Top Cryptocurrency Moments in 1st Half of 2022
We’re halfway into 2022 and already it’s been a whirlwind year for crypto players, from the rise in March to the terrible dip in May.
Here are the major moments in cryptocurrency for January 2022 to June 2022:
January
For crypto holders, 2022 started, not with a bang, but with a dip. Bitcoin, Ethereum, and many other major cryptocurrencies dropped by over 30%. Before January ended, the market cap for cryptocurrency had declined by $205 billion. The crash was worse for bitcoin holders in particular, coming just two months after reaching its all-time high of $70,000. This was the worst January for Bitcoin since 2014.
Holders in Nigeria got it even worse when Binance went on an account blocking spree. Binance claimed this was because of incomplete KYC registrations and detection of some fraudulent activities.
February
In February, the Russia-Ukraine tension spilled over into the crypto market. Ukrainians fleeing the country were unable to access money in their bank accounts, so they cashed out their crypto instead.
Nevertheless, many cryptocurrencies started slowly recovering from the January dip, with coins like LUNA recovering almost all of their losses. Bitfinex’s LEO also made astounding gains after the hackers who stole billions from the fund were arrested. Holders invested more because of the belief that the confiscated coins would be returned to the exchange.
However, some other coins, like Dogecoin, continued recording losses.
March
In March, the dark clouds hovering over major cryptocurrencies began to clear. We saw major cryptocurrencies make double-digit gains.
Cardano (ADA), which had gone down by 12.56% in February, made an astonishing turnaround in March, going up by 34.5% after it became EVM-compatible, allowing Ethereum DApps to be deployed in its ecosystem
April
April brought more good news for the crypto community. Amidst governments cracking down and banning crypto-trading, we got a fresh breath of air when the Central African Republic became the first African country (and second country in the world) to adopt cryptocurrency as a legal tender.
In the Wicrypt community, April brought even more good news as the long-awaited hotspot hubs became live for sale. Members of the community began minting the devices as NFTs and enjoying the share-and-earn feature of these crypto miners.
May
May was a hellish month for everyone in crypto. Holders were still recovering from the dip of January when another dip hit. Even stablecoins weren’t spared. Tether dipped to $0.95 per dollar although it recovered quickly. The worst dip came from stablecoin, TerraUSD, and its sister coin, LUNA. Because TerraUSD is linked to LUNA, when LUNA crashed, Terra followed, with both losing close to 100% of their value. Bitcoin also crashed by 50% with others naturally following. All crypto graphs were red. Our two cents? It’s more pragmatic to HODL.
The only leading coin that made gains was Tron, probably because of its new stablecoin, USDD.
In some good news, Binance launched a $500m venture capital fund for Web 3 & blockchain startups. This means more funds for startups like Wicrypt to extend the use cases of blockchain technology and drive the adoption of Web 3.
June
In May, Ethereum announced that before June 8, its longest-lived testnet would have transitioned from a proof-of-work to a proof-of-stake mechanism. This is great news for enthusiasts who do not have the expensive equipment or technical knowledge needed to mine cryptocurrency under the Proof-of-work mechanism.
For Wicrypt users, this is no news as they already mine cryptocurrency through hotspot hubs, one of the cheapest and easiest ways to mine crypto. Wicrypt’s network is already built on the proof-of-stake protocol.
We are only halfway through 2022, which means there’s still time for more good news in the cryptocurrency ecosystem. WAGMI!🚀
About Wicrypt Network
Wicrypt is a decentralised mobile internet sharing and monetisation network, allowing anyone to get paid for sharing their Wi-Fi. Wicrypt is the first African company to build a peer-to-peer infrastructure for sharing mobile internet data without the need for third-party integration.
Wi-Fi can be shared via Wicrypt’s custom hotspot hubs or via mobile devices. Users who use the hotspot hubs can mine Wicrypt Network Tokens ($WNT) when users connect to their hotspot.
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