Crypto Finds Severe Falls in 2022; Analyses Crypto IRL

• Crypto IRL raised the question regarding the huge loss encountered by the crypto market.
• The host of the series asked if the crypto space owes someone an apology.
• The eight episodes of the series would focus on the details of the crypto winter.

The first episode of Crypto IRL, a new Bloomberg Quicktake series, addressed the question of whether the crypto space owes anyone an apology after the huge loss of $2 trillion.

Over the past few months, the digital asset sector had been witnessing great losses and bankruptcies. As a result, it was revealed that there is a drop of $2 trillion in its market value.

While addressing this matter, Meltem Demirors, Chief Strategy Officer at CoinShares said:

I do think that certain executives of certain companies that lost millions, tens of millions, billions of dollars of consumers’ funds, they definitely have explaining to do, and I do think they’ll be held to account.

Although the crypto world had its highest gains in 2021, it saw a flop in 2022, reaching the highest drop of $2 trillion. In November 2021, crypto had a gain of $3 trillion. Within one year, the market dropped over 60%.

Over the last months, the crypto market had been caught under the clutches of severe crypto winter, where almost all the currencies witnessed huge losses.

The world’s first digital currency Bitcoin had been trading with the lowest price for the past few weeks, below $18000, almost 60% down. Similarly, the altcoins had also been showing huge drops.

Amid the crypto winter, Crypto IRL tries to focus on the past, present, and future of crypto, especially, the crypto correction period.  Demirors opined that there might be more pain ahead as the crypto mining companies struggle to stay afloat with coin prices declining and energy costs rising.