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Crypto contagion deters investors in near term, but fundamentals stay strong


Many experts believe that the recent slew of insolvencies may be good for the market in the long run, weeding out any weak players from the industry.

The past six-odd months have been nothing short of a financial soap opera for the cryptocurrency market, with more drama seemingly unfolding every other day. To this point, since the start of May, a growing number of major crypto entities have been tumbling like dominoes, with the trend likely to continue in the near term.

The contagion, for the lack of a better word, was sparked by the collapse of the Terra ecosystem back in May, wherein the project’s associated digital currencies became worthless almost overnight. Following the event, crypto lending platform Celsius was faced with bankruptcy. Then Zipmex, a Singapore-based cryptocurrency exchange, froze all customer withdrawals, a move that was mirrored by crypto financial service provider Babel Finance late last month.

It is worth noting that since December 2021, nearly $2 trillion have been wiped out from the digital asset industry. And, while markets across the board — including equities and commodities — have been severely affected by the prevailing macro-economic climate, the above-stated slew of collapses have definitely had a role to play in the ongoing crypto drain. To this point, Ben Caselin, head of research and strategy for crypto exchange AAX, told Cointelegraph:

“The contagion has played a big part in the recent downturn, but we cannot ignore the wider market conditions and the change in fiscal policy as important factors playing into price. The situation concerning Celcius, Three Arrows Capital but also Terra is expressive of an over-leveraged system unable to withstand severe market stress. This should in the least serve as a wake up call for the industry.”

He went on to add that increasing mass adoption of digital currencies in the future should be done by expanding the scope of crypto beyond its prevailing “sound money narrative.” Caselin highlighted that the market as a whole now needs to take into account and implement financial practices that are sound and sustainable in the long run.

What do the recent insolvencies mean for the industry?

Felix Xu, CEO of decentralized finance (DeFi) project Bella Protocol and co-founder of ZX Squared Capital, told Cointelegraph that the past month has been a “Lehman moment” of sorts for the crypto market. For the first time in history, this industry has witnessed the insolvency of major asset managers such as Celsius, Voyager and Babel Finance within a matter of months.

According to his personal research data, while ailing projects like Voyager and Genesis collapsed due to the fact that they had the most exposure to Three Arrows Capital (3AC), the collapse of 3AC, Celsius and Babel Finance emanated due to rogue management practices associated with the assets of their users. Xu added:

“I believe the first wave of forced liquidation and panic selling is now over. As asset managers and funds file for bankruptcies, their crypto collaterals will take a long time to be liquidated. On the other hand, DeFi lending platforms such as MakerDAO, Aave and Compound Finance performed well during this downturn, as they are over-collateralized with strict liquidation rules written into their smart contracts.”

Going forward, he believes that the crypto market is likely to move in correlation with other asset classes including equities, with the industry potentially taking some time to rebuild its lost investor confidence. That said, in Xu’s opinion, what happened last month with the crypto market is nothing new when it comes to the traditional finance space. “We’ve seen it in the 2008 financial crisis and the 1997 Asian financial crisis,” he pointed out.

Recent: Metaverse visionary Neal Stephenson is building a blockchain to uplift creators

Hatu Sheikh, co-founder of DAO Maker — a growth technologies provider for nascent and growing crypto startups — told Cointelegraph that the aftermath of this contagion has been strongly negative but not for the reason many people would imagine:

“A key loss here is that many of the cenrtalized finance platforms that went bankrupt due to the contagion were active onramps to the industry. Their unsustainable and often deceptive means of attracting new industry participants brought millions of people to trickle deep into nonfungible tokens and DeFi.”

In Sheikh’s view, while DeFi onboarding may come to a halt or at least slow down in the near term, many venture capital firms operating within his space have already raised billions and are thus capable of continuing to inject funds into many upcoming startups. “We’ll have a new roster of companies that’ll replace the lost ones’ role of being an onramp to the industry,” he said.

Undisputed damaged to the market’s reputation

Misha Lederman, director of communications for decentralized peer-to-peer and self-custody crypto wallet Klever, told Cointelegraph that the recent crash has definitely damaged the reputation of the industry but believes that the aforementioned insolvencies have helped cleanse the industry of bad players, adding:

“This presents a huge opportunity for blockchain platforms and crypto communities with a responsibility-driven approach to innovation, in which user funds are protected at all costs. As an industry, we have to be better than the fiat debt system we aim to replace.”

A similar opinion is shared by Shyla Bashyr, public relations and communications lead for UpLift DAO — a permissionless and decentralized platform for token sales and swaps — who told Cointelegraph that the industry has been hit hard and is currently shrouded with more negativity than ever before.

However, she believes such scenarios are sometimes needed since they present new opportunities to build transparent products that provide additional insurance, hedging and security for peoples’ investments.

Sheikh pointed out that while there’s rampant criticism that DeFi apps have lost billions, it is worth noting that the losses accumulated by CeFi lenders are notably higher:

“The fact remains that the notable blue chips of DeFi have remained mostly unscathed, yet the losses in CeFi are from industry leaders. However, as crypto CeFi is a stepping stone in people’s journey to DeFi, the industry’s adoption will be steeply hurt in the short term.”

He concluded that the “CeFi contagion” could eventually prove to be a powerful catalyst for the growth of its decentralized counterpart as well as a validation of crypto’s core use case, such as being self-sovereign wealth.

The future may not be all bad

When asked about what lies ahead for the crypto market, Narek Gevorgyan, CEO at CoinStats, told Cointelegraph that despite the prevailing conditions, the market has already started showing promising signs of recovery, stating that institutional investors are back on the playing field and exchange inflows are on the rise.

In this regard, banking titan Citigroup recently released a report stating that the market slide is now in recession, with researchers noting that the “acute deleveraging phase” that was recently in play has ended, especially given that a vast majority of large brokers and market makers in within the industry have come forth and disclosed their exposures.

Not only that, the study also shows that stablecoin outflows have been stemmed while outflows from crypto exchange-traded funds (ETF) have also stabilized.

Gevorgyan believes that the trust investors had built up over the last couple of years has been somewhat dissolved due to recent events. Nevertheless, the blockchain community is still better funded than at any point in its short history, with development most likely to continue. He then went on to add:

“The Terra implosion triggered a meltdown that brought several CeDeFi platforms down with it. The community has become more aware of the shortcomings of the CeDeFi model. Overall, the string of insolvencies has provided the crypto market with a chance to start afresh, as DeFi2 and Web3 are continuing to become more significant. Maybe the Metaverse will take center stage in this new configuration.”

CeFi vs DeFi

Sheikh believes that the best of CeFi has lost more than the worst of DeFi, highlighting that Bitcoin (BTC) has continued to remain one of the most liquid assets in the world. In his view, the next wave of retail adopters will have glaring references to the problem of skipping self-custody, thus paving the path for greater focus on decentralized apps, especially as the market continues to mature.

On the other hand, Bashyr sees a lot of protected projects such as insurance protocols and hedged products flourishing from here on out. In her opinion, decentralized autonomous organizations (DAOs) will become more prominent and functional, providing real governance and allowing users to participate in instrumental decisions by voting on proposals that make a difference.

Recent: Decentralized storage providers power the Web3 economy, but adoption still underway

Lastly, in Xu’s opinion, the insolvencies have resulted in millions of users calling for regulations like those governing traditional finance within the global crypto economy so as to increase transparency on investment of user assets. Xu added that since DeFi benefits from no single point of control while offering full transparency and autonomous rules, it will eventually take over the crypto asset management business.

Therefore, as we head into a future plagued by economic uncertainty, it will be interesting to see how the future of the crypto market plays out. This is because more and more people are continuing to look for ways to preserve their wealth — thanks, in large part, to the recession fears that are looming large on the horizon — and therefore consider crypto to be their way out of the madness.


  • 14.09.20 19:53 Тоха


  • 14.09.20 19:57 Носов А.А

    Рига смотрит

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    Донаты принемаете?

  • 14.09.20 20:06 Носов А.А


  • 14.09.20 20:12 Юрий Ник

    Тюмень рулит😁

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    миллионерам привет

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    Поможем парням лайками, я уже свой поставил

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    Слава эфиру

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    Привет, пацаны. Слышно, видно хорошо

  • 14.09.20 20:36 Тоха


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    Биток и эфир держу до лучших времён)

  • 14.09.20 20:47 Нина


  • 14.09.20 20:53 Попков С.А.

    Все good. Ростем потихоньку и падаем, как всегда

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    Всем РЕСПЕКТ

  • 14.09.20 21:01 Славка Орехов

    Спасибо за ваш труд

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    Привет, пацаны. Слышно, видно хорошо

  • 14.09.20 21:13 Нина


  • 14.09.20 21:20 Никита

    Привет парни!

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    Тамбов с вами братва

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    Слава эфиру

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    Поможем парням лайками, я уже свой поставил

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    Привет парни!

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    Отложил биток на пенсию

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    Отложил биток на пенсию

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    Тюмень рулит😁

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    Отложил биток на пенсию

  • 14.09.20 22:46 Николаев


  • 14.09.20 22:53 Ваня А,

    Люблю ваши трансляции, вы крутые!

  • 14.09.20 22:58 Вячеслав Левков

    Биток вперед!!!

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    12$. ​здарова бандиты

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  • 14.09.20 23:14 Прокоп

    Екатеринбург на связи

  • 14.09.20 23:18 Николаев


  • 14.09.20 23:25 Тоха

    ​здарова бандиты

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    Отличные эфиры у вас

  • 14.09.20 23:33 Лена

    Поможем парням лайками, я уже свой поставил

  • 14.09.20 23:39 Николаев

    Доброе утречко

  • 14.09.20 23:45 Лена

    Как успехи?

  • 14.09.20 23:49 Павел Скоровойтов


  • 14.09.20 23:51 Ваня А,

    Привет, пацаны. Слышно, видно хорошо

  • 14.09.20 23:57 Попков С.А.

    Хомяки тут

  • 15.09.20 00:01 Лысый Боб

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  • 15.09.20 00:07 Санек

    Слава эфиру

  • 15.09.20 00:12 Щука А

    Екатеринбург на связи

  • 15.09.20 00:14 Нина

    23$. Лайк

  • 15.09.20 00:16 Юрий Ник

    Вперед криптаны

  • 15.09.20 00:25 Лена

    Биток и эфир держу до лучших времён)

  • 15.09.20 00:26 Попков С.А.

    Как успехи?

  • 15.09.20 00:33 Попко Колян

    Я из РБ слежу за вами давно💰

  • 15.09.20 00:40 Даниил

    миллионерам привет

  • 15.09.20 00:50 Константин В.В

    11$. Круто

  • 17.09.20 15:31 Trident

    купил билет на семинар который изначально планировался в субботу.... в пятницу не смогу послушать, гле посмотреть запись?

  • 24.09.20 12:08 Серго1985

    Как бабло зарабатывается??

  • 15.10.20 09:16 Vyacheslav

    отлично зарабатывается !)

  • 15.10.20 09:16 Vyacheslav

    у вас как?

  • 09.02.21 10:40 ave2510

    всем привет! кто то заходил в ю8д...?

  • 10.02.21 12:52 [email protected]

    почему я на юнисвоп не вижу токен NTFI

  • 16.02.21 18:27 Jessikagylu

    Всем привет. А какой интернет вы используете для майнинга? Прочла интересную статью и задумалась над этим. Какие характеристики сети у вашего провайдера?

  • 24.04.21 07:21 [email protected]


  • 24.04.21 07:24 [email protected]


  • 24.04.21 07:25 [email protected]

    [email protected]

  • 12.05.21 09:24 Calibr

    Как купить доступ в закрытый чат?

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    Как войти на выбинар бесплатный в 11:00

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    Try changehero:

  • 15.07.21 21:57 Alonzo

    ребята нужна помощь не могу завести ton на кошелек ton cristal!

  • 18.07.21 00:04 Alonzo

    ребят мне нужна помощь я не могу зайти в фермы !вроде делаю все как вы обьясняли но что то делаю не так нужна помощь

  • 26.08.21 04:09 Noverlick

    А значит надо оптимизировать алгоритм. Мы в Новерлик это сделали!

  • 08.10.21 12:36 artem2121ro

    Как принять участие?

  • 18.11.21 16:42 wakawaka

    test text

  • 14.12.21 21:40 James Delic

    Try Coinsbee. Ptatform which allows to buy gift cards for cryptocurrency

  • 31.12.21 14:39 diled

  • 06.01.22 16:24 CharlesHogan

    You can try it here,<a href="">Asic Miner</a>

  • 08.02.22 10:22 Xela7780

    Что там с Dogedi?

  • 18.02.22 09:17 KiSSka

    Bitpapa Супер! Очень нравится данная платформа. Удобный интерфейс и качество сделок! Совершено уже более 60 сделок и это только начало. Возможность заработка высока. Тех поддержка отвечает быстро и по делу. Для новичков все ясно и просто. Есть телеграмм канал где можно выиграть бесплатные биткоины, в общем регистрируйтесь-не пожалеете!!!

  • 18.02.22 18:02 SuperPapa

    Bitpapa лучший на мой взгляд Р2Р сервис. Почти каждый день покупаю или продаю битки. Стабильно работает площадка. Предлагают для удобства сайт, приложение на ios и Android и Телеграм-бот. Отличный дизайн, простота и доступность. За полгода 400 сделок. Обслуживание по высшему разряду. Ну и конечно, приятные бонусы и постоянные розыгрыши. В общем, я свой выбор сделал.

  • 19.02.22 01:19 BTC_DADDY

    Офигенная площадка - то что нужно современному трейдеру ! В два клика купил-продал биток и поднял на этом чутка денежки :) Быстрая верификация и адекватный персонал службы поддержки тоже не могут не радовать Всем советую!

  • 19.02.22 15:34 Sexy_Girl

    Крутотень а не площадка, есть сайт классный с красивым интерфейсом, ботяра есть, им не пользуюсь, но кому как) тех поддержка на ура! но большие комиссии на вывод эфира и тезера. вообщем советую

  • 19.02.22 16:45 megoflood

    Как я счастлива что моему взору попался битпапа и теперь я могу не ждать по полчаса ответа от бота обменника,а за три минуты купить себе биткоин по выбранному мною курсу. Просто шикарный сервис с клевым приложением и ботом в телеграмме . Минимум комиссий, а зачастую вообще их отсутствие.

  • 19.02.22 23:40 Amerikanec105

    Крутой сервис,с хорошими акциями для своих клиентов и нормальным таким андроид приложением. Никаких багов в нем не обнаружила. Минусов на самой площадке не заметила вовсе,сплошные плюсы и позитивный настрой после пользования сервисом😸 будем пользоваться и впредь. Всем советую!

  • 20.02.22 01:34 sestra_meda

    Круто! отлично! Четкая программа для криптовалюты, есть только три крипты, это эфириум тезер и биток, большик комиссии на биткоин. Чат крутой. Пользуюсь более полугода, за все время все четко. Советую всем

  • 20.02.22 03:02 flour

    В кошеле очень удобно просматривать эквивалент крипты в рублях, и сортировать доходы/расходы по типам операций. В этом месяце на маркете было жарко, поэтому у меня больше входящих переводов

  • 20.02.22 08:09 Nikolay91179

    Могу оставить свое мнение. Битпапа хороший обменник p2p. Удобное приложение. Телеграм бот помогает сделать большинство операций по покупке продаже криптовалюты биткоин ефириум тезер. Реферальная программа для получения дополнительной прибыли. В чате очень дружная команда. Я сделалиуде более 120 операций по покупке продаже. Советую ,)

  • 20.02.22 09:02 Крестный Отец

    БитПапа классный обменник , на которой покупаю и продаю уже год. Радует интерфейс на русском языке и уровень безопаности, так как биржа имеет лицензии от регуляторов. Можно пополнять счет прямо с банковской карты, что тоже есть не везде.

  • 18.03.22 13:41 cross chain

    The future is cross-chain and you can do that now a token bridge. A cross-chain bridge let's you launch your token on multiple blockchains and allow users send your tokens between chains. Launch your token on any EVM blockchain with our cross-chain bridge.

  • 18.03.22 13:41 cross chain

    The future is cross-chain and you can do that now a token bridge. A cross-chain bridge let's you launch your token on multiple blockchains and allow users send your tokens between chains. Launch your token on any EVM blockchain with our cross-chain bridge.<a href="">Build a cross chain bridge</a>

  • 01.07.22 15:11 Fillin


  • 02.07.22 18:49 Fillin

    Какое уже и у нас в стране практикуется, можно учиться даже в кредит. Биткоинов у меня нет, как и денег в наличии на образование, но я очень хочу стать художником по спецэффектам, нашёл для себя подходящие курсы в школе XYZ . Тут обучают этой профессии на высоком уровне преподавания предмета.

  • 10.08.22 12:21 jonesstacey42

    I use Utopia, this ecosystem has its own exchange, the project is young, but promising.

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