Cryptocurrency and blockchain firms have had a rough 2022. Exchanges are imploding, protocols are going bankrupt, and trillions of dollars in crypto asset valuation are vaporizing off the market. The year’s highlight was FTX’s unprecedented collapse that took the whole crypto market by storm.
Following the event, many cryptocurrencies lost their value to scare investors. Even Binance has lost more than $12 billion as a result. Despite the dramas, Snowfall Protocol (SNW), a new multi-chain bridging protocol, has raised over $4 million in presale, and demand seems to be growing steadily. Is the crypto winter just beginning, or are market bulls coming? Read on to learn more.
Binance Lost $12 Billion to Asset Withdrawal in Less than 60 Days
Binance is the world’s biggest, largest and most popular crypto exchange. The exchange facilitates the exchange of more than $10 billion in crypto assets daily. However, despite its reliability and efficiency in promoting centralized crypto trading, investors are still panicking after FTX caved in.
Figures from Nansen analytics showed that more than $12 billion had been withdrawn from Binance since the FTX event. In fact, data from DefiLlama indicated that more than $360 million was taken off the exchange on Friday, 6th of January, 2023.
Investors’ lack of trust in existing protocols and firms has been evident in the last few weeks. Even the value of BNB sank by 29% during this period. However, many investors are making informed decisions to go with newer protocols like Snowfall Protocol.
Cardano Maintains Bearish Sentiment, Records 90% Drop from ATH
Cardano had an excellent run in 2021 and clinched most of its notable milestones. The network toppled big assets like Bitcoin and Ethereum as one of the year’s top gainers in 2021 after recording an almost 700% gain. By the end of the year, Cardano’s valuation rose from $5.5 billion to $97 billion.
However, Cardano’s price took a huge blow from the 2022 market bears and dipped by 90% from its all-time high price of $3 to $0.32. Fortunately, Cardano’s price seems to recover faster than many other cryptocurrencies and has gained a whopping 32% this year alone.
Technical analysts reported that Cardano’s price should rise by 100% before the end of the month. Investors are anticipating major upgrades as a viable saving grace for Cardano.
Snowfall Protocol (SNW) Record $4 Million in Presale Round
Unlike many cryptocurrencies, the value of Snowfall Protocol (SNW) has shown great resilience to the constant market fluctuations and drama. In fact, after FTX collapsed, Snowfall Protocol (SNW) saw a record-breaking $4 million sale in its ongoing presale stage. This is because many investors are confident of its success.
Snowfall Protocol (SNW) is a blockchain-based asset transfer ecosystem. It is the first and most efficient solution for moving crypto assets and non-fungible tokens from one chain to another, solving one of the lingering issues of blockchain – lack of interoperability.
Like a physical bridge, Snowfall Protocol connects more than 200 blockchain networks and allows them to work hand in hand. The level of user-friendliness of the platform is unprecedented. Anyone can easily navigate its intuitive interface hassle-free.
The platform uses a canonical and reverse canonical bridge for users to enjoy any blockchain infrastructure at the same time. It can also enhance inclusivity in digital representation by providing NFTs bridging service with its swap and wrap model. Therefore, developers can build cross-platform dApps and interact with multiple chains simultaneously with Snowfall Protocol (SNW).
Snowfall Protocol (SNW) is currently in the presale stage, and demand has skyrocketed because holders can enjoy unrestricted access to the Snowfall Protocol (SNW) services. These include passive earning and decision-making activities. Currently, SNW is trading at $0.182 in the fourth presale stage, and experts are optimistic about an astronomical rise of 1000x soon.
Presale: https://presale.snowfallprotocol.io
Website: https://snowfallprotocol.io
Telegram: https://t.me/snowfallcoin
Twitter: https://twitter.com/snowfallcoin
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