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[franky1]

i read alot of people calling 2022 bad and negative
trying to find reason why they think crypto 2022 is outside of the norm for its period

i see it as the norm

just looking at the halving cycles end to end.
you see this

2010-2012   2012-2016  2016-2020   2020-2022

yep the green of the 2020-sofar 2022. is right where it should be

we are ~63% through a halving cycles and looking at the charts puts it smack bang in other cycles "low zone" for their periods

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[S A KHAIR]

Indeed, there are so many problems going on with crypto in 2022. And those problems are continuing. Stock exchange hacks are happening all the time, and it's something that needs serious attention. I think exchange developers need to pay attention to the level of security. Perhaps the two biggest issues that cost investors big are Terra and FTX. I also left a small amount of assets on the FTX exchange, it is currently inaccessible. What needs to be considered is the cause of bankruptcy, hacking, and so on. Do not let us think this happened naturally or accidentally, or done by other parties outside the exchange. Suspicion is important to protect our assets in the future. Maybe my assumptions are too exaggerated in this regard, but this assumption arises because I personally have experienced it many times. We just need to be careful in storing assets. Losses due to dumps in crypto prices are commonplace, and that's not a problem for me.

Nothing is accidental and natural, everything is planned in advance. If you pay attention, you can see, every time the bear season comes, big projects fail, causing the market to crash, it's like pre-programmed. 2014 with Mt.gox, 2017 with bitconnect and 2022 with FTX and Luna. Cryptocurrency is a gambling, not a place with new technology as many people think, it is a place where there are winners and losers.

[franky1]

Nothing is accidental and natural, everything is planned in advance. If you pay attention, you can see, every time the bear season comes, big projects fail, causing the market to crash, it's like pre-programmed. 2014 with Mt.gox, 2017 with bitconnect and 2022 with FTX and Luna. Cryptocurrency is a gambling, not a place with new technology as many people think, it is a place where there are winners and losers.

separate the terms of
crypto the industry(businesses at the edges)
vs
cryptocurrency the currencies(plural)
vs
specific currencies of crypto(eg bitcoin)

yes businesses fail by not being business savvi and not knowing the cycles or purposefully ripping off their customers

some cryptocurrencies have no underlying value or market cycles and just pure random speculations

where as some like bitcoin do have underlying value and market cycles and fundamentals

[Darker45]

If we take a look at the entire year, it appears that it wasn't really FTX that started the whole contagion. It was probably Terra. Although a correction was kind of expected after the November 2021 ATH, the price was only rising and falling, going beyond and below $40,000. That probably wasn't the bottom yet even though it was already at least 30% down from the ATH, but when Terra collapsed, the price went swirling down and it almost never saw $30,000 again.  

Terra was the first domino to fall. The rest followed. The price slid down freely all the way below $20,000. That was a huge fall, and something really big to recover from. 2023 is certainly not enough. It might take 2024 to see things fully recovering.

[The Sceptical Chymist]

If we take a look at the entire year, it appears that it wasn't really FTX that started the whole contagion. It was probably Terra.

I'm not familiar with the Ronin attack (I'll have to look it up), but it looks like the total market value started to slide shortly after that happened, but it really started to sink after Terra--and I agree, FTX didn't kick off this very bearish market we find ourselves in.  Unfortunately, I think SBF's misdeeds are what's going to bring the regulators around (and I know they've already got the microscope focusing in on the whole space), and it's anyone's guess what the outcome is going to be as far as how hard they're going to come down with the law-making.

Nice infographic, Ratimov.  I missed this thread entirely for some reason.

[Darker45]

If we take a look at the entire year, it appears that it wasn't really FTX that started the whole contagion. It was probably Terra.

I'm not familiar with the Ronin attack (I'll have to look it up), but it looks like the total market value started to slide shortly after that happened, but it really started to sink after Terra--and I agree, FTX didn't kick off this very bearish market we find ourselves in.  Unfortunately, I think SBF's misdeeds are what's going to bring the regulators around (and I know they've already got the microscope focusing in on the whole space), and it's anyone's guess what the outcome is going to be as far as how hard they're going to come down with the law-making.

The Ronin attack was indeed huge. The damage was at least $600 million, but I don't think it started a contagion in the market. It didn't cause a domino effect. It was more of a niche-based damage, although it's not even the cause of play-to-earn NFT games losing popularity. Axie Infinity, of course, as well as Ronin itself were severely affected. But, again, it didn't really wreak havoc in the larger crypto industry.

Terra's collapse, however, sent big ripples across the crypto industry. To a certain extent, it contributed to the fate of Celsius, 3AC, Voyager, and others. It was a popular project. It was very quick to rise and even reached the top 10. Promoted by popular influencers, the likes of crypto billionaires Novogratz and CZ, it quickly attracted massive retail and institutional support. Its collapse, therefore, was huge.

However, I agree that as far as the effects on regulators are concerned, it might indeed be SBF's FTX that immediately caused it. But sometimes I wonder how much of what the regulators and even congress itself are doing now would have been done had FTX not been owned by this altruistic gentleman, Mister Sam Bankman-Fried.

[oaz7t]

Terrifying numbers but let us keep the spirit on for the year 2023 guys. They are the big investors, those who failed all the way down to zero were not in the business, they were in the money making race and that's why they failed themselves. I think with the current status of crypto at least bitcoin is fairly good because it still has greater value than any other asset despite the various collapses around crypto universe. What's happen is happen in the year 2022, I think it is time to see the futuristic goals that would happen in the year 2023. I am hoping that we will have stringent roller coaster ride one more time but with the down turn there is opportunity for the new rich people to invest into it who might be planning as we speak. These companies will come and go, we just have to ride alongside.

[Marcellin9]

Yeah, just a reminder how volatile crypto market is, although we haven't had a big crash like the Mt. Gox years ago, but still there are black swan events that are comparable to it. Specially the collapse of FTX that really put the market at the edge again.

And not only this kind of events, but they are a couple of FUDs around that will somewhat affect us.

In any case, those who remained in the market would need a lot of patience and think for the long term and then take advantage to buy when the price goes down hard because of this events.

Agree. The volatile market is a test for all inside players. Despite all dreadful events in 2022, the long term investors still remain and survive. I hope all these disappointments act as a high fever, our immune system reacts vigorously and our body ( crypto market) will soon recover. Look forward to a wonderful year of 2023.

[Smartprofit]

If we take a look at the entire year, it appears that it wasn't really FTX that started the whole contagion. It was probably Terra. Although a correction was kind of expected after the November 2021 ATH, the price was only rising and falling, going beyond and below $40,000. That probably wasn't the bottom yet even though it was already at least 30% down from the ATH, but when Terra collapsed, the price went swirling down and it almost never saw $30,000 again.  

Terra was the first domino to fall. The rest followed. The price slid down freely all the way below $20,000. That was a huge fall, and something really big to recover from. 2023 is certainly not enough. It might take 2024 to see things fully recovering.

In my opinion, a bear market naturally follows an impressive bull market. 

Vitalik Buterin, the main developer of the second largest cryptocurrency by capitalization, in his interview noted that the previous cryptocurrency bull market was very long in time.  From this we can conclude that the bear market that followed the bull market will also be long in time....

In my opinion, it doesn't matter which hype project failed first.  All of these projects were potentially at risk.  Their founders had no experience in developing their projects in a bear market, with minimal activity of traders and investors. 

As for the recovery of the cryptocurrency market, it is possible that it will fully recover no earlier than 2026.

[beerlover]

The Ronin attack was indeed huge. The damage was at least $600 million, but I don't think it started a contagion in the market. It didn't cause a domino effect. It was more of a niche-based damage, although it's not even the cause of play-to-earn NFT games losing popularity. Axie Infinity, of course, as well as Ronin itself were severely affected. But, again, it didn't really wreak havoc in the larger crypto industry.

Terra's collapse, however, sent big ripples across the crypto industry. To a certain extent, it contributed to the fate of Celsius, 3AC, Voyager, and others. It was a popular project. It was very quick to rise and even reached the top 10. Promoted by popular influencers, the likes of crypto billionaires Novogratz and CZ, it quickly attracted massive retail and institutional support. Its collapse, therefore, was huge.

However, I agree that as far as the effects on regulators are concerned, it might indeed be SBF's FTX that immediately caused it. But sometimes I wonder how much of what the regulators and even congress itself are doing now would have been done had FTX not been owned by this altruistic gentleman, Mister Sam Bankman-Fried.

I think if you look at the prices, FTX happened when bitcoin was around 20k already, we already bottomed at around 17.5k or so back then, and we did had some recovery back to over 20k and then dropped to 16k or so, but that's still when we were at the bottom.

However, we could consider Luna as a big drop, it was a lot higher when it happened and crashed the price hard, so I would understand the logic there but it happened in spring of 2022, not October 2021. During November of 2021 we started out fall and been in bear market since then, whatever happened there is the main reason for the bear market to start, and I don't know what it was, but I know that was the date.

[STT]

The cascade gif is impressive, I would still not tie every news story directly and precisely to price not of BTC anyway.   Some of the BTC sales will occur no matter what just from a lack of momentum, some holders are only interested when the price goes up so reversing that leads to an opposite tidal flow in price just the same as we gain that way too.
   Also the idea people lost capital is only true if they are required to later pay Dollars for certain, if people dont borrow dollars they do no owe that balance and can keep Bitcoin as long as they like.  Of course I understand the idea people want to sell at some point but BTC by itself has never had a yield and people knew this when buying it; there was no change in this situation or loss as such in BTC.
  The market price does not determine value only a reflection of demand vs supply on those order books it is some estimation and utility in providing an agreed market for those who must sell in 2022 of course it has a use but its not an absolute determination of success imo