The End of A Year that Shook Up the Crypto Market
The cryptocurrency field has witnessed several revelations this year, with many of them being rather unpleasant.
The value of the most significant cryptocurrencies has dropped by 60%, while the total crypto market value has declined by $1.4 trillion. The falls were mainly driven by rising interest rates, the growing reluctancy of investors to take risk and the fall of FTX.
Crypto funds have seen inflows of $498 million this year, and that is a steep drop from last year's figure of $9.1 billion. Financial consultants are reporting reduced investor interest in crypto, highlighting the industry's diminishing significance in the world of finance.
Yet, there has been some positive news in the crypto space. The Ethereum blockchain underwent the highly significant 'Merge' update, and that is bringing more hope that 2023 may be a successful year for cryptocurrencies.
Sources:
https://www.investing.com/news/economy/cryptoverse-byebye-to-the-year-that-broke-bitcoin-2967536
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