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 Bitcoin’s 60% Correction Looks Bad, But Pales in Comparison to Some Stocks

bitcoin as company allocation

  • While Bitcoin and Ether fell some 60% and 66% respectively in 2022, many once-favored stocks haven’t done much better.
  • As central banks withdraw stimulus measures and increasing interest rates, many major corporations have seen even larger drawdowns in their stock prices in 2022.

Sure, Bitcoin may be down over 60% year-to-date, but have you taken a look at your stock portfolio lately?

While 2022 has definitely not been a good year for cryptocurrencies, with Bitcoin and Ether falling some 60% and 66% respectively, many once-favored stocks haven’t done much better.

As central banks withdraw stimulus measures and increasing interest rates, many major corporations have seen even larger drawdowns in their stock prices in 2022.

A handful of multi-billion dollar companies around the globe have suffered with losses that surpass 85% in 2022 alone.

Saipem, an Italy-based oil and gas engineering and exploration service provider for offshore and onshore projects, saw its shares decline by 99.4% in 2022.

Uniper, a German energy company with over 10,000 employees, faced severe impairments after its Nord Stream 2 gas pipeline project was suspended, resulting in a 91.7% loss in the stock year-to-date.

But Saipem and Uniper are hardly alone with their record share price falls as Cazoo Group fell a 90% and U.S. auto retailer Carvana saw its shares hammered by 87%.

Biotech companies I-Mab and Kodiak Sciences have both also lost more than 90% of their value in 2022 alone.

Software services was another sector deeply affected by the lower growth and increased hiring costs and a handful of other tech companies saw corrections of 80% or more in 2022, including Cardlytics, Bandwidth, Matterport  and Zhihu.

Central bank tightening has left few safe havens for investors, with soaring U.S. Treasury yields dulling the attractiveness of non-yielding assets, like Bitcoin.

But a bleak macroeconomic outlook has also hit everything from commodities to cryptocurrencies, equities to earnings, so while Bitcoin may indeed be volatile, it’s certainly not been alone in its correction.

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SuperCryptoNews is a global leading blockchain and crypto news provider, covering daily news on the latest tech and trading developments in crypto. We bring you expansive crypto news coverage especially in Asia, with a focus on Singapore, Thailand and Southeast Asia.

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