2022 was a brutal year for the cryptocurrency market due to several setbacks, including geopolitical tensions and global macro headwinds. The failure of stablecoin terraUSD, liquidity issues across the crypto market, and the dramatic collapse of the crypto exchange FTX dampened investor sentiment about cryptocurrency, dragging down major digital currencies.
Overall, the crypto market lost more than $2 trillion in 2022, and the top cryptocurrency, Bitcoin (BTC), lost over 60% of its value last year.
