It has been a challenging year for the cryptocurrency market. The crypto market has lost more than $1.4 trillion in value this year as the rising interest rate environment and recession fears kept investors away from highly risky assets. Two of the biggest cryptocurrencies, bitcoin and Ethereum, have fallen more than 63% year-to-date.
The impact of the collapse of the crypto exchange FTX has further dampened investor sentiment about cryptocurrency, dragging down major digital currencies. FTX’s $32 billion valuation went up in smoke as the company’s liquidity dried up, and it filed for bankruptcy.
