Explore the history of crypto amidst crippling inflation, rising US debt, and transformative events like FTX's collapse and Ethereum's proof-of-stake shift. Dive into the evolving landscape of the cryptocurrency industry.
The cryptocurrency market took a beating in 2022, falling more than 70% over a time when the industry made headlines around the world for all the wrong reasons — from FTX’s bankruptcy and Sam Bankman-Fried being thrown in prison to the $50 billion collapse of the Terra Luna ecosystem.
The United States saw inflation hit a 40-year high as the country’s national debt figure continued to rise. However, it wasn’t all doom and gloom — Ethereum made a major transition to proof-of-stake, while Bitcoin’s hashrate increased threefold. The market also rebounded strongly in 2023.was one of several macroeconomic factors that contributed to Bitcoin’s 77.2% fall from its previous all-time high of $68,990 to a cycle low of $15,740 in November 2022.Fortunately, CPI inflation started trending downward after June 2022, bottoming out at around 3% in June 2023.
However, the CPI inflation rate has risen 11.65% since November 2021, meaning Bitcoin still hasn’t hit its inflation-adjusted all-time high. That will happen when Bitcoin notches $77,026.The United States national debt continued its exponential rise in 2022 and 2023, increasing 4.35% to $33.2 trillion over those two fiscal years,financial markets can only withstand another 20 years of accumulated deficits projected under current U.S. fiscal policy.
“ Bitcoin hits $100,000, they'll be able to pay off the IMF never have to talk to them again.”Tumbling macroeconomic conditions between 2023 and 2023 arguably impacted every cryptocurrency firm, which led to an array of bankruptcies, liquidations and even prison time for some of the industry’s most controversial figures.by the Gary Gensler-led Securities and Exchange Commission , which declared itself the “cop on the beat” for the cryptocurrency industry.
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