Vitalik Buterin confirms Bear market by showing up to conference dressed as a grizzly.

Vitalik had earlier hinted that the crypto community would welcome a long winter. He said that crypto could benefit from a crash as short term speculative attention is not good in the long run, while builders could benefit from less attention from speculators.

Now he has made his strongest statement yet confirming the bear market, as he showed up to the EthDenver conference dressed as a bear.

Lord Saviour bear.

Few other shots of the bear spotted in the wild:

The menacing bear

Fashion speaks louder than words.

Crypto markets have corrected steeply from their highs made in 2021 and the weak price action looks set to continue as geopolitical risks and fed tightening cycle are set to play out throughout 2022.

However, there is a debate among crypto market participants as to what actually constitutes a bear market. In stocks, a bear market is typically said to occur when stock prices crash by 20%. However given the volatile nature of crypto markets, 20% is a rather low threshold, and it is debatable whether 50% would also constitute a bear market or if it is just a down trend in an historically up only market.

In this context, Vitalik Buterin - one of the prominent leaders of the space laying it down is a rather strong statement that we are indeed in a bear market.