Even though 2021 was the best year for digital assets such as cryptocurrencies and non-fungible tokens (NFTs), 2022 has been a washout in comparison and has seen cryptocurrency prices fall to pre-COVID-19 levels, wiping out trillions of dollars worth of investor wealth in the process.
Making the ongoing crypto winter worse has been a series of bankruptcies and closures of crypto lending firms such as Celsius Network and hedge funds like 3AC, brought on by an unprecedented liquidity crisis that has affected the crypto community at large.
Last month’s FTX saga has presumably spooked even fervent crypto fans, as the world’s second-largest cryptocurrency exchange withered away due to liquidity concerns brought about by alleged financial misappropriation.
As a result, the fate of an estimated one million creditors and $1 billion in investor assets hangs in balance, with hopes of these funds being returned diminishing by the day.
Interestingly, a recent survey conducted by Benzinga alluded to the fact that a little more than three-fourths of all crypto investors in the U.S. have used the …
Full story available on Benzinga.com