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Is Crypto in Trouble After $2 Trillion Slump?

The digital-asset sector has been hit hard by a $2 trillion drop in market value, leading to bankruptcies, layoffs and eye-popping losses. This tough period has been a reality for many businesses and investors in the space over the past few months.

September 30, 2022
3 minutes
minute read

The digital-asset sector has been hit hard by a $2 trillion drop in market value, leading to bankruptcies, layoffs and eye-popping losses. This tough period has been a reality for many businesses and investors in the space over the past few months.

As the fallout from the recent sexual harassment allegations continues to reverberate, some are wondering if the industry owes anyone an apology.
We addressed the question of whether crypto is a bubble on the first episode of Crypto IRL, a new Bloomberg Quicktake series.

Meltem Demirors, chief strategy officer at CoinShares, said on the show that she thinks certain executives of companies that lost consumers' funds will have to explain themselves and be held accountable.

In Crypto IRL, we'll be taking a close look at the current state of the cryptocurrency market and what the future may hold. Over the course of eight episodes, we'll be sorting through the rubble to assess what's still standing and what's ahead.

Demirors believes that there could still be more pain ahead for crypto-mining companies, as asset prices decline and the cost of energy rises. These companies are struggling to stay afloat, and Demirors thinks that the situation could get worse before it gets better.

Crypto miners are a big part of the ecosystem that I'm still concerned about. They have a lot of power and influence, and I'm not sure if they're using it in a way that's beneficial for everyone.

Crypto IRL can be watched on Fridays at 8 p.m. New York time on Bloomberg Quicktake, and at 8:30 p.m. on Bloomberg TV. The show is also always available for streaming at www.bloomberg.com/qt.

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Cathy Hills
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Cathy Hills
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