The thing is I've personally witnessed that event along with the 2008 debacle. But the market is no better off now than it was back then. Does history simply repeat itself or are trader/investors (along with economists) just morons?
Don't want to be too picky, but Nortel never traded at $890. I owned from when it was a stogy old telephone company at 11 bucks paying a decent dividend to when it became a high flyer at just over 100 bucks Canadian. $89 was probably the US high. They did a 1 for 10 reverse split at around a buck then went belly-up. The believers bought all the way down because it was such a bargain. Just like bitcoin.
If you bought TQQQ (split adjusted) at 0.45 back in 2010, you're still sitting on about a 50x return. The run-up from 2020 to end of last year was amazing. To get that to work though, you need a long period with low interest rates. I think worse...
When they did the 1 for 10 reverse split, then all historical prices get adjusted. So the $89 per share historical high gets adjusted to $890.
What bear market? For the true crypto experience you have to pull the truck out and then the same people will pay to ride it again. "Its clear you don’t understand Trucks, it’s very normal for them to flip over. Plus they are only 100 years old the technology is still new. When Proof of Wheels is fully rolled out in 2 years, they will become much more efficient at driving under water and will be affordable to your average family that owns a Small Country. One day Trucks will be the world reserve water craft, and everyone will laugh at the shills for Big Boats and Fiat Flotillas." "Have fun staying dry."
Measured in %drawdown, there have been several BTC bear markets worse than this one. Of course, this one may not be over yet...
Sure, when 5 people owned BTC. [sarcasm] The problem with this DD is that everyone and their grandma is invested, so the damage is nicely worldwide. And it isn't just the investors/gamblers money but the industry itself. Fractional reserve banking with cryptos didn't exist 8-10 years ago and now it is basically basic operation for most crypto brokerages. They will die further eroding investors's money because they ain't the ones holding the back in case of bankruptcy...
i never hided it, that because I thought Tether would be busted any moment I stayed away, apart from few ethers I got last summer. Only recently I began buying ether around 2k, 1.5k 1K. I still do not believe into whole crypto, and my small bet is a bet Tether will not implode. If it does, game over it will be blood bath like no one can imagine.
Not for the properly hedged investor. Although gradual movement is much easier to hedge than ‘jerky’ movements.