The year 2021 was a good one for bitcoin and other cryptocurrencies. The exact opposite occurred in 2022 it was a rough year for cryptocurrency.
The crypto sector has seen a number of bankruptcies in the last year, including the collapse of a major stablecoin, allegations of fraud against the CEO of a large exchange and some of his partners, and plummeting pricing. Even the most enthusiastic supporters of cryptocurrencies have conceded that this year’s events are likely to set the industry back several years.
The year 2022 will most likely cast its “shadow” on the year after that. Prosecutors in the United States have charged Sam Bankman-Fried, the creator of the bankrupt exchange FTX, with eight counts of fraud. The next court date is set on January 3.
Bitcoin is on track to finish the year with its worst performance since 2018 – the previous so-called cryptocurrency winter – having lost nearly two-thirds of its value. The most popular cryptocurrency is currently worth roughly $16,492, up from around $46,322 at the end of last year.
Some other cryptocurrencies, particularly those backed by Bankman-Fried, have an even worse picture of a rough year for cryptocurrency. This year, the Solana and serum have “sunk” by about 95%. The coin that powered Bankman-enterprise, Fried’s FTT, crashed by 98%
Terra is likewise nearing the end of the year, with losses of more than 95%. We were concerned this year when its value dropped 99.99% in May. The fall began with the demise of Terra’s algorithmic stablecoin, TerraUSD, which marked one of the largest drops in cryptocurrency history.
For more articles visit: Cryptotechnews24