The quietest day of the year, when cryptans wake up with mayonnaise hangovers and late afternoon, fell on a Sunday. And this means that we will continue to introduce you to the funniest, most topical and sad memes dedicated to the events of the last week of 2022. It’s been a challenging year – for both crypto investors and the stock market – but crypto tweeter never loses heart.
bitcoin
Having driven kriptans past the Santa Claus rally, bitcoin did not prepare any gifts for its fans for the New Year. All week the price hovered around $16,500 without even trying to move higher. Moreover, some skeptics began to seriously argue for a deeper fall, to the $12,000-$14,000 zone.
In 2022, the Bitcoin exchange rate fell by a record 60%. It would seem that it could be worse? But shares in electric car maker Tesla tell us it could be much worse, down a record 73%. Weak consolation, but still nice.
An example of perseverance for all crypto hodlers was and remains the former head of MicroStrategy, Michael Saylor. This week, he talked about another purchase of bitcoins. 2500 coins replenished the company’s wallet in the last week of the outgoing year.
Selling all the chairs to buy more bitcoins. And I’ll be on caffeine
Cryptowinter
The crypto winter has not ended – neither in the fall, nor by the end of the year, and this fact will have to come to terms with. Especially pessimistic analysts promise a thaw only by the next Bitcoin halving (May 2024). So for now, you have to get used to the bad news.
— No, until the next halving
Mining company Argo Blockchain suspended trading of its shares on the NASDAQ this week. Shares traded on the exchange below $1 for 30 days, this is a violation of the rules. On December 16, the company was already warned about a possible delisting. The day after the suspension of trading in shares, Argo Blockchain announced strategic deals with Galaxy Digital – the firm will sell a flagship data center in Texas for $65 million and refinance loans.
Forbes reported that crypto billionaires have lost a total of $116 billion since March. Five of them have lost more than half of their fortune, three of them have it reset to zero. Most of all, the capital of the CEO of the largest cryptocurrency exchange Binance, Changpeng Zhao, decreased. Since March, his fortune has fallen from $65 billion to $4.5 billion. Other well-known cryptans also got it – Coinbase co-founder Brian Armstrong, Tyler and Cameron Winklevoss and other unfortunate ones.
The NEAR Protocol-based Octopus Network announced a layoff earlier this week. 40% of employees (12 out of 30) will be fired. The rest of the team members will receive 20% less, rewarding employees with project tokens is suspended. The head of the company, who has already seen three crypto winters, said that the market will continue to fall for quite a long time, so you will have to tighten your belts even tighter in order to survive.
FTX News
The FTX empire has been bankrupt for a couple of months now, but news about it has been pouring in like a cornucopia this week. A new judge has been appointed to the FTX case, as the first judge recoiled due to potential conflicts of interest. On January 3, the first meeting will take place, where the former head of the company, Sam Bankman-Fried, must admit his guilt.
And several other investors filed a lawsuit in bankruptcy court, demanding that they be given priority in recovering funds.
The U.S. Department of Justice is investigating a mysterious FTX hack that occurred just after the bankruptcy filing. The regulator plans to check rumors circulating in the community that the hacker who hacked the FTX exchange in November was a company insider.
Bloomberg has found that Sam Bankman-Fried met with senior White House officials at least four times during the year. Sam’s brother, Gabriel, was also in contact with the presidential administration. And some meetings were private. But the icing on the cake was the information released by DeFi analyst BowTiedIguana. He claims that Sam Bankman-Fried cashed out $684,000 on a crypto exchange registered in the Seychelles. And this, of course, is a violation of the conditions of detention under house arrest, according to which he has no right to spend more than $ 1,000 without the appropriate permission of the court.
Results of the year
The head of the largest cryptocurrency exchange Binance, Changpeng Zhao, addressed the public with an open letter. He said that 2022 has been a good year for Binance’s business, despite the macroeconomic turmoil and crisis that has gripped the cryptocurrency market. The user base of Binance has exceeded 120 million people, and the team of the largest exchange now has 7,500 employees.
Sam Bankman-Fried and Elon Musk are among the worst tech CEOs of 2022 by The Guardian. Elon Musk, until recently considered a fairly successful businessman, was able to surprise everyone after buying Twitter. He turned out to be such a blatantly incompetent leader that in just a couple of months almost everyone hated him. In an attempt to create a Twitter 2.0 that no one asked for, Musk cut thousands of employees; came up with new rules and then canceled them; demanded that employees work literally for wear and tear, restored Kanye West’s account, and then blocked it again; blocked and restored the accounts of well-known and influential journalists. In general, he fully realized himself. Well, it’s not worth talking about Bankman-Fried – for the last two months, the crypto community has been talking only about his failures.
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