Cryptocurrencies, powered by blockchain technology, generated tremendous excitement over the past few years. Investors and companies dreamt of a future where these digital currencies would power new decentralised use cases and low-latency transactions, with the instantaneous cross-border transfer of money being a much-revered goal. Yet, while 2022 was a tough year for most asset classes globally, it was far worse for cryptocurrencies.
From a peak of close to $3 trillion in November 2021, the aggregate value of all cryptocurrencies has fallen to $800 billion today, implying a loss of over $2 trillion of investor wealth. Among other factors, a series of seemingly fraudulent behaviours-due, in part, to the lack of governance, diligence from investors, and regulations in this space-hurt retail and institutional investors alike. Noteworthy events included:
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