Indeed. 80-90% pullbacks, multi-year bear markets, the seasoned crypto trader has seen multiple apocalyptic financial disasters, where this simply is a potential next one. It fails to impress.
The really clever ones thrive from these crashes, that's when they buy. Volatility is the feature.
Tether drove the 2017 bubble (this is when Bitfinex'd got their start) and has driven the 2021 bubble to the tune of $70b.
This resilience wouldn't exist without Tether.
In the end, it doesn't matter. You can make money in crypto whether it goes down, up or is scalping.
Diminishing returns to pumping.
You assume you know why it bounces back every time after reaching whatever bottom it does, so, I'm also wondering, what do you think triggers it to start going down after reaching its tops?
[1] https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3195066
[2] https://www.microstrategy.com/en/investor-relations/press/mi...
[3] https://www.bloomberg.com/news/articles/2021-06-03/novogratz...
[4] https://news.bitcoin.com/kevin-oleary-crypto-exposure-greate...
[5] https://www.cnn.com/2021/04/28/investing/tesla-bitcoin/index...