Emre Yumlu 
Is the 2025 Crypto Market Decline the Harshest Crash in History? Analysts Highlight Market Potential.
Crypto Market Decline in Early 2025: The Harshest Crash in History?
The cryptocurrency market has experienced a significant decline since the start of 2025, with some investors describing this cycle as the most painful crash in history.
Some investors have been disappointed due to industry policy changes and the memecoin craze in the U.S., while others speculate that talent within the sector is shifting towards other industries. Despite the current market situation seeming bleak to some, this downturn is not the harshest decline in history, and many in the community still maintain their bullish expectations.
Lucien Bourdon’s Market Insights: “Part of the Process”
Trezor analyst Lucien Bourdon offers the following perspective: “For those who have experienced multiple cycles, this is part of the process.”
Crypto Market After Trump’s Transition
The current market downturn followed Bitcoin’s peak of over $106,000 in December 2024, marking its highest price ever. This surge was largely attributed to Donald Trump’s victory in the U.S. presidential election, which sparked optimism in the market.
However, Arthur Hayes, co-founder of BitMEX, accurately predicted that there would be a crypto sell-off after Trump’s transition of power. Following this, Bitcoin lost more than 18% of its value, and the overall crypto market capitalization dropped by 25%, nearly wiping out all gains from Trump’s victory.
Bitcoin Price Chart Since October 2024
The Worst Selloff in Crypto History: Mt. Gox Crisis
However, the recent selloff is not the worst decline on record. Lucien Bourdon from Trezor explains, “If we’re talking about the worst Bitcoin cycle, the 2014-2015 period was probably the harshest.” During this time, the collapse of the Mt. Gox exchange led to a 70% loss in Bitcoin’s trading volume, and the market experienced an 85% decline.
Falling Prices and Progress in Global Crypto Products
Brett Reeves, Head of BitGo Europe Sales, stated that the current market conditions involve “much more than just falling prices.” In addition to past major price declines, Reeves highlighted progress in global crypto products and regulations, noting that crypto assets are becoming an increasingly integral part of the international financial system.
Industry Leaders: “This Cycle Is Actually a Bull Market”
Some industry leaders see the current market cycle as a bull market. Mati Greenspan, founder of Quantum Economics, remarked, “Actually, this is the best one.” He elaborated, explaining that the distinguishing feature of this bull market is the absence of hyperinflationary money printing alongside price increases over time. “While this pullback may cause short-term pain, it will pave the way for long-term gains.”
A Different Perspective from Miles Deutscher: “This Market is Different”
Crypto analyst Miles Deutscher believes that terms like “bull market,” “bear market,” “cycle,” or “altseason” are not appropriate for the current market condition. “This is now a different market,” he concluded.
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