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Crypto spent most of 2022 in free fall, with players and prices reeling from the collapse of TerraUSD, Celsius, Voyager Digital and then FTX.
It’s safe to say that 2022 wasn’t the best year for crypto. By late January, Bitcoin had already shed half of its value from its all-time high of nearly $69,000 set in November 2021. Bitcoin’s descent accelerated after the first major crisis of this year — the collapse of an algorithmic stablecoin called TerraUSD. The implosion of what was once considered an ambitious experiment for decentralized finance, or DeFi, sent shockwaves through the industry, ultimately triggering the collapse of crypto hedge fund Three Arrows Capital as well as crypto lenders Voyager Digital and Celsius.
It started to feel a bit like the Hunger Games — crypto CEOs and other senior executives racing for the exit, true believers getting into Twitter fights about whether centralization was the real enemy, all against a backdrop of conferences and parties where people tried to rekindle enthusiasm for their Bored Ape non-fungible (NFT) collections. Then there was the stunning collapse of one of the most significant crypto exchanges in the sector, FTX, and the resignation of its 30-year-old CEO Sam Bankman-Fried. It’s been quite the year. And 2022 isn’t even over yet.
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