Among the cryptocurrency businesses that collapsed in 2022 were the hedge fund Three Arrows Capital (3AC), lenders Voyager Digital and Celsius Network, and the most recent, FTX, followed by lenders BlockFi.
When David Marcus, the creator of Bitcoin (BTC) payments business Lightspark, warned that the bear cycle will likely run until 2024, crypto bulls looking for a speedy cryptocurrency market rebound were disappointed, according to Cryptoslate.
We won’t leave this “crypto winter” in 2023, and probably not in 2024 either, stated Marcus, a co-creator of Diem, Meta’s abandoned cryptocurrency project, on his blog on December 30.
The cryptocurrency market would need “a few of years” to recover from the “abuse of unscrupulous individuals,” according to Marcus, and for the appropriate rules to go into force. According to Marcus, the series of recent high-profile bankruptcies will take some time to recover investor trust, which has been significantly harmed.
The cryptocurrency enterprises that collapsed in 2022, according to Cryptoslate, were the hedge fund Three Arrows Capital (3AC), lenders Voyager Digital and Celsius Network, and the most recent, FTX, followed by lenders BlockFi. The failure of these businesses, which collectively suffered losses of at least $10 billion, had an impact on millions of people.
