Last month, Core Scientific, one of the largest publicly traded crypto mining companies in the U.S, which primarily mints bitcoin, filed for bankruptcy on Dec. 21. The company cited falling crypto prices and rising energy costs. And FTX, a now-bankrupt crypto trading platform that was once valued at $32 billion, has shattered investors’ confidence as the ripple effects of its collapse continue to spread throughout the crypto industry—with many Americans now believing that investing in digital currency is highly risky — up from 45% in 2021—according to the recent CNBC Make It: Your Money survey.
According to the CNBC All-America Economic Survey, just 8% of Americans have a positive view of cryptocurrency as of November 2022. Overall, the crypto market has lost over $2 trillion in value since it hit an all-time high in January 2021—and bitcoin itself has fallen below its previous peak.
Here's how much the value of seven popular cryptocurrencies has changed in 2022, according to CNBC.
Here’s how much the value of seven popular cryptocurrencies changed in 2022 as of Dec. 22, per CNBC’s calculations.
Terra: -100%
Solana: -93%
AMP: -93%
Cardano: -80%
Ether: -67%
Bitcoin: -63%
Dogecoin: -55%
Royal says that when traders and crypto companies see that they don’t have an unending stream of marks willing to prop up crypto prices, the market will likely fall further. In fact, he recommends that you don’t invest in crypto at all.