The past two years have been a turbulent time for the cryptocurrency industry. Here are some of the most impactful events that have taken place:
September 2021: A heatwave in China's Sichuan province, a major mining hub, caused power outages and forced many mining operations to shut down. This led to a decline in the hashrate of the Bitcoin network and a drop in the price of Bitcoin.
May 2022: The Federal Reserve announced an interest rate increase in an effort to combat inflation. This caused a sell-off in risky assets, including cryptocurrencies. Additionally, the Terra (LUNA) project collapsed, causing a loss of billions of dollars for investors.
June 2022: Celsius Network, a crypto lending platform, paused withdrawals and transfers due to "extreme market conditions." This caused a further decline in the price of Bitcoin and other cryptocurrencies. Three Arrows Capital (3AC), a crypto hedge fund, was also reportedly facing liquidity problems and was unable to meet its margin calls.
July 2022: Celsius Network and Three Arrows Capital both filed for bankruptcy. This was a major blow to the crypto industry and caused further instability in the market. The SEC also announced that it was investigating Binance, the world's largest cryptocurrency exchange, for possible violations of US securities laws.
July 2022: A heatwave hit Texas, causing problems for the energy grid and leading to the suspension of mining operations. This was another blow to the crypto industry, as Texas is a major mining hub. Coinbase, the largest cryptocurrency exchange in the US, also announced that it was being investigated by the SEC for potential misleading practices toward customers.
November 2022: Sam Bankman-Fried (SBF), the CEO of FTX, the second-largest cryptocurrency exchange in the world, announced that he would be providing bailouts to several struggling crypto companies, including BlockFi. However, BlockFi later announced that it would be filing for bankruptcy.
April 2023: Gary Gensler, the chairman of the SEC, has announced his intention to regulate crypto assets. This announcement has triggered a sell-off in the market and uncertainty on the future of cryptocurrencies.
These are just some of the most impactful crypto events of the past two years. The crypto industry is still in its early stages and is constantly evolving. It is likely that we will see many more major events in the years to come.
If you think we forgot to mention a certain event please let us know in the comments.
