Bitcoin lost over 60% of its value in 2022

This year has been a tough year for the cryptocurrency market.

In the latest blow to the crypto space, Core Scientific is one of the largest publicly traded crypto mining companies in the US, primarily minting Bitcoin. Filed for bankruptcy on December 21cites falling crypto prices and rising energy costs.

When FTX Implosionis a now bankrupt crypto trading platform that was once valued at $32 billion. shattered investor confidence As a ripple effect of the company bankruptcy Continues to spread across the crypto industry.

Many Americans are starting to realize that cryptocurrencies are just speculative geeks and that the industry is rife with scammers, James Royal, principal correspondent at Bankrate, told CNBC Make It. I’m here.

Until then, roughly 60% of Americans now believe investing in digital currencies is too risky Up from 45% in 2021, according to recent data. CNBC Make It: Your Money Survey, in partnership with Momentive. Another 26% consider it a moderate risk.

just 8% of Americans have a positive view of cryptocurrencies As of November 2022, CNBC National Economic Survey.

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as a whole, The Crypto Market Has Lost Just Over $2 Trillion By 2022, popular digital coins such as Bitcoin will be Well below 2021 high.

Here’s how much the seven popular cryptocurrencies changed in value in 2022 as of Dec. 22, according to CNBC’s calculations.

1. Terra: -100%
2. Solana: -93%
3. Amplifier: -93%
4. Cardano: -80%
5. ether: -67%
6. Bitcoin: -63%
7. dogecoin: -55%

Prices are likely to fall further when traders and crypto firms start to realize that they dont have an endless stream of marks trying to push crypto prices higher, said Royal. increase.

In fact, Royal warns against investing in cryptocurrencies at all.

Cryptocurrencies are considered highly volatile assets subject to unpredictable price fluctuations and declines. For this reason, financial experts usually advise not to invest more in cryptocurrencies than you can afford to lose.

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