crypto crash of 2022

crypto crash of 2022: The crypto market is in dire straits. The bear market has caused many crypto investors to rethink their future crypto investments as well. How did crypto get here and what’s in-store? We spoke with experts to find out.

An array of cascading red graphs across various crypto exchanges has sent investors into a frenzy. The current crypto meltdown has been a reality check for many investors who were looking to make a quick buck from the digital currency.

The great crypto crash of 2022: How we got here & where we are headed

Not only has crypto seen some of its worst months in terms of valuation, but it has also betrayed faithful crypto investors who thought these assets could offer them some economic stability.

But how did it come to this? Why is Bitcoin, a digital currency that was being heralded as the next big thing, now hanging by a thread with an uncertain future? What will be the future of crypto investors in India and globally?

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Let’s take a look at some of the reasons behind this crypto turmoil, the damage it’s dealt investors and exchanges alike, and things to keep an eye out for in the coming days.

AS THINGS STAND

The year 2021 was one of the best times for crypto investors. While Bitcoin had hit an all-time high of $69,000 (Rs 54.5 lakhs) in November 2021, the overall Bitcoin market capitalization stood at almost $3 trillion. Analysts and crypto evangelists were predicting Bitcoin to cross the $100,000 dollar mark before the end of the year. Little did they know that the worst was yet to come.

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January 2022 saw the crypto market drop below the $2 trillion mark and after that, it was all downhill barring a slight recovery in April. At the time of writing, the world’s largest cryptocurrency, Bitcoin, is trading at $19,165 (Rs. 15 lakhs approx) with a 7-day drop of 8.47 percent. This is close to the lowest it’s been in years.

Overall, it has slumped approximately 70 percent in value from its record all-time high last year in November, while other tokens like Dogecoin, Avalanche, and Solana, among others, have taken up to a 90 percent hit. As of today, the total market cap for crypto currently stands at $860 billion.

80,000 Bitcoin millionaires were wiped out in the great crypto crash of 2022

Overall, it has slumped approximately 70 percent in value from its record all-time high last year in November, while other tokens like Dogecoin, Avalanche, and Solana, among others, have taken up to a 90 percent hit. As of today, the total market cap for crypto currently stands at $860 billion.

HOW CRYPTO GOT HERE

Many experts who have been commentating and writing in the crypto space for years hold global inflation to be one of the prime architects responsible for crypto’s disastrous situation.

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The US Federal Reserve has been trying to fight the recession trap by hiking interest rates, which is one of its biggest hikes in 28 years. Though initially the crypto market was left unperturbed by a 0.75% hike, many market analysts believe it has led to aggravated inflation rates.

“Globally, inflation has forced central bankers to reduce liquidity in the market by raising interest rates. This is the primary reason for the fall in crypto markets. However, while the headline tokens are only taking a beating in price, and are likely to re-emerge once the slump is over, the smaller tokens will probably not survive the slump.”

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– Ajeet Khurana, Founder, Reflexical

Even the stock market has dipped into bear territory – which means a 20 percent drop from its recent high. While the S&P 500 is down by more than 21 percent, Nasdaq has crashed 33 percent in 2022. India is also facing the brunt of this steady inflation with the Nifty50 down by 15 percent from its all-time high (18,604.45) back in October 2019. It’s clear that inflation has played a role in the downfall of crypto and many people are turning away from the idea of investing in such volatile assets. The sentiment towards crypto as an investment has drastically changed.

Rohas Nagpal, who is the Chief Blockchain Architect of the Hybrid Finance Blockchain (HYFI) has cited the following reasons for the crypto crash:

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