Bitcoin 2022 In A Nutshell: Gloomy Days For The Flagship Crypto With A Silver Lining

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See Ya Later, 2022!

That’s what many in the Bitcoin world are saying after this year seemingly broke the back of the flagship cryptocurrency. But, unfortunately, this year’s bitter crypto winter washed out many pundits and Bitcoin bulls who argued the coin would soar to new heights. To be fair to those like Tim Draper – who predicted in 2018 that Bitcoin would hit $250,000 per coin by the end of 2022 – this year caught many studying the markets by surprise. Few might have predicted the spectacular collapse of crypto heavyweights like Terra and FTX that shook the industry to its core. Sustained inflation and uncertainty within traditional financial markets certainly didn’t help, primarily due to factors like the ongoing Russia-Ukraine war and feverish activity by many central banks to ramp up interest rates.

Here’s a blow-by-blow review of 2022’s biggest Bitcoin-related headlines.

Bitcoin 2022 Year In Review, Continued

Looking back across 2022, the crypto gloom looks sobering. For example, late December reporting from CoinDesk reveals its CoinDesk Bitcoin Price Index slid 65% across the year to about $16,500 as of December 20.

But there are a few silver linings amid the crypto carnage.

So what’s ahead for Bitcoin in 2023? Many argue the crypto winter could extend into the next year as consumer confidence remains rocky after Terra and FTX. Moreover, general economic outlooks do not look any more robust. Others claim the continued adoption of crypto could lead to massive regulatory battles, and concerns about platforms could lead to a disaggregation of significant exchanges and players to stop another FTX. Of course, Bitcoin’s scheduled 2024 halving could also affect price action as these events often trigger crypto bull runs. So let’s see what 2023 brings.

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