Why the crypto universe needs to brace for a tougher winter in 2023
Synopsis
The market cap of the overall cryptocurrency industry has crashed from USD3 trillion to USD845 billion in a year, shows latest data. And the situation is likely to get worse in the coming year with arid funding, imminent layoffs, and increased regulatory scrutiny.
The cryptocurrency universe probably can’t wait for 2022 to end. Well, who can blame the companies? The year saw one unfortunate event after another starting with the crash of stablecoins Terra and Luna, to the downfall of celebrated Sam Bankman-Fried and his exchange, FTX. As a result, the market sentiments are at a low — a sharp contrast from the year. The market cap of the overall cryptocurrency industry is USD845 billion as of December 25,
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