- The cryptocurrency market remains resilient despite a wave of bad news in 2022
- Bitcoin trades above $30k, up 80% YTD
- HODL appears to be the key of Bitcoin’s success as Bitcoin hoarding in private wallets rises
2022 has been a horrible bear market for cryptocurrency traders since November 2021. Bitcoin, the main cryptocurrency, dropped from $69k to $15.5k in a matter of months.
Other cryptocurrencies adopted.
Over the final yr, the trade was hit by a wave of destructive news. Just assume of the FTX collapse, which seems to be the most important fraud in current historical past.
Also, the $2 trillion bear market was the most important in the (comparatively brief) cryptocurrency market’s historical past. Moreover, a number of crypto lender bankruptcies have been introduced.
Finally, over 300 lawsuits and regulation instances scared traders away.
Yet, the market bounced. It is extremely resilient, rewarding traders believing in it. For occasion, Bitcoin trades above $30k, up +80% YTD.
Bitcoin hoarding in private wallets is a constructive signal
Recent analysis from the Bank of America reveals constructive developments for the cryptocurrency trade. HODL appears to be the key of Bitcoin’s success. According to the analysis, hoarding in private digital asset wallets elevated after Bitcoin’s worth jumped above $30k.
This is nothing brief of spectacular, contemplating that Bitcoin was launched lower than twenty years in the past. To put it into context, one Bitcoin was priced at 5 cents in 2010.
It tells a lot concerning the cryptocurrency market’s volatility and that booms, busts, mania, and despair are the norm.
