With the decline of the cryptocurrency market, many companies came to the brink of bankruptcy and investors began to shape their strategies. Trader Peter Brandt also highlighted the power of cryptocurrencies by quoting a video post mocking cryptocurrencies.
"This was funny more than a year ago when $BTC was making a top at $57,000. It is still one of the funniest TV segments ever produced and will be forever more no matter what Bitcoin eventually does @saylor @billmaher"
Peter Brandt shared a video clip from “Real Time with Bill Maher” on Twitter that made fun of certain cryptocurrencies, including Dogecoin.
Citing the clip in his tweet, Brandt reminded that in the weeks after the episode aired, Bitcoin reached a peak of $ 57,000 and emphasized that the situation was funny. He continued his explanation under his post and said that despite losing more than half of its value in recent months, Bitcoin is still one of its biggest positions.
"I think I struck a raw nerve with some people who are still long Bitcoin from double the present price. For the record, Bitcoin is one of my personal largest ownership positions."
Another major position is gold, Brandt added, adding that he used a different risk management strategy for the separate pot of money allocated in late 2018.
Bear Market Hits Top: Block's Bitcoin (BTC) Revenues Drop in Second Quarter
Block, the digital payments company of Jack Dorsey, the former CEO of Twitter, experienced a 6% decrease in net revenues compared to last year due to the decline in Bitcoin (BTC) revenues in the second quarter of 2022. Block recently released its financial report for the second quarter of 2022. The company reported a 6% decrease in net income compared to last year due to the decline in Bitcoin revenues in the second quarter.
According to the financial report, the company's net income excluding Bitcoin increased by 34% compared to last year to $2.62 billion, exceeding analysts' expectations of $4.3 billion, with a total net income of $4.4 billion in the second quarter. The company reported $1.79 billion in Bitcoin revenue, down 34% year-on-year from its mobile payments app CashApp, which enables direct Bitcoin transactions. The Bitcoin gross profit of the application, on the other hand, decreased by 24% compared to the second quarter of the previous year, falling to $ 41 million.
Despite the fact that the company announced a net income above the estimates in the second quarter of 2022, it made the following statements about the decrease in its net income compared to the previous year due to the decrease in Bitcoin revenues:
“The year-over-year decline in Bitcoin revenue and gross profit was due in part to a decline in consumer demand and Bitcoin price driven by broader uncertainty in crypto-assets, which more than offset the Bitcoin price volatility during the quarter.”