• The cryptocurrency market has been resilient despite the bad news in 2022.
• Bitcoin is trading above $30k, up 80% YTD.
• Hoarding of Bitcoin in personal wallets has increased after the price rose above $30k.
Cryptocurrency Market Resilience
The cryptocurrency market remains resilient despite a wave of bad news in 2022. Bitcoin trades above $30k, up 80% YTD and HODL seems to be the secret of Bitcoin’s success as Bitcoin hoarding in personal wallets rises.
Bear Market of 2022
2022 has been a terrible bear market for cryptocurrency investors since November 2021. Bitcoin dropped from $69k to $15.5k in a matter of months and other cryptocurrencies followed suit. Over the last year, the industry was hit by multiple negative events such as FTX collapse and over 300 lawsuits and regulation cases that scared investors away.
Increasing Interest In Cryptocurrency
Research from Bank of America shows positive developments for the cryptocurrency industry with an increase in hoarding of Bitcoin in personal digital asset wallets after its price jumped above $30k. This indicates an increasing interest from people who have faith in this technology even though it was released less than two decades ago with one Bitcoin being priced at 5 cents back then 2010.
Volatility Of The Market
The volatility and boom-bust cycles are common occurrences in the crypto markets which is why it’s important for investors to stay updated on all news related to cryptocurrencies before deciding to invest or not..
Overall, investing in cryptocurrencies can be risky due to their volatile nature but they can also produce high returns if done correctly so it’s important to do research before making any decisions regarding investments into them.