Bitcoin and other cryptocurrencies were soaring at the beginning of the year, and FTX was not yet well-known.
Fast forward 11 months, and Bitcoin and the rest of the crypto market are still fighting to recover from a catastrophic summer meltdown that wiped away USD 2 trillion (that’s with a T) in market value. Leading centralized crypto exchange FTX disintegrated this month after competitor Binance pulled out of a deal to buy it. Investigations were launched, and FTX was revealed to be a house of cards with liquidity concerns and major risk issues that eventually came to light.
So crypto finishes the year how it began: on everyone’s mind, albeit for the worst conceivable reasons.
It serves as a warning that, despite the persistent growth of cryptocurrency in recent years, these gains are not assured. It’s also a reminder that when it comes to money management, some tried-and-true business basics may still be relevant.
Even though there is a ringing reminder that there is no shortcut to make easy money, Cryptocurrency will survive the crash. It is a prominence in global finance sought out by magnates in various sectors.
On a side note, NFTs were a thing at the beginning of 2022, even if most of the planet didn’t understand what they were. Nearing the end of 2022 – at a blink of an eye for some reason – NFT is still relevant.