Crypto is deeply in the bear market and is currently struggling to make a move. This bear market has directly hit thousands of cryptic startups, the market neophytes have been crushed and others are just waiting for the upward race. Most startups can not make a plan to survive the bear market and stay in ashes.
According to Steve Ip, the co-founder and Chief Strategy Officer of MagicFew, he was of the opinion that managing the business intelligently was the key to surviving the bear market. Difficult decisions should be made, fewer risks should be taken and smart investments should be made. He also claimed to speak with BlockPublisher,
Make sure you have enough currency to manage your business. Reduce spending and focus on profitability, everything makes sure that you can be profitable or less bloody. Make less risky decisions and concentrate instead on practical solutions. Bear markets are also great for reinvesting in research and development to improve your product / service. Strength forces companies to work harder for a less fiercely competitive less profitable competition. Only the strong will survive. Survival is everything.
Franklyn Richards, the director of Litecoin, also thought that surviving the bear market is the key. He has declared,
Just survive the bear market, it's always more painful than you can imagine being prepared to last twice as long. When you leave the other side and interest increases, you will be rewarded.
During the bear market, trading volumes dropped drastically. People are coming out of the crypt which, as a result, is causing a further dip in the market. Crypto requires the adoption of mass and attention and investor confidence, which according to Steve can be brought through regulation. Apparently regulation has become a necessity for the crypto at the moment, which would provide investors with the security that there will be no fraud or fraudulent activity. Steve also stated,
The regulation is by far the most important thing in the crypt. The public opinion has tightened up and most of the people who were willing to invest in cryptocurrencies ended up losing their shirt. Companies must be held accountable for their actions and regulations will help prevent fraudulent companies from failing. People need to know that by investing in cryptocurrencies there are no market manipulations or scams. Washing trading must be made illegal and the public must be well informed about all the companies that make the list. I think the public should still be allowed to invest without the need to become accredited, but they should be able to have all the information. Also the asset backed tokens that are verified are very interesting as they provide fast transfer times and liquidity.
Partnerships are also an essential part of the mass adoption that currently lacks the encrypted space. Litecoin has recently partnered with UFC, which has boosted Litecoin's charts, as the attention has grown exponentially. Sharing his views on the partnerships, Steve said,
The partnerships are excellent for encrypting as they would be for any company title. An excellent partnership that shows potential future earnings from the company with the application of the real world increases the trust of token holders.