Trusting The Trustless: 2022 Crypto Shutdown & Hacks

Table of Contents

2021 was a year where the sun shined brightly upon crypto investors. By November 2021, Bitcoin had reached an all-time high of $69,000, breezing through with a market cap of $3T. Few could have imagined what was in store for Crypto and DeFi in 2022.It was not long before things turned from bolt to blue, with the crypto market plummeting below , $2T in January 2022 following interest rate revisions by the Federal Reserve. It was only an unfortunate downward spiral thereupon. Currently, the crypto ecosystem is tied up by a string of hacks and swindlers – causing investors to second-guess its “trustless” foundation.Market experts call this period of market-freezing conditions ㅡ “crypto winter”, and in this post, we’ll explore what caused the polar vortex in the crypto ecosystem.How Did The Crypto Winter Set In? Cryptocurrency prices are prone to wild volatility. It has always been a market that’s hot today, cool tomorrow. The year’s crypto ecosystem collapse has largely been caused by the failure of crypto “banks”, crypto exchanges, and crypto hedge funds.Exhibit 1 shows how crypto companies ultimately went from high-flyers to skydivers in 2022.The world of crypto went into a tailspin when TerraUSD and its sister coin […]

This post is only available to members.

Already a subscriber? Log in to Access

Unlock this blog

Gain exclusive access to this blog alone.

Radar Subscription

Select a membership plan that resonates with your
goals and aspirations.

Not Ready to Subscribe?

Experience a taste of our expert research with a complimentary guest account.

We publish new research regularly. Subscribe to stay updated.
No spam. Only the best in class fintech analysis.

    Related Posts
    Infographic design depicting the various partnerships between players leveraging open banking for applications in identity and income verification, as well as fraud and risk management.
    Complimentary Research

    From Data Streams to Enriched Data Fountains Remember the early days of plumbing? Water flowed freely, but its quality was...

    Infographic design showcasing the many players driving the diverse open banking use cases in North America across the segments of A2A Payments, Credit Decisioning, Identity and Fraud, as well as Tech Partnerships.
    Complimentary Research

    North America’s Open Sesame: Use Cases Bloom Open banking has garnered significant attention in recent years, and at Whitesight, we’ve...

    Infographic design depicting table of the profitable digital banks of 2023, the type of profitability they achieved, as well as the duration it took them to achieve it.
    Complimentary Research

    Profitability Unlocked: Licences, Service, and Survival The rise of digital banks has sparked a paradigm shift in how we perceive...

    Infographic design showcasing the gambling and gaming industry players leveraging open banking via principles of data sharing and payments for responsible gambling.
    Complimentary Research

    High stakes in the gambling sector The online gambling industry is booming, with a projected market size of $107.3B by...

    Infographic design of the various financial players leveraging open banking to transform traditional lending.
    Complimentary Research

    Open Banking-led Transformation of Traditional Lending In 2023, a wave of innovation swept through the lending industry, thanks to several...

    Infographic image of timeline of the top 20 events in open banking from 2023
    Complimentary Research

    Unmasking Open Banking’s Game Changers in 2023 2023 has been a pivotal year in the world of open banking, marked...

    Select currency