Investing.com - As the cryptocurrency slump drags on, it may be fair to ask whether it's really a bear market. And as stock market history shows, bear markets can last for months or years. Right now, there are is so much uncertainty that it is hard to imagine what could trigger a rebound. Short term, a lot may depend on how bitcoin and other digital currencies perform after the U.S. tax filing deadline passes, and investors are no longer selling some of their holdings to pay their tax bills. Investor psychology will also play a role. If global stock markets continue to decline, investors will become more risk adverse, and that's likely to discourage investment in the riskiest of assets--cryptocurrencies. Longer-term, a lot will depend on what shape regulation takes in key markets such as the U.S., South Korea, China and the European Union. That too could take months or years, even if it doesn't amount to the worst case scenario. The 2018 selloff in cryptocurrencies has been indiscriminate. Even the ones whose blockchain technology has the most commercial appeal -- Ethereum, Ripple and Stellar -- have suffered sharp declines. Traditional investors are famous for being unable to stomach uncertainty. The same appears to be true for unconventional crypto investors.