The 2022 crypto winter showed that the digital asset ecosystem is more interconnected than many participants realized, despite its core decentralization tenet
As 2021 came to a close, crypto enthusiasts were brimming with optimism. After all, it had been a banner year: Nonfungible tokens, or NFTs, had crossed into the mainstream. Tweets: @emilyjnicolle , @ourielohayon , @emilyjnicolle , @elfsternberg , @crypto , and @crypto Tweets: @emilyjnicolle : NEW: Crypto broke *a lot* in 2022. We mapped out how every crash, bankruptcy and loss intertwined — and who was affected 👀 Full story by me, @olgakharif & @s_m_i, w/ graphics by @kyleykim https://www.bloomberg.com/... https://twitter.com/... @ourielohayon : @Techmeme While the timeline is great the high level systematic failure described here is essentially that of *centralized* actors vs crypto native *decentralized* players. This is not said and understood enough. Ps. Defi has also its own set of issues. Emily Nicolle / @emilyjnicolle : Here's what crypto's biggest news headlines looked like in 2022, mapped out on the market cap: • Hacks on Wormhole and Ronin bridges • Markets went haywire with Terra, knocking 3AC and Celsius into bankruptcy • Regulators got busy • And FTX went bust https://www.bloomberg.com/... https://twitter.com/... @elfsternberg : The biggest takeaway from this chronicle of 2022 cryptofinance disasters is simple: all of these cross-company, transnational deals were intended to create the impression that surely, somewhere, somewhere in all that, something was injecting value into the system. https://twitter.com/... @crypto : From Bitcoin's slump to Terra's collapse and FTX's sudden implosion, here's how crypto's horrible 2022 unleashed a cascade of contagion. Read the story (and check out our map) here ➡️ https://www.bloomberg.com/... https://twitter.com/... @crypto : Bitcoin - the largest token by market value - plunged more than 60%, leading a rout in digital assets that erased some $2 trillion in total market value from the highs reached in November 2021. What else didn't go as planned in 2022? We mapped it out ➡️ https://www.bloomberg.com/... https://twitter.com/... Expand More For Next Unexpand More For Next