The crypto winter also took its toll on CoinShares, which recorded for the first time an EBITDA of around GBP £ – 8.2 million. Executives point to the decline of the ecosystem of Earth as one of the main reasons behind the capitalized losses.
- CoinShares recorded steep losses for the second quarter of 2022
- He noted that the fall of Earth was the main reason for the losses
- In the future, CoinShares contemplates acting much more cautiously
The digital digital technologies are these electronic tools that have the ability to generate, store or even process data. asset management company, CoinShares, revealed that during the second quarter of this 2022 it recorded quite steep losses in the context of the market an area or arena, online or offline, in which commercial dealings are conducted. downturn, which intensified after the collapse of the ecosystem of Earth and its main cryptocurrencies.
CoinShares reports losses for the second quarter of 2022
The information was revealed by the team of CoinShares in a statement released today, where the company makes it clear that it was also significantly affected by the fall of the crypto market, although not to the level of what happened to entities such asCelsius Network a network refers to all nodes in the operation of a blockchain at any given moment in time. o Three Arrows Capital.
As for capitalized losses, CoinShares revealed that adjusted earnings before interest, tax, depreciation and amortization (EBITDA) fell to a negative GBP £ – 8.2 million (USD $10 million approx). This compares to GBP £28.6 million recorded in EBITDA revenue for last year.
In this regard, the company indicates that the main reason for its losses is associated with the collapse of the stablecoin. UST, Terra’s flagship cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. ecosystem, as CoinShares managed about USD $120 million in the digital currency currency is a medium of exchange that defines value. as part of its stake, though it managed to lessen potential losses when reports of the drop began.
More cautious, but focused on the future
Faced with what has happened, the financial director of CoinShares, Richard Nash, said that they will now have a much more cautious approach to growth and expansion plans, but they have their sights set on the next bullish period, so they want to be ready for it when it happens.
For his part, the CEO of CoinShares, Jean-Marie Mognetti, said that the situation that shook the market felt its weight on the entire crypto ecosystem in general, but was especially critical of the centralized a centralized organizational structure is one in which a single node or a small number of them are in control of an entire network. lending platforms, whose insolvency situation also generated fears and uncertainties that deepened the already difficult situation.
In this regard, Mognetti said that what happened shows a pronounced lack of transparency among centralized lending platforms, and that this problem is solved by decentralized decentralization refers to the property of a system in which nodes or actors work in concert in a distributed fashion to achieve a common goal. protocols, which are clearly the future of finance.
Crypto winter continues its course
As for the cryptocurrency market, everything seems to indicate that the crypto winter is still ongoing and the most reputable exponents of the market are yet to show solid signs of growth.
Such is the case of Bitcoin, the main currency of the ecosystem that after the announcements of the FED and reports of a possible recession in the U.S. showed a fairly positive growth and exceeded at the time the barrier of USD $ 24,000 per unit. However, for this August 2 are quoted at about USD $ 22,950, capitalizing prices very similar to those seen yesterday at this time.
As for the rest of the major altcoins, the vast majority follow Bitcoin’s path and show relatively similar values to those seen in the last 24 hours.
- Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. won’t go below $14,000 and reach new ATH ‘All-time High’. In the context of cryptocurrencies, it marks the maximum price ever reached by the crypto. in two years, says CoinShares’ Meltem Demirors
- For Mark Cuban, the crypto winter will make those less solid crypto projects disappear
- BlackRock’s Rick Rieder calls Bitcoin an “enduring asset” despite the supposed “cryptowinter”