Gone are those days, investors and analysts doubted the bear market cycle, but it is finally here. Bitcoin went from its historical maximum of almost $70,000 to less than the $20,000 price it’s at.
As a result of these market conditions, many companies and projects have already succumbed, and others have had to make difficult or even controversial decisions. The controversial collapse of Luna and its stablecoin USTerra has been perhaps the most emblematic case, due to the impact and contagious effect it has had, being the negative protagonist of the beginning of the change in market trends.
Binance is another example of those that had to make changes in order to survive the current market condition. They recently made the decision to delist USDC from Circle and replace their trading volumes with their own stablecoin, Binance USD (BUSD).
Coinbase, another referent in the ecosystem, has also seen some negative influences on its business. In fact, despite going public in the middle of the bull run, right now its behavior in the market is experiencing low hours, clearly influenced by the change in trend in Bitcoin and cryptocurrencies. In addition, in recent days, it has been announced that those responsible for the Veritaseum protocol will sue Circle for infringing its patents, for a figure of 350 million dollars.
However, there is one exchange that has been quiet and has, in fact, been doing things especially well, as if it had already planned for the bear season to come. And that is Bitfinex.
Founded in 2012, Bitfinex is one of the great classics in the industry. The presence of large and experienced whales in their order books and the increasingly efficient trading engine speak to their success. When some go offline, Bitfinex works smoothly.
And yet we still wonder: What has Bitfinex done during this bear market that others have not?
Giveaways
Giveaways are one of the most popular activities in the cryptocurrency ecosystem. It is a process through which an entity such as an exchange gives away tokens to its users if they meet certain conditions.
In this realm, no one competes with Bitfinex. They have open campaigns in which their users can benefit weekly, and they also constantly work to offer exclusive giveaways that their users can receive.
This is one of the simplest ways to earn money. These tokens generally have very low prices and holding them for some time can end up in a significant increase, practically without effort. Bitfinex knows this and has been rewarding its users for years, even during low market hours.
Community Activities
Another key element of bear markets is the disappointment they create. This makes new users of Bitcoin and cryptocurrencies feel helpless, sad and beaten by the ravages of a faceless and totally wild market.
Bitfinex has been determined to push spaces for the community. Meetups, workshops, workshops, AMAs, internal giveaways, trivia, and other activities to help community members constantly earn rewards. The idea is that those who go through this moment of doubt, at the investment level, have constant knowledge and certainty within the community.
That is why the company is supporting communities of users of its platform in different parts of the globe so that they can organize their own activities in their cities, and get together to learn more about this interesting ecosystem.
Activities in countries such as Panama, Argentina, Venezuela, El Salvador, and even across Africa are proof of this approach.
Charity/Giving back to the society
If there is something that shows empathy, and leadership, and makes Bitfinex a unique and different exchange, it is its commitment to El Salvador and its people.
The state of emergency declared by the Salvadoran government, headed by Nayib Bukele, is no secret to anyone. Gang violence wreaked havoc months ago, and the country entered a state of alarm, which the Bukele administration stopped with this decision.
Fear and doubts hung over the small Central American country. A difficult, unique context that has so many edges that it would be difficult to explain it in these lines.
In this scenario, Bitfinex entered the scene. The company created a donation fund with more than 36 bitcoins and 600 thousand USDt, which was contributed to the country. Bitcoiners Max Keiser and Stacy Herbert, who have dedicated themselves to El Salvador, have been working on deploying these resources in different locations in the country.
Not just centered in San Salvador, the capital; but in other places, where violence has raged and where communities were still at its mercy.
The combination of the public sector, with its government decisions and the activation of private capital, led by Bitfinex, has made it possible to show how even in low market conditions, the company stands out in a unique way, with marked social interest, in this case, for Salvadorans.
Final thoughts
It is not far-fetched that Bitfinex the OG cryptocurrency exchange is not only interested in sign-ups, profits, or just taking from their users. They have proven over time that they have the interest of the people at heart. Asides from having a platform for people to trade cryptocurrency, giving back to society regardless of the market conditions is always their priority.
They are also heavy on global cryptocurrency education and that is why they constantly support grass root educational programs and activities through local communities all over the world, in addition to that Bitfinex has a weekly educational issue, “The Bitfinex Alpha” put together by professional market analyst, which is sent to subscribers to help them make better and smarter financial decisions, weekly and free of charge.
Click here and here to get real-time news updates and exclusive information about the Bitfinex platform from the BFXLeos African community, run by locals sharing timely community events, educational updates, and local events. Remember to download the app for an amazing experience, you can also enjoy a 6% discount on fees if you sign up through this link.
