2023 has finally arrived. Happy New Year to all digital currency enthusiasts out there! Here’s to hoping that all bitcoin players are greeted with kinder, gentler, and more loving maneuvers to their crypto stashes than what was doled out in 2022.
Could Bitcoin Recover Soon?
To say 2022 was a bad year for crypto would be a huge understatement. It was by far one of the most bearish periods ever to strike the space, and many argued that assets like BTC were on the verge of collapsing for good. While it doesn’t look like we’re quite there yet, the asset no doubt experienced one of its harshest beatings, and it’s going to take a while for the world’s number one digital currency by market cap – and the space in general – to heal up.
Bitcoin, back in November of 2021, was trading at a whopping $68,000 per unit. This was a new all-time high for the cryptocurrency, and many believed it was in a place that could never be brought down. Boy were they wrong!
The crypto asset began a series of falls as soon as 2022 rang in. From there, the currency fell into the $40K range, then $30K, and before long, $20K was knocking at its door. Within just a few months, the world’s primary form of crypto had lost more than 70 percent of its value, and things didn’t end there.
2022 was marred by many bad actors, one of which was FTX, which caused the price of bitcoin and many of its altcoin cousins to fall even further. FTX will probably go down as one of the biggest blunders to ever occur within the confines of the space, and it’s likely turned a lot of high-scale investors off to crypto investing for good.
Widely labeled as one of the big golden players in the industry, the FTX exchange was only three years old, yet rose to prominence as one of the biggest digital currency trading platforms in the world. Its founder and head executive, Sam Bankman-Fried, was considered a genius by many, and his net worth stood beyond the $16 billion mark prior to the company’s collapse.
Let’s Hope Things Change
Sadly, this reputation faded quickly as the company experienced a liquidity crunch in mid-November of last year, which caused it to seek aid from larger competitor Binance. While it looked like the bigger firm was going to buy out the smaller one, things didn’t work out that way. Before long, FTX had joined a long list of bankrupt crypto players and its founder was resigning from his post in shame.
With a new year comes new trends, however, so let’s join hands in hoping that 2023 proves to be a year of recovery and good fortune for all crypto fans.
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