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- An Australian trader generated crypto profits via his parents’ home.
- The profits came during the market boom in 2021.
- Cryptosphere has since struggled for recovery.
Comfortable Returns
Cryptocurrency market has a huge potential and the raining profits over the ones who invested in these assets, especially during the market’s peak, is a proof. The Australian, a broadsheet newspaper, recently reported a similar incident where a 25-year old crypto trader bolstered his profits by operating from his parent’s house. The Sydney-based business, PO Street Capital, shows 3 Billion Australian Dollars were traded throughout the year.
The Australian Securities and Investment Commission (ASIC) filing reveals that the business generated $10.41 AU in profits. Company owner, Darren Nyugen, made the fortune by trading $3 Billion AU worth of crypto assets as of June 2021, an about 40% increase since 2020 from $6.9 Million AU. Moreover, his profits increased by a whopping 1404%.
The success can be correlated to the exponential rise of the cryptosphere during 2020 and 2021. To this date, it remaIns the most fruitful timeframe for the digital asset market. Major cryptocurrencies like Bitcoin and Ethereum saw their all time high. While BTC came close to touching $70,000 in 2021, ETH surpassed the $4K mark.
The ones who sold the assets during November 2021 saw their bags overflowing with the digital cash. But the greedy who tried to hold the asset for longer than that, saw their investment going down the drain. If 2021 was a stairway to heaven for virtual currencies, 2022 was the highway to hell.
Last year saw what people used to believe the most robust ecosystems reducing to the ashes. Market was declining slowly where it saw the initial gravitational pull through the LUNA ecosystem collapse. This eventually led to the liquidity events involving Three Arrows Capital (3AC), Voyager and Celsius.
The community was slowly recovering from the stablecoin blow when one of the biggest crypto exchanges took to Twitter that they will dump their FTT holdings. That created panic in the market which eventually led to the collapse of the then SBF-backed FTX group.
This chaotic show was an example of how the crypto industry can offer a view from the top while it can collapse only to leave nothing but dust everywhere. Currently, BTC and ETH had a collective market dominance of 58.3% at the publication time. The sector had a total market cap at $809.4 Billion, an over 70% decline since its November 2021 peak.
Peter Schiff, Euro Pacific Capital CEO, recently said that what we are witnessing in the market is a “crypto extinction”. Furthermore he stated that while Bitcoin’s rise to $100K is temporary, $0 is inevitable.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
