I feel like it's my obligation to share my 2 cents on current "steep" drop of bitcoin price. I find it absolutely unbelievable when people say how low the price of btc is, speaking of the price at $10k or $11k. Those who have been in this industry long enough to remember the price of btc to be $5 are just shrugging their shoulders short of words.
What I'm trying to say is that those new community members so called "hypers" should stop spreading fud when price goes down and same goes with price growing. Actually growing price of btc is kind of problem as it's starting to miss its original purpose of cheap quick transactions. We need people focusing on real value of this ecosystem rather than moon kids...
If BTC price permanently goes below $5,000 it wouldn't be as popular as it is now because most crypto traders see bitcoin as a speculative asset to make money with but not a cheap method of payment.
Nobody will trade bitcoin, everybody would just hold hoping for the price increase, and, eventually, the market will die (or switch to more prospective coins).
I think in such in such a case a kind of "reboot" of the whole system of trust in cryptocurrencies will be needed..