The Great Crypto Crash of '22

Legend has it that there was a crypto crash in 2018 that “felt different” and that this crash was what ended up preceding a prolonged crypto winter. This year has seen its fair share of bad news bears, including Fed shenanigans, the SEC coming down hard to get digital tokens (fungibles and non-fungibles, alike) to be classified as securities, and the implosion of Celsius, Luna, Three Arrows (3AC), and others. According to elders, however, this FTX business hits different, and it's feeling a lot like that time in 2018 when everything changed for a long time.

The big issue is that FTX imploded, and Binance made a bid to acquire it but ended up backing out, stating that there was nothing they could do to fix it. The news triggered a massive sell-off event and everything is down (except gas). The only thing to see a bump in sales was CryptoPunks, with 8 major sales in the past 25 hours. The silver lining is that it seems the ones who have been here before know we’ll get through it and are consolidating their positions on high-value assets during this crash.