Index Investing News
Friday, May 23, 2025
No Result
View All Result
  • Login
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
No Result
View All Result
Index Investing News
No Result
View All Result

Crypto space didn’t catch a break in 2022, seeing one implosion after another

by Index Investing News
December 24, 2022
in Markets
Reading Time: 3 mins read
A A
3
Home Markets
Share on FacebookShare on Twitter


KanawatTH

2022 marked one of the most catastrophic years for the cryptocurrency ecosystem, with major tokens such as bitcoin (BTC-USD) and ethereum (ETH-USD) erasing huge multi-year gains in the wake of industry-wide pain.

Seeking Alpha summed up the year in the timeline below featuring the collapses of formerly prominent crypto-related firms. A number of the companies suffered from a liquidity crunch triggered by the sudden drop in bitcoin (BTC-USD) and other coins.

July:

Crypto hedge fund Three Arrows Capital, also called 3AC, filed for bankruptcy protection as the drop in digital asset prices, spurred in part by the abrupt downfall of the Terra blockchain (LUNC-USD) (UST-USD) a month before, led to a number of outsized margin calls from lenders that it failed to meet.

Bitcoin (BTC-USD) dropped 39.4% from the beginning of May to end-July, landing just shy of $23K.

Shortly thereafter, Voyager Digital (OTCPK:VYGVQ) filed for Chapter 11 bankruptcy, which allows a firm to restructure its debts while keeping operations active, a week after the crypto lender suspended customer deposits and withdrawals amid a broad liquidity crisis. The move notably came after 3AC defaulted on an over $660M loan from the company.

Celsius Network, another crypto lender, followed suit when it filed for Chapter 11, listing between $1B-$10B in assets and more than 100,000 creditors. The company paused withdrawals, swaps and transfers from the network nearly a month before seeking relief amid turbulent market conditions.

Singapore-based crypto exchange Zipmex rounded out the demise of crypto firms for the month. It filed applications under Section 64 of Singapore’s Insolvency, Restructuring and Dissolution Act after blocking customer withdrawals.

September:

Compute North, formerly known as one of the largest data center hosting providers, filed for Chapter 11 towards the end of the month as the bear market continued to take its toll across the industry. Of note, the company was bitcoin (BTC-USD) miner Marathon Digital’s (MARA) primary hosting provider.

Between the end of July and the end of September, bitcoin (BTC-USD) cratered 16.7%, ending up at around $19.3K.

November:

Just as some market participants started to call for a comeback in crypto, the industry suffered another major blow: The failure of Sam Bankman-Fried’s FTX (FTT-USD), which at one point was the second largest crypto exchange valued at $32B. The disgraced FTX founder, who faces criminal charges in the U.S., resigned from his CEO role as his empire filed for Chapter 11.

The fallout from FTX rippled through the crypto ecosystem, causing crypto lender BlockFi to also file for Chapter 11 given its exposure to the centralized trading platform. BlockFi was forced to suspend customer withdrawals earlier in the month due to the uncertainty surrounding the status of FTX at the time.

Bitcoin fell to $16.9K at the end of November, a slump of 11.7% from end-September.

December:

The latest in distress, Core Scientific (CORZ), one of the largest publicly traded producers of bitcoin (BTC-USD), filed for Chapter 11 as the market downturn keeps stinging the industry. It, though is not a collapse, as the company expects to receive support from some of its existing holders of convertible notes in a restructuring deal. CORZ started trading at roughly $10 a share on April 8, only to plunge to $0.12 at Friday’s close.

Bitcoin (BTC-USD) changed hands at $16.8K as of Friday at 3:38 PM ET, down over 65% from a year ago.

Seeking Alpha contributor Nathan Aisenstadt labeled bitcoin (BTC-USD) with a Sell rating, arguing the Federal Reserve’s hawkish stance “reduces the investment attractiveness” of the token.



Source link

Tags: BreakcatchCryptoDidntimplosionSpace
ShareTweetShareShare
Previous Post

OMG! Woman Thought She Had Lyme Disease – Instead She Had Left A Tampon In For TWO YEARS!

Next Post

Donald Trump NFTs See Major Price Drop, Heading Towards Zero?

Related Posts

Nuclear shares rally on report Trump to signal orders to assist business

Nuclear shares rally on report Trump to signal orders to assist business

by Index Investing News
May 23, 2025
0

Cooling towers are seen on the nuclear-powered Vogtle Electrical Producing Plant in Waynesboro, Georgia, on Aug. 13, 2024.Megan Varner |...

Home Republican ‘huge stunning’ tax invoice favors the wealthy

Home Republican ‘huge stunning’ tax invoice favors the wealthy

by Index Investing News
May 23, 2025
0

Home Speaker Mike Johnson speaks to the media after the Home narrowly handed a finances invoice forwarding President Donald Trump's...

INTU Earnings: Intuit reviews larger Q3 income and revenue; outcomes beat

INTU Earnings: Intuit reviews larger Q3 income and revenue; outcomes beat

by Index Investing News
May 22, 2025
0

Monetary expertise firm Intuit Inc. (NASDAQ: INTU) on Thursday reported stronger-than-expected income and adjusted earnings for the third quarter of...

In opposition to a difficult backdrop, Lowe’s (LOW) is specializing in these two pillars of its technique

In opposition to a difficult backdrop, Lowe’s (LOW) is specializing in these two pillars of its technique

by Index Investing News
May 23, 2025
0

Shares of Lowe’s Corporations, Inc. (NYSE: LOW) have been down over 1% on Thursday. The inventory has dropped 8% over...

Ray Dalio says to concern the bond market as deficit turns into vital

Ray Dalio says to concern the bond market as deficit turns into vital

by Index Investing News
May 23, 2025
0

Ray Dalio, founding father of Bridgewater Associates LP, speaks in the course of the Greenwich Financial Discussion board in Greenwich,...

Next Post
Donald Trump NFTs See Major Price Drop, Heading Towards Zero?

Donald Trump NFTs See Major Price Drop, Heading Towards Zero?

rabi sowing: India’s rabi crops sowing rises 4.4% led by wheat

rabi sowing: India's rabi crops sowing rises 4.4% led by wheat

Comments 3

  1. Pingback: Crypto space didn't catch a break in 2022, seeing one implosion after another - Fut News
  2. Pingback: 加密货币空间在 2022 年没有休息,看到一个接一个的内爆 - 每日金融资讯网
  3. Pingback: 加密货币空间在 2022 年没有休息,看到一个接一个的内爆 - 光速日链网

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

Kylie Jenner and Timothee Chalamet Not Expecting Baby Together – Hollywood Life

Kylie Jenner and Timothee Chalamet Not Expecting Baby Together – Hollywood Life

April 2, 2024
These asleep are simply robbed –
Las Vegas Solar Information

These asleep are simply robbed – Las Vegas Solar Information

March 23, 2025
Judi Dench Says She No Longer Goes to Occasions Alone, Citing Imaginative and prescient Loss

Judi Dench Says She No Longer Goes to Occasions Alone, Citing Imaginative and prescient Loss

January 23, 2025
Energy shifts in China’s defence institution

Energy shifts in China’s defence institution

December 19, 2024
German tanks pose problems for Ukraine – Foreign Policy — RT World News

German tanks pose problems for Ukraine – Foreign Policy — RT World News

April 22, 2023
US Fed Anticipates Prolonged Period of High Interest Rates

US Fed Anticipates Prolonged Period of High Interest Rates

November 21, 2023
Derrick Rose’s sophisticated legacy must reconcile the sensible with the brutal

Derrick Rose’s sophisticated legacy must reconcile the sensible with the brutal

September 28, 2024
Jack Nicklaus on the PGA Championship

Jack Nicklaus on the PGA Championship

May 16, 2023
Index Investing News

Get the latest news and follow the coverage of Investing, World News, Stocks, Market Analysis, Business & Financial News, and more from the top trusted sources.

  • 1717575246.7
  • Browse the latest news about investing and more
  • Contact us
  • Cookie Privacy Policy
  • Disclaimer
  • DMCA
  • Privacy Policy
  • Terms and Conditions
  • xtw18387b488

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In