Although, I do find it odd that I am phrasing this as a "crypto recession", I feel like eventually we may have to speak in these terms as more trades are conducted and there is more data being produced. Bitcoin is over a year old, so its time to view the economics of the crypto space in a serious way.
With that all being said, we ARE in a recession, globally. Regardless of what country you are in, hell, even if your country is performing good on paper in the short-term... You are still in a recession. A global recession, a crypto recession... call it what you want from whatever perspective you want to look at the economic situation, but the inflation is getting so bad in many countries. The cost of living is growing exponentially too while the values of historically strong currencies begin to falter.
For the western world, we're undergoing some serious problems which is leading to less disposable income being thrown into unbacked financial assets... Like crypto. People are flocking to physical assets, not as an investment but instead a store of value for the short-term (to get passed Biden's failure). I don't foresee many people getting into the market until after New Years judging by how the US economy is going and the upcoming elections for some House and Senate seats. People are souring on the democrats and the consumer confidence in the US is very low.
Europe is on the brink of a total economic meltdown with the collapse of the value of the Euro. So, I don't see any positive things coming from Europe for probably like two years. It's really tough to say when we will get out of this, because I'm sure Joe Biden propping up China while destroying the west will have some unforeseen consequences for Europe. Point is, the public isn't ready to just throw their money on unsecured - unbacked assets.
What do you think?