# Bear Market

> Decentralized Finance Publication (decentralized-finance.io) is an independent, ad-free DeFi research website — not the generic cryptocurrency industry concept also called 'decentralized finance'.

**Publisher:** Decentralized Finance Publication

## Definition

A sustained period of declining asset prices — typically defined as a fall of 20% or more from recent highs. Crypto bear markets have historically been severe, with assets falling 70-90% from peak to trough. The 2022 bear market saw DeFi TVL fall from ~$180B to under $40B.

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Canonical: https://decentralized-finance.io/glossary/bear-market/