Bitmain Closes Blockchain Hub in Israel. What's going on?
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Main page Opinion, Blockchain, Bitcoin, Crypto Market

It looks like the entire cryptocurrency industry literally burst out with news of layoffs due to a falling market. Even such large crypto player, like Bitmain, failed to take cover from from the consequences.

At first, the founder and CEO of the social blockchain platform Steemit, Ned Scott, made the announcement, according to which the company had to lay off approximately 70% of its employees. After that, just a few days later, one of the initial and major Ethereum investors, Joseph Lubin, sent out to the ConsenSys employees an email about the upcoming dismissals.

Now there are reports, according to which Bitmain is going to close its blockchain center in Israel due to the current bear market.

How did this happen? Has there ever been such a fall? But after all, institutional investors are coming!

Bitmain Closes Blockchain Hub in Israel. What's going on?
© Paramount Pictures / The Big Short

Perhaps the notorious “salvation” of the market won’t happen when everyone is waiting for it.

According to some reports, bitcoin is far from stopping its falling. The real bottom is expected to be at $ 1,500. Recent events show that cryptocurrency, like any other economic product, has a drawback similar to all other traditional assets. And the name of this drawback — the human factor.

Neither the decentralized exchanges, nor the blockchain technology, nor the p2p systems of the new generation could overcome the main illness of all economic crises. It doesn't matter how much steblecoins exist in the market. It doesn’t matter what kind of technology is behind the cryptocurrency.

Until the direct presence of a human being is isolated, world-wide tremors will continue.

If the whales are now pushing the price down, what would be after that? To the moon?

In order to answer this question, let’s just look at recent events. Let's remember the 2008 financial crisis. What was its reason? It’s assumed the main triggers were the cyclical nature of economic development, the imbalance of international trade and capital movements, as well as overheating of the market. Does it ring any bells?

Bitcoin, absolutely like the entire crypto market, repeats the mistakes of the past almost identically and there’re still some reasons to believe that even with the institutional investors' arrival this crisis will repeat more than again.

It's likely that the new bear market, if not destroy almost half of the crypto market, will send the majority of it into the deep hibernation for sure. Hope for the best and prepare for the worst?

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