Bitcoin Lost More Than 60% of Its Value in 2022 As $2.1trn Investors’ Money Is Wiped Out From Crypto Market
- Bitcoin investors had a difficult year in 2022, as their investments declined dramatically over the year
- Data shows that over 60 percent of bitcoin's value was wiped off with $2.1 trillion of dollars lost
- It could be a tougher year for the market due to low confidence among the bitcoin community and outsiders
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The bitcoin market has had a rough 2022 and the implosion of FTX, a now-bankrupt crypto trading platform did even worst to the overall crypto market.
CNBC reports that a whopping $2.1 trillion(N940.96trn) was whipped out from the entire cryptocurrency market.
Crypto is considered to be a highly volatile asset that is subject to unpredictable price fluctuations and falls. For this reason, financial experts typically advise against investing more into crypto than you’re willing to potentially lose.
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However, not everyone saw the price collapse coming especially for Bitcoin the favourite cryptocurrency.
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Data from Coinmarketcap shows that bitcoin started the year at $47,680.93($47.6m) compared to $16,625.69($16.6m) it closed the year, December 31, 2022.
Bitcoin losses compared to other cryptocurrencies
Here’s how much the value of seven popular cryptocurrencies changed in 2022 as of Dec. 22, per CNBC’s calculations.
- Terra: -100%
- Solana: -93%
- AMP: -93%
- Cardano: -80%
- Ether: -67%
- Bitcoin: -63%
- Dogecoin: -55%
What to expect in 2023
The implosion of FTX, a now-bankrupt crypto trading platform that was once valued at $32 billion, has shattered investors’ confidence as the ripple effects of the company’s collapse continue to spread throughout the crypto industry.
It is expected the uncertainty among investors will continue in the first three months of 2023 and could last longer except regulatory measures is put in place to protect investors' fund.
Air Peace others get new rival as Kano billionaire buys N4.2bn aircraft
Meanwhile, in another report after receiving approval from the federal government, Rano Air will soon be flying over Nigerian airspace.
The airline is owned by Kano-born business mogul and oil magnate, Alhaji Auwalu Abdullahi Rano.
To kick off the airline operation, Rano has spent over N4.2 billion in buying new aircraft.
Source: Legit.ng
