Crypto Winter Survival Guide: Community Shares Bear Market Game Plan

As the market becomes unpredictable, newcomers to the crypto space are confused about deciding their next move. Because of this, members of the crypto community shared their advice for those trying to survive the cold crypto winter.

In a Twitter thread, non-fungible token (NFT) collector and trader Krissyos emphasized the importance of having a survival mindset during this time. According to the NFT collector, cryptocurrencies and NFTs will "surge in the future." However, Krissyos believes that many of the current projects are bound to fail.

Because of this, the trader noted that it is imperative to figure out your risk tolerance, or the amount you are willing to lose, and cost averaging "to limit your potential upside to mitigate possible losses" at the top of the list.

Bobby Ong, co-founder of currency information site Coingecko, said finding new potential projects and trying them out is one of his favorite hobbies. Citing a tweet about a list of upcoming projects, Ong wrote that getting involved early often pays off.

For long-term holders of bitcoin and ethereum, years of market volatility won’t have much of an impact, Ong said. Ong advises such traders to spend quality time with friends, family and themselves.

If you're a long-term BTC/ETH holder, years of market volatility won't make a difference, so spend quality time with yourself, family, and friends. Jogging, biking, hiking. Improve yourself technically and socially. Spend time with your family. The market will still exist.

— Bobby Ong (@bobbyong) June 12, 2022

On Reddit, user Kuzkokronk emphasized the importance of buying bitcoin during this time. According to it, if community members don’t buy bitcoin now, they will regret it “in 5 years.”

Cryptocurrency trading platform Gemini recently announced layoffs of around 10%. In a statement, the company’s leaders cited “crypto winter” as one of the reasons for the move. On the other hand, the digital asset exchange Coinbase also announced that it will suspend recruitment and check the number of employees.

Meanwhile, Sam Bankman-Fried, CEO of FTX Exchange, explained that despite the current poor market conditions, the company will not freeze hiring and will “keep growing.” Sam Bankman-Fried noted that instead of scaling back, they will "keep moving forward".