New Year, New Journey with Bitget
Happy New Year, everyone! Wishing everyone a Happy New Year and much success in the upcoming journey. A year has passed with many ups and downs and challenges; Bitget would like to thank our users for continually trading with our team. Through 2023, we are always trying our best to bring the most valuable experience and continue creating high-quality products for our Bitgetters. Let's look at the significant events that happened in the past year and Bitget's achievement in 2022.
A timeline of Crypto in 2022
Cryptocurrencies had a rough 2022. Blockchain technology advanced, but it was not enough to compensate for the numerous bankruptcies and hacks that rocked the sector during the year.
The 'Crypto Bowl' takes place in February. The crypto business had enormous ambitions for this year, riding on a high from 2021, and prominent corporations spent millions on promotion.
March: A significant crypto hack occurs, and the US Federal Reserve begins to hike interest rates. The Federal Reserve of the United States lifted the benchmark federal funds rate by 25 basis points to a range of 0.25% to 0.50%, the first rate increase since 2018.
Terra-LUNA crashes in May. Do Kwon, the founder of the Terra network, started the year on a high note. TerraUSD (UST), Terra's algorithmic stablecoin, had a market worth of about US$18.7 billion in April. That all came apart in a matter of days in May.
The Terra-LUNA contagion begins in June. 3AC, situated in Singapore, was the next to go. A British Virgin Islands court ordered the firm's liquidation on June 29. Three days later, 3AC filed for Chapter 15 bankruptcy.
July: More Terra-LUNA fallout, NFTs begin to falter, and a 'crypto winter' sets in. Crypto firms began to prepare for the crypto winter by laying off employees. Coinbase announced the layoff of over 1,100 people, or approximately 18% of its staff, during the summer. OpenSea, an NFT marketplace, laid off around 20% of its workers, while Blockchain.com, a crypto exchange, laid off a quarter of its workforce.
The Merge of Ethereum takes place in September. Amid all the dread and gloom, the crypto industry had a bright spot in September with an upgrade to the second largest cryptocurrency blockchain Ethereum called The Merge. The last part of the upgrade was completed in mid-September, making the network 99.99% more energy efficient by switching from the proof-of-work consensus process to proof-of-stake.
October is a prosperous month for cryptocurrency hackers. According to Chainalysis, a U.S.-based blockchain analysis business, October was the "largest month of the biggest year ever" for crypto hackers, with over US$718 million taken from decentralized financial platforms over 11 separate thefts.
FTX, the industry's 'white knight,' falls from favor in November. In a matter of days, FTX and its 30-year-old founder Sam Bankman-Fried went from market leaders to insolvent. On November 8, FTX declared a withdrawal freeze. After a proposed buyout deal with Binance fell through, Bankman-Fried declared FTX and its affiliates insolvent and stepped down as CEO. On November 11, FTX and nearly 100 affiliates filed for bankruptcy. The FTX disaster has resonated throughout the industry, with Bitcoin plunging below $16,000 for the first time since November 2020. Bankman-Fried had enhanced his position as a significant industry player the previous year, bidding on and giving lines of credit to distressed assets from the Terra-LUNA collapse, which exacerbated the disaster.
Even so, in 2022, Bitget has achieved many remarkable achievements. 2022 is a memorable year for our team
Bitget Highlight 2022
Our accomplishments this year have been nothing short of incredible. Let's take a look back at Bitget's journey.
Our company grew from a local presence in East Asia to a worldwide powerhouse servicing users from over 100 countries. Our staff base has grown from 200 at the beginning of the year to around 1000. Our daily trading volume increased by more than 300% year on year, and we have firmly established ourselves as a top 5 worldwide cryptocurrency exchange. We sponsored Lionel Messi, whose championship-winning performance at the Qatar World Cup reminds all Bitgetters that winning and maintaining a long-lasting business requires passion, dedication, and collaboration. We are the world's fastest-growing crypto exchange and have the most forward momentum. We always bring the most helpful content to our Bitgetters every day, every week, and our development strives to create the most valuable products for user transactions. In the last year, many products have been launched on the platform, including Strategy Trading, DCA Strategy, Shark Fin products, etc. And the most special thing in Bitget 2022 is Bitget Proof-of-Reserve. With the promise "Your Safety, Our Responsibility", we are on a mission to drive global crypto adoption. Bitget wallet reserves more than Bitget users' assets, ensuring users can withdraw at any time and users' funds are always transparent.
Bitget's promise in 2023
The year 2023 will be packed with chances and challenges. Our mission is to provide consumers with the most incredible social trading crypto platform. To simplify the trading experience with Bitget, we will continue to extend our spot markets, incorporate additional DeFi features into our products, and increase our fiat on-ramp capabilities. We will continue strengthening our worldwide brand and expanding our regulatory presence in all important markets. 2023 will be another busy and eventful year for us. We will emerge from this crypto winter, prosper in the coming year, burgeon into a dominant player, and move the industry forward as the sector consolidates and leverages.
We must adhere to our mission and principles in all aspects of our job. At Bitget, we want to provide a firm, fair, and enjoyable workplace in which hard effort is appropriately rewarded, and everyone may reach their goals. Our customer-centric approach distinguishes us, but we must be bold. We will continue to improve the customer experience, behave honestly, and create a platform that consumers can always rely on.
Once again, Bitget would like to thank users for their companionship and trust in the past journey, and there will be many more new journeys on our platform.
Happy New Year, everyone!
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