Sphynx Weekly Update May 7th — May 13th, 2022

The market has significantly dropped over the last week seeing Bitcoin falling to $24.5k. Although it has recovered and seen moments of hitting $30k, it is consolidating in the high $20ks, and the overall market is in complete fear.

Is this unique to this new asset class? The answer is no. Comparing it to the dot.com bubble of 2000, 280 Web Internet stocks traded in the index. In September of 2000, 79 of them were down 90 per cent or more from their 52-week high, and another 72 were down 80–89 per cent. The 280 stocks’ collective market value had declined to $1.193 trillion from $2.948 trillion at their high, a $1.755 trillion loss, which happened between March and September of that year.

It is unfortunate and a terrible lesson for investors who lost their money and for those wanting to become multi-millionaires overnight. But this is a cleansing process to have certain branches develop and give fruit while trimming others. As unpleasant as it may appear, it is necessary for the future of Crypto. Referencing Steve Bengston, a former director at PricewaterhouseCoopers (PwC), used this imagery to describe the early stage of the Internet “We’re in the second inning of a nine-inning game. The Dells of the Internet business have not even been founded yet.” This can also be applied to Crypto and that every bump and bruise one suffers is only temporary for one to grow and evolve.

Progression of Sphynx Labs

The team of Sphynx labs continues to move forward despite the recent bleeding of the market. The TVL (Total Locked Value) is still over $4 million across the three chains; three new projects launched on the BSC, five new projects that launched on BRC, and Sphynx Labs announced the first project to be launching on the CRO network using the SphynxPad and five new staking pools on the BRC.

Every week that passes, the wallet and mobile application become closer. So it will not be too long until investors can download the two on the Google Play Store and the Apple App Store.

Although the times in the market may seem dark, there is much more to come with Sphynx. Stay tuned for Sphynx’s Weekly Updates posted every Friday or be informed on the Sphynx Telegram, Twitter, and Instagram pages.

Thank you for reading, and have a great week!

References

Kleinbard , D. (2000, November 16). Dot.coms lose $1.755 trillion in market value. CNNMoney. Retrieved from https://money.cnn.com/2000/11/09/technology/overview/.