The cryptocurrency industry has wiped out about $2 trillion in value since hitting a $2.9 trillion peak in November 2021.
All of the major digital tokens are deep in the red this year. Bitcoin has slumped more than 53 percent to around $22,000. Ethereum has lost 68 percent to about $1,200. Cardano has plunged 65 percent to below 50 cents. Dogecoin has collapsed 68 percent to roughly a nickel. Litecoin has cratered nearly 70 percent to under $50.  
Bitcoin and its crypto peers could be leading the financial markets lower, suggesting that virtual currencies might be serving as a measurement of investors’ overall risk appetite.  
Whether Bitcoin is joining the broader market meltdown or acting as a gauge of investor sentiment, analysts agree that it is clear today’s environment is weighing on the crypto ecosystem, too. Recession fears, surging inflation, the military conflict in Eastern Europe rages on, China’s plethora of economic challenges, and rising interest rates are all factors driving traders’ movements in 2022….