Q2 has just closed, and Bitcoin has registered the largest quarterly drawdown in its history of 56% (compared to Q1 2018 50%).
Many of the largest Blockchain Companies and Funds have significant cashflow issues, with large valuation slumps across the board, many projects are looking to revise their business plans.
Crypto hedge fund Three Arrows Capital (3AC) is seeking protection from creditors in the United States under Chapter 15 of the U.S. Bankruptcy Code. Singapore-based 3AC is one of the biggest casualties of the latest so-called “crypto winter” to date.
Many of us in The Crypto space assumed 2018 was Blockchain Technology’s Dotcom Bubble moment, but 2022 has more of the correct characteristics of such a bubble burst.
The pandemic and now global financial events are playing a huge part. Rather like the Dotcom bubble, the underlying technology is here to stay but there will be significant flux in the list of the largest crypto projects.