Can You Sell Bitcoins for a Profit on a Bear Market?

Can You Sell Bitcoins for a Profit on a Bear Market?

The economy is a cyclical phenomenon that has a habit of throwing curveballs every now and then. Many experts and researchers have long sought the answer to the question as to why the economy continues to flex in repeating patterns in the form of oscillations that stretch through time. The intervals are divided into descending, trough and ascending curves, each lasting several months. Combined, the smaller curves make up an even bigger one that stretches through a span of several years. This is the principle outlined by Russian economist Nikolai Kondtratiev, who postulated that a true economic cycle lasts from forty to sixty years.

Other economists were more conservative. Unlike Kondratiev, who postulated that the long-term nature of each cycle is based on the development of new technologies and means of production that spur economic growth, other economists lean towards the idea that the cycles are determined by market conditions and investor sentiment. This theory holds true for short term oscillations, such as those witnessed over the last of less than a decade.

A vibrant example can be found within the last decade, which witnessed a series of economic shocks. Among the most recent was the financial crisis of 2008, which sent markets reeling. Another crisis of truly global proportions was the coronavirus pandemic that literally shattered the former global economic framework and sent into motion mechanisms that automatically dismantled the globalist model, reverting it to nationalization and self-sufficiency on the part of states.

The events of 2023 were an even more powerful shock to the global economy that was suddenly faced with a paralyzing state. The outright war on a global scale that flared out of a localized conflict had an imprint on every sector of the global economy, and the crypto economy is no exception.

The Bear Market and Prospects of Profits

The cryptocurrency market was heavily battered by the events of 2023. Unlike the coronavirus pandemic that proved to be a period of flourishing, 2023 sent the market into turmoil as a series of corruption schemes sent leading exchanges into bankruptcy tailspins. The resulting frustration on the part of the community and their disappointment with the utter neglect towards the principles of decentralization and transparency on the part of leading market players drove users to sell crypto and abandon the market. Such loss of trust also convinced many to convert their crypto for fiat, as the latter clearly started to seem more reliable.

With all cryptocurrency market rates in the red, many market participants started asking search engines “can you sell Bitcoins for profit?” If the users were lucky enough to have such expensive assets as Bitcoin, they certainly had the opportunity to sell them for cash. Luckily, there are many platforms still left on the market that offer lucrative prices for Bitcoin. For instance on Binance, the price hovered in the region of twenty three thousand dollars at the time of writing. Though the value is a far cry from the all-time high, it was enough for many to cover their losses. To sell Bitcoins, all one needs to do is:

- Sign up to an exchange or gateway service;
- Transfer their Bitcoins to the deposit;
- Wait for the right moment of price hikes;
- Sell the assets;
- Withdraw the earnings.

PayPal also offered a convenient off-ramp for those willing to sell their digital assets. Such online services provide a convenient solution for those unwilling to risk entering exchanges. The service allows selling Bitcoin with just a few clicks. Subsequent conversion into local currency is just a matter of an automatic transfer from the service to the attached bank card.

Some users have also questions search engines “can you withdraw from ATMs?” The short answer is yes, since fiat cash can be received through a Bitcoin ATM. Though such devices are few and far between, they can still offer a creative and unusual experience for crypto enthusiasts. Withdrawals from Steam wallet have yet to be explored, but many users believe the time is nigh for introducing such an option as well, considering the popularity of the service among crypto users.

Key Takeaways

The economy is a living being that reacts to the sentiments of its participants. And since people are more of a hive mind than they would like to admit, the economy behaves as such and reflects their common aspirations, fears and desires to improve their living conditions. Needless to say, the concept of the economy was originally created to evaluate well-being and it remains so.

The crypto market was also created with the best intentions, though recent events have proven that many of its most affluent and influential participants were outright criminals and cheats who betrayed the trust of millions of crypto enthusiasts and created a true crisis of trust. The effect is the ongoing crypto winter. However, despite the general downturn, there are still plenty of opportunities for making profits on the market by selling available assets or holding them in expectation of a market revival. After all, if the economy is cyclical, it means that a reversal is inevitable.