2022 did not necessarily start with a bang, but the subsequent bearish onslaught has dragged the wider market into yet another crypto winter.
deep into the “Extreme Fear” zone as it hit its lowest reading in more than two years on the BTC Fear and Greed Index this week.Data compiled by DeFi Llama revealed that the TVL dropped to $140 billion on May 21, down by more than 50% since the beginning of the year.
The market leader, Ethereum, which accommodates a majority of the locked value, also slumped hard. It shed half of its value from $187 billion in January to $92 billion at the time of writing. Avalanche also noted a similar trend as TVL across all the DeFi protocols on its blockchain currently stood at $6.49 billion from an all-time high of $13.7 billion recorded in December last year.
Solana’s infrastructure had come under intense criticism for its multiple outages. The mitigation measures that the devsare yet to help the layer 1 blockchain protocol’s TVL emerge out of the yearly lows, which hovered near $4.5 billion. In addition to the contagion effect, it is also important to note that the DeFi sector became a breeding ground for fraudulent activities this year.that more than $1.6 billion in crypto was stolen from DeFi users, far exceeding the total amount stolen in 2020 and 2021 combined.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Crypto Bloodbath Should Have Little Effect on US Households: Goldman SachsDespite the recent turmoil in the cryptocurrency market and the large number of US investors, Goldman Sachs does not envision any long-term adverse effects.
Read more »
Shopify Expands Crypto Payment Options With Crypto.com Pact.Shopify has expanded crypto payment options for merchants through a pact with cryptocom, mikeybellusci reports.
Read more »
Goldman Claims Crypto Crash Should Have Little Impact on Americans.GoldmanSachs believes that the downturn in the crypto market won’t affect American consumers in any meaningful way
Read more »
Goldman Sachs says crypto decline should have very limited impact on US spendingAs per the bank, cryptocurrency holdings as a percentage of net worth represent a mere 0.3% of US household net worth compared to 29% for US equities.
Read more »
Best yoga mats of 2022Whether you’re perfecting your plank or dabbling in pilates, you’re going to need a mat, so why not get one of the best yoga mats available today.
Read more »
‘EO’: Film Review | Cannes 2022Veteran Polish filmmaker Jerzy Skolimowski ('Deep End') returns to the Croisette with his latest feature, which follows the turbulent adventures of a mule in Poland and Italy.
Read more »