- Since the beginning of 2022, the crypto industry has been steadily declining.
- CNL has analyzed the 8 most important events for crypto throughout the year.
- Keeping an eye on the developments in the crypto space in 2023 is crucial.
Since the beginning of the year, when the market value of the business was at its highest point of about 3 trillion dollars, it has been steadily declining. However, some happenings have also held tight positively preventing the industry from crashing.
Looking forward to 2022, Cryptonewsland has analyzed the eight most important events in the crypto sector and can once again sense the magical but realistic growth of the crypto market.
FTX crash and contagion
Millions of customers were affected by FTX’s equity hole, which totaled billions of dollars. In a matter of days, $26 billion in SBF and FTX disappeared. Police in the Bahamas have detained SBF, and after posting $250 million bail in a U.S. court, he was freed.
The Ethereum Merge Is Done
The acceleration of the issuance of the Layer 2 project tokens was a direct result of the Ethereum merge. It also had a positive effect on the prices of tokens used in projects inside the Ethereum ecosystem. Since ETC is now an option for PoW miners, there were calls for a hard fork in Ethereum by certain miners.
Terra Eco and 3AC crashed
3AC reportedly invested over $200 million in LUNA tokens as part of a $1 billion raised by the Luna Foundation Guard in February. This is an amount that became essentially worthless since the Terra ecosystem imploded in mid-May.
BAYC acquires CryptoPunks and Meebits
The startup behind BAYC, Yuga Labs, has been actively promoting cryptocurrency since January. Notably, the whole cryptocurrency industry was taken aback on March 12 by the news that Yuga Labs had acquired CryptoPunks and Meebits.
Justin Sun acquired Huobi
Huobi enters a new phase after being purchased by Justin Sun. It would be fascinating to watch where Justin, one of the most important guys in the Chinese-speaking crypto community, leads Huobi in the year 2023.
Russia-Ukraine Dispute
It’s worth noting that at one time, half of all contributions to Ukraine came from the cryptocurrency community. In addition, authorities everywhere started sanctioning Russian cryptocurrency-related activity.
StepN’s explosion and silence
Founded by a Chinese group, StepN has quickly evolved into a groundbreaking program that has introduced a whole new paradigm to the gaming platform GameFi. However, owing to internal and external factors, StepN was unable to break the Ponzi cycle and eventually failed.
FED rate hiking
The Federal Reserve has maintained its strategy of monetary tightening this year. The frequency with which it has raised interest rates has intensified, particularly in response to the effects on the cryptocurrency market.
Some members of the Bitcoin world are thrilled about 2022, while others are extremely upset. The events of 2022 may or may not have any impact on 2023. Keeping an eye on the developments in the crypto space in 2023 is however crucial.
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