From January 1 to December 31, 2022, Bitcoin lost around 64 percent in value.
New York, Frankfurt The photo went around the world. Sam Bankman-Fried, celebrated as a crypto prodigy just a few months ago, was taken away in handcuffs in the Bahamas in mid-December. The founder of the once third-largest crypto exchange FTX has had to face a whole series of lawsuits after the surprising bankruptcy in November of this year. He faces up to 115 years in prison. It’s about billions in lost investor funds.
The FTX collapse marks the low point of an already miserable year for the once-so-successful crypto industry. Cryptocurrencies such as Bitcoin and the decentralized blockchain database technology behind it were the greatest innovations in the financial sector in decades, and their raison d’être is now being questioned.
High inflation and the abrupt turnaround in interest rates by the US Federal Reserve (Fed) have massively clouded the climate for high-risk assets such as cryptocurrencies and status symbols such as collectibles that only exist in virtual space, so-called NFTs.
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