Is bitconnect scam the reason for this awful bear market?

[developer4z]

In December and January, the market was flying in the sky. People were throwing their money in all kinda scam and pyramid scheme. After the fall of bitconnect, everything is downhill. Bitconnect had a giant marketcap. Did this scam make people lose their faith in cryptos? These days i hear more people whining how most ICOs and projects being scam. Before everyone was pumping with optimistic words about ICOs and new tech.

Even the good projects who reach their deadlines and deliver their promises, are not getting the love they deserve.

Do you think bitconnect scam affected the sentiment of people about crypto market?

[bitmover]

It's not bitconnect's fault at all.
Btc and cryptocurrencies in general are now in mainstream media, governments are discussing banning and regulations, banning ICOs and so on... Bitcoin etf is not here yet... News are not very good now as they were last year.

If you take a look at btc graphics along the years, bear markets lasted for months and some time even years.

Maybe we will only reach 20k again in 2019 or 2020.
Remember that this a long term investment.

When my Gox collapsed btc needed years to recover. Be patient, buy and hodl.

If you are in a accumulation phase, the best thing you can wish for is a bear market. You will accumulatemuch more

[ice18]

Of course not bitconnect has nothing to do with cryptocurrency market suffering from a bear situation its just a small fraction of cryptocurrency affected in the bitconnect scam and Im pretty sure they are recovered now in their loses.   

[Wayan_Pedjeng]

IMO, the Bitconnect scandal had only a limited impact on the exchange rates. It was not widely publicized in the mainstream media. On the other hand, most of the damage was done by the governments of India and South Korea, and the Mt Gox trustee.

[Flomo]

if every ICO project is licensed and audited thereby reducing the scam ICO, it may be better to increase investor confidence.