Cryptocurrency In 2022: An Overview Of The Main Events
The cryptocurrency market is currently fighting the recession and the cryptocurrency winter is in full swing. While everyone is waiting for spring to arrive, let's take a look at what happened this year. In this article, we will give you an overview of the most important events of 2022 and their impact on the cryptocurrency space.
2022 cryptocurrency results
Elon Musk and Twitter
One of the most compelling events of 2022 was Elon Musk's $44 billion purchase of Twitter. The lengthy acquisition process began in January 2022 and was completed by the end of October. Musk received $500 million from Binance to fund his new acquisition and hired influential crypto investor Andreessen Horowitz and former Twitter executive Sriram Krishnan to return to Twitter as part of his new team. Additionally, Musk has shared many thoughts on Twitter about how cryptocurrencies and ideologies can be useful, assuring fans that he will help bring their ideas into the mainstream. Musk and other new Twitter leaders have said they will take a more lenient approach to content moderation.
Dogecoin's price has doubled since Musk began his Twitter buying ritual and tweeted a photo of DOGE's mascot, the Shiba Inu, wearing a T-shirt. Furthermore, Musk said at this year's TED talk in Vancouver that he thinks stopping cryptocurrency scams is very important. Obviously, the acquisition of Twitter will help it combat the growing number of cryptocurrency scammers on the platform.
Ukraine and cryptocurrency
The ongoing war in Ukraine has greatly affected the cryptocurrency world and pushed them to adopt more. An NGO supporting the Ukrainian government and military has raised $63.8 million in donations for more than 120,000 cryptocurrency assets since the Russian invasion began. This includes $5.8 million from Polkadot founder Gavin Wood and over $200,000 from NFT CryptoPunk. Blockchain researchers revealed in October that pro-Russian militia groups have raised at least $4 million in donations through frequent Telegram crowdfunding campaigns, and that number is likely to rise.
As part of the 2022 Global Adoption Index, Channelysys found that Eastern Europe is the fifth largest cryptocurrency region, accounting for 10% of global transaction activity from July 2021 to June 2022. As Europe and the United States United began to impose sanctions on Russia, many began to look for ways to withdraw money from cryptocurrencies and use exchanges in neighboring countries. Data from Chainanalysis shows that internet traffic to Russian cryptocurrency services in countries like the United Arab Emirates, Georgia, and Turkey has increased dramatically since the start of the war. Many citizens in both Russia and Europe have started using cryptocurrencies as their main means of payment, opening up new opportunities for the cryptocurrency market, which is currently experiencing a cryptocurrency crisis.
Ethereum Merger - Ethereum 2.0 - PoW to PoS
After many delays, the long-awaited Ethereum integration finally happened. The attached file is a technical update that will replace Ethereum's existing proof-of-work consensus mechanism with a proof-of-stake model. The first phase of the Ethereum two-phase event, codenamed Bellatrix, took place on September 6, 2022. Paris, the second phase of the process, took place on September 15.
This event had a huge impact on the cryptocurrency industry. First of all, Consensus PoS uses fewer resources than PoW, making it more stable, as well as providing several other benefits. To resolve scalability issues, the update combines two previously separate chains: the execution layer and the consensus layer. The merger will reduce the carbon footprint of the Ethereum blockchain by 99.9%, resulting in faster transactions and lower fees. The Ethereum blockchain also includes NFTs (non-shardable tokens) and reduced NFT transaction fees. After the upgrade, Ethereum also announced a split and purge plan, which will reduce the total supply of ETH in the long run and make the altcoin more profitable for holders in the long run.
The fall of Tera Moon
The LUNA/Terra crash was the first to have disastrous consequences for the cryptocurrency market. The Luna cryptocurrency network collapsed, rocking the global digital currency market, with an estimated loss of $60 billion in the largest cryptocurrency crash in history. There are two stories behind the Luna cryptocurrency: the Terra USD/UST stablecoin and the original Luna coin. Both the Luna and the UST collapsed when the UST lost its peg to the dollar, establishing its stablecoin status.
A block of UST worth more than $2 billion was opened on May 7 and millions of them were quickly liquidated. The sell-off pushed UST prices from $1 to $0.91. As a result, traders began exchanging 90 cents worth of UST for $1. After loading a large amount of UST, the stablecoin began to decline. In the panic, more people sold USTs, leading to more Lunas being produced and the number of Lunas in circulation increasing. After this drop, cryptocurrencies began to close the Luna and UST pairs.
Lunar Crash affected the entire cryptocurrency market, which was already highly volatile and struggling at the time. It is estimated that the Luna collapse ultimately caused the price of Bitcoin to fall and the entire cryptocurrency space to lose $300 billion in value. Cryptocurrency leaders Voyager and Celsius have filed for bankruptcy. Three Arrows Capital (3AC) was forced to liquidate. Due to the crash of the Luna cryptocurrency, many people lost their savings and faced financial problems.
Court battle between the SEC and Ripple XRP
The lawsuit between the Securities and Exchange Commission (SEC) and Ripple (XRP) is still ongoing. First, earlier this year, as U.Today reported, Ripple CEO Brad Girlinghouse himself said that he expects the case between Ripple and the securities regulator to be finalized in the first quarter of 2023 at the “FinTech Week” conference. However, Girlinghouse does not rule out that the settlement date will be pushed back and the case dragged on.
The case was filed by the SEC in late December 2020 and has been ongoing ever since. The SEC filed a lawsuit against Ripple and its executives, alleging that the XRP sales constituted unregistered securities worth more than $1.38 billion. For a while, the XRP community hoped that the lawsuit would end soon if Ripple defeated the regulator.
EthereumMax and the famous scam
In 2022, Kim Kardashian and Floyd Mayweather were sued for defrauding investors by promoting a little-known cryptocurrency called EthereumMax to their millions of followers on social media. The class action lawsuit, filed in January in the US District Court for the Central District of California, accuses EthereumMax and its prominent promoters of working together to artificially inflate the value of the token through "false or misleading statements." in posts on social media. In June 2021, Kardashian posted an Instagram story inviting her 328 million followers to invest in EthereumMax.
Ultimately, Kim Kardashian agreed to pay a $1.26 million fine to the SEC after she illegally promoted a cryptocurrency token on social media without disclosing how much she was paid for the promotion. He is not the only one promoting crypto assets, but many celebrities will not face charges.
Tucker plays Tornado
Although Tornado Cash Mixer became popular shortly after its release in 2019, since then the project itself has faced many problems, the main one of which occurred in early August 2022, when the US Treasury Department imposed sanctions. The reason was Tornado Cash's ability to ensure transaction anonymity as a currency mixer. There is some doubt that coin promoters are the ideal solution for money laundering.
The sanctions expressly prohibit US individuals and entities from providing any services based on the Tornado Cash platform. US citizens are also unable to access protocol-approved Ethereum wallet addresses. Since the imposition of these sanctions, the value of TORN has decreased by approximately 46%. The sanctions imposed on Tornado Cash were the first sanctions imposed on DeFi platforms. All funds coming out of Tornado Cash have been sanctioned, which means that any cryptocurrency exchanges or businesses exposed to these cryptocurrencies will receive a warning that the assets are tainted. This is another step in the government's efforts to impose stricter regulations on the cryptocurrency industry.
ftx accident
The second event that further depressed the cryptocurrency market was the bankruptcy of the largest cryptocurrency exchange, FTX. The FTX crash occurred over 10 days in November 2022. The catalyst was a sensational Nov. 2 CoinDesk report that Alameda Research, a quant trading firm also managed by Bankman-Fried, had placed $5 billion into FTT. Native FTX token. The report states that Alameda's investment funds are not held in fiat or other cryptocurrencies, but rather in FTTs created by its subsidiary.
On November 10, Bahamian securities regulator FTX Digital Markets seized the assets of FTX Digital Markets, a Bahamian subsidiary of FTX, following reports that Bankman-Fried was seeking up to $8 billion in capital to bail out the stock market. The FTX collapse rocked the volatile cryptocurrency market, which lost billions of dollars in early November 2022, falling below $1 trillion.
The Bahamian government arrested Bankman-Fried on December 12 and charged her with multiple counts of wire fraud, stemming from an indictment by federal prosecutors in New York.
StealthEX App, Widget and Affiliate Program
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Additionally, StealthEX launched its own cryptocurrency exchange app, which is sleek and stylish as a platform with no restrictions and can be used to easily access cryptocurrency exchanges from anywhere in the world. With over 600 cryptocurrencies, the app also includes a watch list so users can stay up to date with prices 24/7, competitive rates from various trusted cryptocurrency providers, cryptocurrency prices in one full overview and exchange history.
Outcome
2022 is an emotionally difficult year for many countries and the cryptocurrency industry. This was one of two articles on the general state of crypto around the world. Don't miss our second article with crypto predictions for 2023.
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