The year 2022 has proven worst for the global stock and crypto market. Can bulls make a comeback and take over the market in 2023?
This year investors have seen many ups and downs specifically in crypto markets, we've seen the downfall of many reputed projects and companies such as Terra (Luna), 3AC, BlockFi, Voyager and the latest FTX exchange. Investors have been growing through the worst after May 8th, 2022, when Terra's stablecoin ($UST) shocked the whole crypto industry as it got depegged from USD and fell to almost $0 as well as the LUNA.
Meanwhile, yesterday (Monday 5th, 2022) as soon as the US market opened, stocks fell around (3 - 5)% making a total liquidity wipe of around $650B from the US stock market. Also, the fed is set to hike interest rates on Dec 14, giving an indication of short-term volatility in the markets again. Bitcoin has fallen from its ATH of $68,000 in Nov 2021 to $15,700 this year and is struggling to regain the support level of $20,000.
Some financial institutions predict that Bitcoin could fall more either to $10k or even $5k if the market situation gets more worse. But we shouldn't forget that Bitcoin halving is set to take place in mid-2024. Hence, it will be interesting to see how investors will react to this. As of now, at the time of writing this article, Bitcoin is trading around $17k with a market capitalization of $326 Billion.
>> Disclaimer:- Cryptocurrency Investment is subject to high market risk. The information on our website is for educational purposes only. Please do your own research before investing anywhere, we will not be responsible for your investment losses.