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Archbishop Mitty High School

Quick 2022 Crypto review and expectations for the rest of 2023

While cryptocurrency took a fall in 2022, there are still opportunities for recovery in 2023.
<a href="https://highschool.latimes.com/author/kaiwenzhang24/" target="_self">Kaiwen Zhang</a>

Kaiwen Zhang

March 10, 2023
Overall, 2022 has been a shaky year, not only in the markets but also in the world with the Russian invasion of Ukraine and China-U.S. tensions growing. Specifically, in markets around the world, cryptocurrency took one of the largest dives in 2022. A notable cryptocurrency exchange called FTX recently filed for bankruptcy, with owner Sam Bankman-Fried stepping down. The company was once worth over 32 billion dollars, but liquidity dried up, customers demanded withdrawals and rival exchange Binance ripped up its nonbinding agreement to buy the company. 

Bankman-Fried claims to only have 100,000 left in his bank account from an initial fortune that reached as much as $26.5 billion. He is currently facing eight counts of fraud and conspiracy as well as separate civil charges from the SEC and Commodities FuturesTrading Commission. However, the collapse of FTX is only a small part of the overall cryptocurrency market’s sizable fall. In 2022, crypto’s total market capitalization fell 1.46 trillion dollars with Coinbase stock taking an 86% dive as well.

Crypto’s rough 2022 is further demonstrated through the more than 3 billion dollars worth of crypto stolen by hackers and fraudsters. Hackers specifically targeted portals between blockchains that allow users to transfer assets from one platform to another.

As we head into 2023, it’s important to remember how there are opportunities for crypto and other markets to recover, as none of the fallouts have come as a result of the blockchain technology by itself and there have been many technological advancements. However, with the amount of fraud and theft surrounding blockchain technology, the current macro environment, lack of regulation and confidence in crypto, and unclear regulatory frameworks will continue to put pressure on crypto and make it a fairly unstable investment. 

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