![]() TVL in DeFi fell from a high of nearly $190 billion to $39 billion, with the collapse of Terra accounting for a single-event drop of about $75 billion. ![]() That said, Chainalysis has nonetheless observed in its 2022 Crypto Adoption Index blog post, it is “important to note that global adoption remains well above its pre-bull market 2019 levels.” It is true that there has been a pullback from the all-time-highs in a 12-month window. This time, the contagion took down crypto lenders BlockFi and Genesis Global Capital. Then in November, Coindesk reported a liquidity crisis at FTX, triggering a sell-off that culminated in FTX filing for bankruptcy amid reports of lax financial controls, dubious loans, and personal use of customer deposits by FTX execs. Confidence remained shaky as the fallout took down hedge fund Three Arrows Capital and crypto lender Celsius Network. The crypto market entered 2022 off the back of an all time high and fought to hold its level until Terra fell apart in May, dragging crypto prices down in the process. There is no doubt that the industry has made advances since 2021, despite some shrill voices that would prefer to focus on short-term drama. Crypto winter set in, but the turning of the seasons in trading markets did not diminish the adoption and development of blockchain technology. ![]() As 2022 draws to a close, we wave goodbye to what will be remembered as a particularly challenging period for many players in the crypto and blockchain space.
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