The collapse of the FTX exchange towards the end of 2022 resulted in a wipeout of investors’ money worth billions of dollars. Besides that, this unfortunate event led to a huge price fall in the overall cryptocurrency market. Following this event, the reputation of the crypto industry was hit badly, and the impact will take more time to return to its normal state.
Even though the FTX issue started at the beginning of November 2022, the key events that led to the tragic situation in the crypto space started in early 2022. Let’s have a close look at those key dates and events.
Key Events on 2022
Key Events on 2023
2022 was one of the worst years for the crypto industry that followed the collapse of Luna, FTX, and other major crypto platforms. The series of failed crypto projects and the decline in NFT market demand resulted in the creation of crypto winter during mid-2022.
The panic in mid and late 2022 also made way for a fall in the price of cryptocurrencies. However, the crypto market showed signs of recovery from the beginning of 2023. Bitcoin itself rallied over 50% within 2 months this year. The crypto industry is in its recovery phase. It is expected to gain its previous momentum in the months to come.