2022 turned out to be a memorable year for the crypto industry. We tell you which event of 2022 crypto investors consider the loudest.
The 5 most high-profile events of 2022 in cryptocurrency
In the first place was the collapse of large projects. It all started with Terra. In May, the project’s stablecoin lost its peg to the underlying asset – the US dollar. Against the background of the Terra ecosystem collapse and two cryptocurrencies that were in the top 10 capitalization, many investors lost money. The developers tried to restart the project. The new version of the Terra cryptocurrency turned out to be unclaimed.
The collapse of the crypto project triggered a series of deaths in the digital asset market. In particular, the victims of Terra were the Singapore cryptocurrency hedge fund Three Arrows Capital and the cryptolanding platform Celsius Network.
In November, the crypto community was waiting for another shock – the bankruptcy of one of the largest FTX crypto exchanges. The lost trading platform dragged a number of other projects to the bottom.
The second place went to Binance, or rather, regulatory pressure, under which the largest crypto exchange fell. Investors began to doubt the “health” of the trading platform amid the collapse of its competitor – FTX. Fuel was added to the fire by reports according to which the US Department of Justice is preparing to accuse Binance and the exchange founder of money laundering.
The bronze was taken by non-fungible tokens (NFT) with their rapid decline in trading volumes in 2022. Against the background of a falling market, the creators of NFT are forced to look for alternative sources of monetization.
The fourth place was taken by the move of the second largest cryptocurrency Ethereum from an extremely energy-intensive PoW to a more environmentally friendly PoS algorithm. The developers have been preparing for the event for several years. Unfortunately for the ETH team, against the background of the algorithm change, the project attracted the attention of regulators.
Elon Musk’s purchase of the crypto community’s favorite social network, Twitter, closes the top 5. In December, information appeared on the network that a businessman could launch his own cryptocurrency. The news saddened investors of Dogecoin, Elon Musk’s favorite coin.
