2022 has indeed been a brutal year for the cryptocurrency market as Bitcoin lost over 60% of its value.
James Royal, the principal reporter at Bankrate, said many Americans are now realizing that cryptocurrency is just a speculative mania and the industry is rife with crooks. As such, 60% of Americans believe investing in digital currency is highly risky, up from 45% in 2021. But 8% of respondents, as per CNBC’s All America Economic Survey, have a positive view of cryptocurrency as of November 2022. The broader crypto market lost a little over $2 trillion in 2022 with the popular Bitcoin falling very much below its 2021 highs.
The survey highlighted that Dogecoin lost 55% of its value, Bitcoin 63%, Ether 67%, Cardano 80%, AMP 93%, Solana 93% and Terra 100%. Royal believes crypto prices will fall further when traders and crypto companies realize that they don’t have an unending stream of marks willing to push up the prices. He warned against investing in cryptocurrencies.
Cryptocurrencies are highly volatile, thus a very much risky asset as it is subject to unpredictable price fluctuations and deep falls. Because of this very reason, experts advise against investing in crypto assets. Traders and investors lose more than they gain.