Is it normal to see many crypto related companies having a hard time during bear market?

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Although there’s still people who hope BTC will rebound, I personally believe we’ve been in the bear market since Oct last year.

I didn’t act on it and just see how it goes. Now, I’m experiencing my first bear market and I’m quite shock to see many companies are going through harder time than us.

Voyager filed for bankruptcy, Coinbase were reducing staff and many of its new employees have been let go. I’ve seen it both on Twitter and LinkedIn. I think I’ve also heard Celsius had to delay withdrawal.

Last year, these companies seem to be doing so well. Coinbase was thriving by going IPO and BTC was having its great rally.

But what exactly make these companies seem to turn 180 degrees from that success just in a year? I understand that there’s macro economy factors, wars, etc. But you don’t see other companies outside crypto collapsing this fast, right?

Is this normal to feel like crypto is not gonna come back soon? Or is it really okay to feel like crypto is going go be forgotten from here? I’m trying to rationalize this so I have conviction for my own decision.

Thank you.

submitted by /u/inminit
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