Bitcoin’s 60% year-to-date correction looks bad, but many stocks have dropped by even more

cointelegraph.com:

Bitcoin’s (BTC) and Ether’s (ETH) agonizing 60% and 66% respective drop in price is drawing a lot of criticism from crypto critics and perhaps this is deserved, but there are also plenty of stocks with similar, if not worse performances. 

The sharp volatility witnessed in crypto prices is partially driven by major centralized yield and lending platforms becoming insolvent, Three Arrows Capital’s bankruptcy and a handful of exchanges and mining pools facing liquidity issues.

For cryptocurrencies, 2022 has definitely not been a good year, and even Tesla sold 75% of its Bitcoin holdings in Q2 at a loss. The quasi-trillion dollar company still holds a $218 million position, but the news certainly did not help investors’ perception of Bitcoin’s corporate adoption.

Cryptocurrencies are not the only assets impacted by central banks withdrawing stimulus measures and increasing interest rates. A handful of multi-billion dollar companies around the globe have also suffered, with losses that surpass 85% in 2022 alone.

Unlike cryptocurrencies, companies, especially those listed on stock markets, rely on financing — whether the cash is used for mergers and acquisitions or day-to-day operations. That is why interest rates set by central banks dramatically impact debt-intensive sectors such as energy, auto sales and technology.

Saipem (SPM.MI), 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. The company had severe losses amounting to over one-third of its equity in 2021 and it desperately needed cash to stay afloat as capital costs mounted as interest rates increased.

Uniper (UN01.DE), a German energy company with over 10,000 employees, faced