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Cryptocurrency

Come one, come all: Crypto’s wild ride in 2022

Bitcoin fell more than 60%. Crypto kings were dethroned. Tens of billions of dollars in value vanished from investors’ funds. What went wrong?

Crypto investing is often compared to a roller coaster—so let’s take a trip to Coney Island.

Known for its Nathan’s franks, sandy boardwalk and iconic amusement park, the grounds are also home to the Cyclone. Built in 1927, the ride’s rickety twists and turns still (somehow) stand tall and remain as frightening an experience now as they were then.

In 2022, crypto was the Cyclone: a pulse-pounding, foundation-shaking ride that feels like it could go off the rickety rails at any moment—but doesn’t. The highs and lows induce nausea in riders and schadenfreude for those on the sidelines.

2023 is shaping up to be another wild year for crypto. And to understand where it’s going, it helps to look back.

 

Featured image by Leonard Zhukovsky/Shutterstock

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