• The cryptocurrency market dropped sharply in 2022, yet it remains resilient and rewards investors who believe in it. Bitcoin trades above $30k, up 80% YTD.
• Recent research from the Bank of America shows that hoarding of Bitcoin in personal digital asset wallets has increased after its price jumped above $30k.
• The industry has been hit by a wave of negative news, including the FTX collapse, larges bear market in history and multiple crypto lender bankruptcies.
Cryptocurrency Market Remains Resilient
The cryptocurrency market remains resilient despite a wave of bad news in 2022 Bitcoin trades above $30k, up 80% YTD HODL seems to be the secret of Bitcoin’s success as Bitcoin hoarding in personal wallets rises.
2022 Bear Market
In November 2021, the cryptocurrency market saw a sharp drop with Bitcoin falling from $69k to $15.5k over a matter of months. This resulted in a large bear market which was one of the largest seen in recent years with an estimated value of around $2 trillion being lost during this time period.
Wave Of Negative News
The industry was hit by a wave of negative news during this time period such as the FTX collapse which turned out to be one of the largest frauds in modern history as well as multiple crypto lender bankruptcies and over 300 lawsuits and regulation cases that scared investors away.
Bitcoin Hoarding In Personal Wallets
Recent research from the Bank of America shows positive developments for the cryptocurrency industry with HODL seeming to be the secret behind Bitcoin’s success as hoarding into personal digital asset wallets has increased after its price jumped above 30K USD which is nothing short of impressive considering that Bitcoin was released less than two decades ago when its price was just 5 cents per coin.
Conclusion
Despite all these events happening during 2020-2021, cryptocurrencies have remained resilient showing their strength and reward those who believed they would recover – evident by BTC trading at over 30K USD currently with an increase rate close to 80%.
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