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Home Crypto

$650B loss to Crypto Industry in 2022 due to 2 major scandals

by Om Chaturvedi
February 26, 2023
in Crypto
Reading Time: 2 mins read
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$650B loss to Crypto Industry in 2022 due to 2 major scandals

Credits: Zenledger.io

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Last year, the crypto space saw a lot of dire events, which forced several firms to file for bankruptcy, followed by the wiping out of over $1.8 billion from the market. One such incident is the collapse of the $40 billion Terra-Luna ecosystem in May. According to BIS, more than $450 billion disappeared from the market after the crash.

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The “Crypto Shocks and Retail Losses” paper described how investors traded before and after the scandals, their gains and losses, and the ways in which the instability in the cryptocurrency market affected the larger financial system. Around $1.8 billion was lost from the market as a result of the terrible catastrophes that occurred in the crypto industry last year and put some businesses into bankruptcy.

WHAT IS MEANT BY BITCOIN REVOLUTION?
Credits: Thewowstyle

The $40 billion Terra-Luna ecological collapse in May is one such instance. The BIS estimates that following the crisis, the market lost approximately $450 billion. Six months later, the third-largest cryptocurrency exchange in the world, FTX, went down, wiping away more than $200 billion from the market.
The BIS also discovered that when investors sought to alter their portfolios, everyday user activity on cryptocurrency trading platforms increased last year. They made an effort to get away from the stressed-out tokens.

The BIS also discovered that when investors sought to alter their portfolios, everyday user activity on cryptocurrency trading platforms increased last year. They made an effort to get away from the stressed-out tokens. Medium-sized holders and retail investors expanded their bitcoin stakes by purchasing the dip while whales and bigger investors sold off their holdings. The whales “probably cashed out at the detriment of lesser investors,” according to the BIS.

The analysis also showed that there was no connection between crypto losses and the overall financial system. Due to the present level of cryptocurrency usage, the BIS said that controversies involving cryptocurrencies have little impact on the whole financial industry.

loss to Crypto Industry
Credits: hypersphere.ai

The analysis also showed that there was no connection between crypto losses and the overall financial system. Due to the present level of cryptocurrency usage, the BIS said that controversies involving cryptocurrencies have little impact on the whole financial industry. The conventional banking system was unaffected while individual and institutional investors suffered significant losses on their cryptocurrency investments.

However, our data indicates that the sharp fall in the size of the cryptocurrency industry has not yet had an impact on the larger financial system. The overall effect of a shock in the cryptocurrency realm, however, may have been considerably worse if crypto were better integrated with the actual economy and the conventional financial system, the bank added.

Report revealed a weak correlation between crypto losses and the broader financial system. BIS suggested that crypto scams have limited impact on the wider financial sector due to the current level of crypto adoption. While individual and institutional investors registered huge losses in their crypto investments, the traditional financial system remained unaffected.

Tags: #CryptolossScandels
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Om Chaturvedi

Om is a final year Engineering student in Panjab University, Chandigarh. Content Writer by Choice. Special Interest in Crypto, Metaverse and AI. Three Years of Experience in writing and ambitious to bring change with Pen & thoughts.

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