Update: 22:12 06/12/2023From 18 July to 23 July, 2022
After an exhilarating 2021, the crypto market enters 2022 with the expectation of conquering new records. However, the first half of 2022 is a difficult time for the entire market, when up to 78% of investors are losing money.
Even so, the communitys confidence in the crypto market is still strong, as half of the respondents still want to increase the proportion of investment in this field.
The crypto market has suffered one of its worst crashes in the past two months. The impact of the crash, which was initially triggered by the Terra (LUNA) bankruptcy in May 2022, has resulted in several crypto lenders filing for bankruptcy.
The current price trend shows that despite the impact of the crash, several leading cryptocurrencies have shown significant resilience by maintaining the number of transactions. Here is how some of the top cryptocurrencies like Bitcoin (BTC), Polygon (Matic), Ethereum (ETH), Solana (SOL), and Avalanche (AVAX) have brought the crypto market up over the past few weeks.
Mr. Sam Bankman-Fried revealed that through conversations with companies that have difficulty, most of them are not clear about the financial issue of the company. This is also the minimum requirement to keep FTX on the negotiating table.
Overall, it is predictable that the CEO of FTX implies that Bitcoins current price is likely to be at the bottom in this bearish cycle.
Tesla confirmed that it had sold 75% of its Bitcoin investment, valued at $936 million. The companys BTC assets at the end of June 2022 were only 218 million USD, a sharp decrease from the previous level of 1.26 billion USD.
Tesla CEO Elon Musk stated that the reason the company decided to sell Bitcoin was to increase cash when the COVID situation in China is affecting the companys operations.
Coinbase exchange insists that it is not affected by the "liquidity crisis" that is spreading in the market today. The exchange is still in good financial condition.
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