Today in Data: Looming ‘Crypto Winter’ Leads to Flurry of Activity

Today in data, cryptocurrency firms are scaling back their marketing efforts as a potential so-called “crypto winter” looms, while cryptocurrency lender Babel Finance is reaching agreements to repay some debts after freezing withdrawals on its platform. Plus, Elon Musk is reaffirming his support of dogecoin even as a class-action lawsuit looms against him for an alleged pyramid scheme.

Data

$2T: Approximate drop in value of the cryptocurrency market

$258B: Amount requested in a class-action lawsuit against billionaire Elon Musk for allegedly supporting a pyramid investing scheme involving dogecoin

$68,991: Bitcoin’s peak value in November 2021, compared to less than $21,500 today

37%: Portion of the respondents to PYMNTS 2022 U.S. Crypto Consumer study who named dogecoin among the cryptocurrencies they had heard of but not purchased

4: Number of days between the time Babel Finance froze withdrawals and announced it had “reached preliminary agreements on the repayment of some debts”