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The crypto market plunged in May and June as worries about high inflation and Federal Reserve interest rate hikes prompted investors to ditch risky assets. Following the collapse of a major pair of tokens, some cryptocurrency lenders froze customer withdrawals, and several crypto firms have cut jobs. ....
The world's biggest crypto exchange, Binance, is battling to shore up confidence after a surge in customer withdrawals and a steep drop in the value of its digital token. The exchange said it dealt with net outflows of around $6 billion over 72 hours last week "without breaking stride" because its finances are solid and "we take our responsibility as a custodian seriously." After the collapse of rival exchange FTX last month, Binance's founder Changpeng Zhao promised his company would "lead by example" in embracing transparency. ....
2022 was an unprecedented year for digital assets, with major headwinds and severe idiosyncratic events dictating the narratives of the industry, including the collapse of Terra Luna, FTX and more. ....
In August, bitcoin’s AUM fell 7.16% to $17.4 billion, and as a result its market share fell to 67.6% of total AUM, down from 76.9% in July. Ethereum products now account for 26.5% of total AUM, their largest market share since the start of the year ....