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It’s protected to say that 2022 wasn’t the perfect 12 months for crypto. By late January, Bitcoin had already shed half of its worth from its all-time excessive of practically $69,000 set in November 2021. Bitcoin’s descent accelerated after the primary main disaster of this 12 months — the collapse of an algorithmic stablecoin referred to as TerraUSD. The implosion of what was as soon as thought-about an bold experiment for decentralized finance, or DeFi, despatched shockwaves via the business, in the end triggering the collapse of crypto hedge fund Three Arrows Capital in addition to crypto lenders Voyager Digital and Celsius.
It began to really feel a bit just like the Starvation Video games — crypto CEOs and different senior executives racing for the exit, true believers entering into Twitter fights about whether or not centralization was the actual enemy, all in opposition to a backdrop of conferences and events the place folks tried to rekindle enthusiasm for his or her Bored Ape non-fungible (NFT) collections. Then there was the gorgeous collapse of one of the important crypto exchanges within the sector, FTX, and the resignation of its 30-year-old CEO Sam Bankman-Fried. It’s been fairly the 12 months. And 2022 isn’t even over but.
On this episode — a breakdown of this 12 months’s largest tales with Bloomberg reporters Vildana Hajric and Emily Nicolle, with key takeaways and a sit up for subsequent 12 months.
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This podcast is produced by the Bloomberg Crypto Podcast group: Supervising producer: Vicki Vergolina, Senior Producer: Janet Babin, Producers: Sharon Beriro and Muhammad Farouk, Affiliate Producers: Mo Andam and Ty Butler. Sound Design/Engineer: Desta Wondirad.
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