How did Bitcoin drop from a staggering $47,827 in January to $16,800 in December? Meanwhile, December is still pretty bearish. However, there is a positive outlook for 2023.
How did Bitcoin’s 2022 adventure begin?
cryptocoin.comAs you follow, Bitcoin was on a rough road for most of 2022. While sentiments for the new year are still positive, Bitcoin may have followed some turbulent patterns that have led it to its current price point. Bloomberg covers many reasons why Bitcoin dropped to $16,851.
Back in January, Bitcoin had what could almost be labeled as smooth sailing. BTC started the year at $47,827. By February, the SEC penalized BlockFi. Also, Whormhole, a popular cross-chain protocol, was hacked. Hackers stole $30 million (120,000 Wormhole Ethereum (WeETH) worth of Ethereum). Bitcoin closed this month with a price of $ 43,760. On March 23, the Ronin hack was recorded. In the attack, 173,600 ETH and 25.5 million USDC were stolen from the platform and transferred to the hacker’s Ethereum address.
Key events pushing Bitcoin (BTC) further down
May was even more hectic for the cryptocurrency market. Key players claim that the events of May hurt the crypto price and the broader market. Because Terra (LUNA) collapsed in May along with the revival plans. The CFTC, which sued the Gemini exchange, did not help mitigate the market FUD. While Binance, another highly reliable crypto exchange, was under investigation by the SEC, the SEC and Ripple case was still pending.
12 events from June to October revealed the severity of the bear market. Coinbase, one of the largest crypto exchanges, has decided to cut 18% of its staff. Cryptocurrency companies Voyager and Celsius have filed for bankruptcy. Apart from these, Michael Saylor, a key figure in the market, left his role at Microstrategy as the market hit rock bottom. Along with Saylor, Kraken CEO Jesse Powell resigned from his position at the company. This came shortly after Alameda co-CEO Trabucco stepped down in August. At this time, the market was bearish for all assets and Bitcoin was sitting at $20,420.
October closed with the SEC putting Yuga Labs under investigation. November kicked off with Binance announcing a possible FTX token sale. And so, the storm in the crypto market has increased in intensity. At this time, opinions from investors, critics and even prominent players in the cryptocurrency industry reflected the uncertainty.
November closed with FTX and Blockfi filing for bankruptcy. Both bankruptcies fed the feeling that the ‘crypto bubble’ was deflating. In December, Sam Bankman-Fried (SBF), the former CEO of FTX, was arrested. He was later extradited from the Bahamas to the United States and was released on bail after making a $250 million payment. So, 2022 has been quite unstable for Bitcoin and other cryptocurrencies. However, the forecasts for the new year are mostly positive for now.
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