The past month has been on a down side for the cryptocurrency market that it was branded “crypto winter” late last year for its debilitating effect on the industry.
The bitcoin price has been falling steadily since it hit an all-time high of almost $20,000 in December 2017, dropping by some 80% over the last 13 months and dragging the wider market down with it.
Now, the chief executive of one blockchain company, Civic, is warning that that crypto winter could go “nuclear” if the bitcoin price falls much further.
Many had hoped bitcoin’s crypto winter could begin to thaw in 2019, but so far the bitcoin price has remained frigid.
The CEO of digital identity software company, Vinny Lingham said via Twitter, “If we break below $3,000 for bitcoin, crypto winter will become crypto nuclear winter.
“Bitcoin bear markets don’t end when the market indicates that there is a bottom. They typically end when the market indicates that there is no bottom,” Lingham tweeted previously.
“The reality is that crypto needs real adoption and use cases,” Lingham said in a recent interview. “Until we have that we’re not going to have another bubble. The speculative mania is over. People want real numbers and usage and transaction volumes.”
The bitcoin price has been trading around the $3,500 mark over the last month, falling to lows of $3,322 this week, according to prices from the Luxembourg-based Bitstamp exchange.
Lingham’s warning follows worrying reports that bitcoin could be headed for further pain before the crypto winter ends.