The post How Did The Crypto Space Fair In 2022? appeared first on Coinpedia Fintech News
Cryptocurrency has been on the rise for many years and can be traced back to 2009 with the release of Bitcoin. The digital currency does not rely on a central authority, such as a bank, and a decentralized system is used when making transactions, cutting out the need for an intermediary. In 2021, Ecuador became the first country to accept Bitcoin as legal tender but how did cryptocurrency fair in 2022?
The Struggles
There is no getting away from the fact the cryptocurrency market struggled in terms of value in 2022. The year was a disappointment for many sectors around the world due to several factors, the crypto space included. The loss in value of cryptocurrencies led to some crypto exchanges and lenders filing for bankruptcy or pausing transactions, including FTX, Genesis, Three Arrows Capital, Alameda Research, Voyager Digital, BlockFi, and Celsius Network. FTX was perhaps the biggest story, an
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