Commentary
The year 2022 has been the worst period on record for cryptocurrencies.
The industry is on life-support. The crypto market has been rocked by scandals, mismanagement, bankruptcies, and potential fraud. Investor sentiment and trust is possibly the lowest it’s ever been, even after the Mt. Gox scandal in 2014, when the equivalent then of $460 million in Bitcoin was stolen by hackers.
This begs the question, will this be the last crypto winter ever?
No, I’m not predicting cryptocurrency market will be on the upswing from here. The real question is, will this be the end?
Since the beginning of the year, the total crypto market capitalization has fallen from $2.2 trillion to $850 billion. This represents potentially the biggest burst of a financial bubble ever within a year. In the same span, Bitcoin—the largest crypto asset—has fallen around 65 percent….
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