#cryptowinter
Prolonged bear market in cryptocurrency (2018, 2022-2023). 2018: BTC $20K→$3K (-85%), ICO bubble pop, 90% of altcoins dead. 2022: BTC $69K→$15K (-78%), Luna collapse, Celsius/Voyager/FTX failures, $2T market cap evaporation. Characterized by: capitulation, zombie projects, builder focus, speculator exodus. Opportunities: accumulation phase for believers. Duration: 12-24 months historically.
Sources: Financial market data, cryptocurrency tracking, investment research