In this article, we discuss the 5 biggest losers in the cryptocurrency crash. If you want to read our detailed analysis of the cryptocurrency market and its current situation, go directly to Crypto Crash: 10 Biggest Losers.
5. Gemini
Gemini is a popular US-based crypto trading platform, founded by the Winklevoss twin brothers, who were colleagues of Facebook founder Mark Zuckerberg at Harvard University. Gemini was the first crypto-trading platform to be approved by the New York State Department of Financial Services (NYSDFS), which has the strictest cryptocurrency regulations in the United States. In 2019, Gemini acquired Nifty Gateway, a platform for non-fungible tokens (NFTs) which presents another booming space within the larger blockchain world.
Owing to the robust security protocols and market outreach of its platform, Gemini partnered with Samsung to integrate their Gemini mobile app with the Samsung Blockchain Wallet, bringing convenient crypto trading to millions of Samsung users in the United States and Canada.
But like most major platforms in the crypto space, Gemini recently announced a 10% reduction of its 1,000+ workforce in order to adapt to the present times. The Winklevoss brothers stated in a blog post on June 2 that the crypto industry had entered a contraction phase known as “crypto winter,” which stands further compounded by the effects of the current macro outlook.
4. Binance Coin (BNB)
The market selloff has not spared Binance Coin (BNB), and it has lost 62.65% in the year to date as of June 19. One Binance Coin trades at a value of $198.04, as compared to $528 at the start of the year. With 163.27 million coins in circulation, the cryptocurrency stands at a market cap of $32.34 billion.
Binance CEO Changpeng “CZ” Zhao recently stated that despite many competitors introducing job cuts and hiring freezes, Binance had the resources to expand hiring and increase its M&A (merger and acquisition) activity to take advantage of and leverage the upcoming ‘crypto winter’ to the maximum. In an indirect reference to Crypto.com and other platforms splurging on marketing promotions and sponsorships, he noted that Binance avoided spending on stadium naming rights and Super Bowl ads, and currently has 2,000 roles open to drive its growth during this industry downturn.
3. Solana (SOL)
Solana (SOL) is token cryptocurrency of the Solana Blockchain Ecosystem, which allows users to build secure, scalable, and decentralized apps and marketplaces in the categories of DeFi (decentralized finance), Web3, NFTs, and more. It is one of the fastest growing crypto ecosystems in the world, and offers exceptionally high processing speeds which provides developers an extra advantage. Solana supports 50,000 TPS (Transactions per second), and has an average cost per transaction of $0.00025.
Solana (SOL) has lost 82% in value since the start of the year, falling from $171 on January 1 to $30.49 as of June 19. It has a market cap of $10.88 billion, and a circulating supply of 342.37 million coins in the market.
2. Ether (ETH)
With a $117 billion market cap, Ether is second only to Bitcoin in the trillion-dollar cryptocurrency market. Therefore, its downward trajectory makes for scary headlines that send the rest of the crypto industry tumbling further down. Ether fell below $1000 for the first time since its meteoric rise in 2021, the year in which it gained 386%, almost $3,000. As of June 19, Ether trades at $961.30, and has seen continuous declines recently, falling 74.48% in the year to date, 52.35% in the last month alone, and 20.39% in just the last 5 days.
Ether (ETH) is the native cryptocurrency of Ethereum, a decentralized, open-source blockchain platform which offers smart contract functionality. It enables users to build decentralized financial applications, which allow access to traditional financial instruments outside any government’s sphere of control. Examples of DeFi platforms include MakerDAO, Compound, and Uniswap. Ethereum also allows users to create NFTs (non-fungible tokens).
1. Bitcoin (BTC)
Bitcoin is the most popular cryptocurrency in the world, and has inspired the creation of nearly every other cryptocurrency with its meteoric rise to worldwide fame since being founded in 2008. Unlike government-issued currencies, Bitcoin is created, stored, distributed and traded on a blockchain, which is a decentralized ledger system. This makes Bitcoin transactions extremely secure, immune to fraud, and without the involvement of any third party.
Reaching an all-time high of $69,000 in November 2021, Bitcoin now sits at around $18,300 as of June 19. It has plummeted 61.60% since the start of the year, and 39.54% in the last month as the crypto crash unraveled. Just on June 19 alone, Bitcoin slid 10.5%, going from nearly $20,500 to its $18,000 mark.
Bitcoin has a market cap of $351 billion, with approximately 19.07 million coins in circulation as of date. The maximum supply of Bitcoin is capped at 21 million, meaning there will never be more than 21 million Bitcoins in the world.
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