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Why This Might Be Crypto’s Worst Year Yet

This year could be the crypto worst year because of the following: 

  • Six months into 2022 and the crypto industry has been hit by several blows.
  • NFTs and crypto projects were victims of a catastrophic exploit that is reminiscent of the dark days of 2017.
  • Optimists are hopeful for better days in the second half of the year

2022 is started with a lot of promise by the investors from the crypto. But with the six months down the lane, the crypto fairytale is turning down into the sweet nightmare that nobody wants to see, at least after the sunny and shiny days. 

By the end of 2021, crypto prices were surfing at all-time highs with global market capitalization. Within the arm’s reach of $3 trillion. Bitcoin had touched $68,000, and enthusiasts made valiant predictions. The prediction was about the asset that would breach the $100,000 mark within the first two quarters of 2022.

Furthermore, 2022 rolled by, but the predictions did not come through. Instead, the industry was rocked by one scandal after another that shaved off a chunk of value from the cryptocurrencies. 

Crypto Worst Yeat and NFT are also the Victims

Non-fungible tokens (NFTs) were the first to fall victim after OpenSea, the largest NFT marketplace, suffered a bug exploit leading to the loss of several pieces.

Since then, transaction volumes for NFTs have fallen by over 50% from the highs of 2021, leading pundits to wonder if the bubble had burst. 

A recent survey by DEXterlabs revealed that over half of NFT investors were yet to make a profit from their investments.

Things went from bad to worse when TerraUSD (UST), the third-largest stablecoin, de-pegged from the dollar. The aftermath was chaotic as investors lost billions of dollars. Even the entire Terra ecosystem imploded under the weight of the tragedy. Investigations by regulatory agencies were carried out. These regulators have threatened the worm of negligence that threatened to put the entire industry at loggerheads with regulators.

Read more: Why is Crypto Crashing and Will It Recover?



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