What a difference a year makes. Towards the end of 2021, the crypto market was at an all-time high, reaching a market cap of $3 trillion. These soaring heights have been met in 2022 with painful lows because the crypto market has sunk to less than a third of its value from the previous year.
Crypto enthusiasts will point to a struggling global economy; crypto skeptics will say that the bubble has finally burst. It is true that the crypto market in 2022 has witnessed some seismic events – the implosion of the Terra stablecoin ecosystem and the bankruptcies of Three Arrows Capital, Celsius Network, Voyager Digital and BlockFi to name a few.
[The full opinion piece by Laura Navaratnam can be found here and was published Jan. 26, 2023]