A Crypto Winter refers to an extended bear market in the cryptocurrency space — characterised by sustained price declines of 70–90% from peak values, collapsed trading volumes, project failures, and industry layoffs. Major crypto winters occurred in 2014, 2018, and 2022.
2014
First major crypto winter — Bitcoin falls from $1,100 to $200
2018
Post-ICO crypto winter — market cap drops from $800B to $100B
2022
Third crypto winter — triggered by Terra collapse, FTX fraud, rate hikes
2024
Bitcoin ETF approval signals end of 2022–2023 winter
Market cycle terminology — describes extended periods of declining crypto prices and sentiment
💡 Did You Know
During the 2018 crypto winter, over 800 cryptocurrencies lost more than 90% of their value. Many simply disappeared.
⚠ Controversies & Red Flags
Each crypto winter has been followed by new all-time highs — but the assets leading the recovery have changed dramatically each time.