Tag Archives: Bitcoin Bear Market

On March 14, the bank Anchorage Digital announced the layoff of 20% of its workers due to the crypto winter and regulatory uncertainty in the US. According to the official statement, the departure of 75 of its employees (approximately 20% of its team) is necessary to focus its resources on other essential processes. This is the latest development in a series of events that have affected both the banking and the crypto industry as a whole. 2023 has been marked by the closures...

Eric Peters – CEO of One River Digital Asset Management – thinks the next crypto bull run will be “very powerful” because it will be driven by institutional adoption. He argued the market might have already moved to such a phase. ‘Extremely Bullish’ for the Long Term In a recent appearance on the Bankless podcast, Peters opined that the crypto winter is already in the past, describing last year’s decline to the Wall Street collapse of 1929 (also known as the Great Crash): “I...

The London-based fintech company that allows cryptocurrency trading – Revolut – saw a 33% spike in its revenue in 2022, said the firm’s CFO.  Its positive results come in spite of the crypto market decline last year and the overall unfavorable macroeconomic conditions. A ‘Strong Momentum’ Mikko Salovaara – Revolut’s CFO – revealed to Reuters that the company’s revenue surged to $1.03 billion in 2022.  He said the number of new subscriptions and business accounts has risen...

The venture capital firm focused on cryptocurrencies – Digital Currency Group (DCG) – reportedly marked a loss of $1.1 billion last year.  Some of the primary reasons for the downfall were the collapse of the crypto market and the bankruptcy of its subsidiary – Genesis. DCG – a crypto conglomerate shuttered by scandals and the bear market – disclosed in a report (seen by CoinDesk) that the turbulent 2022 resulted in a $1.1 billion loss for the company. It pointed out Genesis’...

Messari – a leading provider of blockchain research and data analysis based in South Korea – added its name to the long list of crypto-focused companies that axed their workforce due to the harsh macroeconomic environment. It laid off 15% of its staff, believing this was the right step for the long run. Ryan Selkis – Founder and CEO of Messari – announced the news on Twitter, asserting that the company will help departing employees with their transition to other...

DBS Digital Exchange (DDEx), the crypto trading subsidiary of the Singapore banking giant DBS Group Holdings, witnessed exponential growth in bitcoin trading last year despite the winter that wiped out billions of dollars from the market. According to the report from Bloomberg, the exchange recorded an 80% increase in Bitcoin trade volume compared to the previous year. Despite negative sentiments in the market, the number of BTC in DDEx’s custody doubled as of December 31,...

Terrence A. Duffy, chairman and CEO of leading derivatives marketplace Chicago Mercantile Exchange (CME), disclosed that his company has noticed some growth in demand for its crypto products since November. During a recent interview with CNBC’s Closing Bell, Duffy made the revelation when he was asked about the state of institutional demand for its Bitcoin futures product. CME Records Uptick in Crypto Products The CME chief executive believes market conditions in 2022 could...

According to figures provided by Messari, the decentralized digital platform – Tron – made a revenue of $47.9 million in the last quarter of 2022, a 25% increase compared to Q3.  The entity also recorded a surge of average active daily addresses and average daily transactions. Better Results Despite the FTX Collapse In its most recent research, Messari outlined that 2022 has been a “rollercoaster” year for the cryptocurrency sector. Unfavorable macroeconomic conditions took...

Michael Demissie, the head of digital assets at Wall Street powerhouse Bank of New York Mellon (BNY Mellon), has disclosed that investors are still very interested in the digital asset space amid the bear market. According to a Reuters report, Demissie believes cryptocurrencies are here to stay as investors have not lost interest in the nascent industry, despite the collapse of several firms and other unfavorable events that occurred last year. Demissie: Digital Assets are...

A study conducted by the financial consultancy firm – deVere Group – estimated that 82% of clients with over $1.2 million worth of investable assets sought advice on cryptocurrencies in the past 12 months.  The significant interest came in spite of the broad market slump and the countless scandals and bankruptcies that happened in 2022. Crypto Seems Highly Popular Among the Rich According to the study, approximately eight out of ten high net worth (HNW) customers of deVere...