of those who have a strong interest in cryptocurrencies. It's sad that this is happening right now because it could prevent the market from booming. This will undoubtedly have an impact on some new cash inflow.

I believe we require some level of stability for around six months. Nothing new to report—no project failure, no fresh saga—just a steady recovery and newfound optimism. Many people, like me, are banking on the upcoming bull market since we'll need it, but it seems like we'll still have to wait a while.

---

Small Changes Lead To Big Awareness

---

We have some big storms ahead of us that we have to weather, so we need to regain people's trust and convince them that cryptocurrency has a bright future. However, the main objective is to avert a serious problem because the next one could be a checkmate. Let's hope that never happens. Due to the harm caused by the LUNA and FTX crash, many cryptocurrency projects and exchanges have been liquidated. However, there are some great projects that are still doing well; for instance, STEEM and TRX have not been as negatively impacted by this crash as other projects. In fact, now is a great time to stock up on less priced STEEM and TRX in preparation for the upcoming bull run.