The crypto industry saw a decline in business in the year ending 2022. Crypto exchanges ended 2022 with the worst performance in the past two years, according to a report from the Block data dashboard. Comparing the crypto trading volumes of 2022 and previous years, it was found that the exchange ended 2022 with a similar high until 2020 when the price of Bitcoin exceeded $20,000.
Crypto prices have been seen to fall significantly in 2022 as Bitcoin started trading at $47,000 in January 2022 from its December price of $16,000. In November 2022, Reuters published a report on the top crypto exchange by trading size according to CoinGecko research. The exchange of Binance with a market value of $ 4.953 is higher than the list while Kraken has the tenth position with a market value of $ 237.48.
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Crypto Market Value
The lowest crypto trading volume recorded in 2022 is due to some factors in the crypto market, including the sudden collapse of the FTX exchange and companies filing for bankruptcy protection.
Gary Gensler, Chairman of the United States Securities and Exchange Commission (SEC), speaking about the failure of the FTX exchange is not worth the current bear market in crypto, said that the failure of FTX will lead to restrictions on the company.
Charles Hoskinson, the creator of the blockchain platform Cardano, believes that the turmoil around FTX is the latest negative development in the bear market. Hoskinson said that FTX’s problems will affect the entire blockchain industry, as Sam Bankman-Fried, the CEO of FTX, is an industry pioneer.
Kathleen Breitman, CEO of blockchain company Tezos, said that a small minority of crypto businesses will survive and thrive during the current crypto bear market. He added that the current bear market is still far from seeing a bull market even though the market has resumed since then.