It has been a challenging year for crypto investors. The two biggest cryptocurrencies, bitcoin and Ethereum, have declined more than 65% year-to-date. The downfall of FTX, one of the largest cryptocurrency exchanges, jolted the crypto market two weeks ago. Its $32 billion valuation evaporated as the company filed for bankruptcy as its liquidity dried up.
The deteriorating macroeconomic conditions primarily affected the crypto market. The soaring inflation and punishing interest rate hikes led to investors taking a risk-aversive stance.
