Bitcoin in 2022: A Year to Forget [ Crypto Espresso 12.19.22 ]

It's holiday time here at crypto Espresso and that means every day until 2023 we'll be taking a little step back In time revisiting the biggest stories Of the year today we'll be taking a look At Bitcoin itself and it's horribilis no That's not how Harry Potter gives Someone hemorrhoids it's Latin for a Horrible year and it's the perfect Phrase to describe what happened to Bitcoin in 2022 things were already Challenging for Bitcoin because of the Headwinds facing the global economy There was a war in Ukraine to worry About with central banks dramatically Ramping up interest rates to bring Red-hot inflation under control but as The bear Market set in with Bitcoin Falling further and further away from All-time nice highs of about sixty nine Thousand dollars the world's biggest Cryptocurrency suffered several crushing Blows well the Luna Foundation guard had Bought vast amounts of Bitcoin in an Attempt to protect the dollar Peg of UST In algorithmic stablecoin but this war Chest worth billions of dollars quickly Evaporated when UST fell below one Dollar drugging sister altcoin Luna into A vicious death spiral that wiped 48 Billion dollars from the crypto market May delivered a horrifying one-week Plunge to the value of Bitcoin and Another followed in June when crypto

Lenders including the Celsius Network Suddenly halted withdrawals blaming Extreme market conditions we've had Countless bankruptcies this year with Some projects offering interest rates to Users that were simply too good to be True some may never get their Bitcoins Back and others will only receive a Small percentage of their savings the Latter part of the year has seen Bitcoin Languishing below twenty thousand Dollars a psychologically significant Milestone that reflects the all-time High seen during the 2017 bull market Worse still Bitcoin has handed back all Of the gains accrued during the Bull Run Scene in 2020 and 2021. the industry has Been plunged into further turmoil by the Most shocking collapse of them all ftx's Bankruptcy allegations are swirling that Billions of dollars in customer funds Were misused by Sister trading firm Alameda research and FTS his founder Sam Bankman freed is now facing criminal Charges in the U.S he has been vowing to Fight any attempt to extradite him and Is currently being held in a Bahamian Jail cell and as we head into 2023 there Are some burning questions will Inflation finally be brought under Control will Sky High interest rates tip The U.S and other major economies into a Recession will Bitcoin remain closely Correlated to the stock market does the

World's biggest cryptocurrency have Further to fall will the crypto Contagion that engulfed FTX spread to Other industry players and how will this Affect the debate surrounding regulation Bitcoin has slipped by 64 in the year to Date and many retail investors had Already exited the market by the time FTX went under bankruptcies like this Have likely alienated some true Believers who have vowed to huddle Through adversity it's gonna be a while For the crypto Community to rebuild Trust and credibility if it ever does it All the coming 12 months may very well Be dominated by sideways price action Then next Bitcoin having is due to take Place in 2024 which historically has Been seen as a catalyst for bull runs Any fresh nice all-time highs may be Years away will badly burned retail Investors come along for this ride if Bullish momentum returns and will Bitcoin be able to thrive without them Find out on the next exciting episode of Life and that does it for today be sure To like this video subscribe to our YouTube channel click on that little Bell icon to get buzzed whenever a new Crypto espresso video goes live and have A happy holiday season we'll be back With more 2022 retrospectives tomorrow