Weekly News Recap #9

Dear cryptocurrency enthusiasts! The end of another year has come and, of course, it’s time to take stock and project new goals for 2023. With cryptocurrencies it is exactly the same and we are going to see how the year went for some of them (SPOILER ALERT: Catastrophic).  None of them managed to have the year they expected, so you don’t have to be so sad anymore for not having achieved everything you set out to do. Didn’t manage to lose weight? Didn’t quit your boring and monotonous job? Didn’t go on vacation to a paradisiacal place? It doesn’t matter! You are not the only one to whom things didn’t go as planned. If you don’t believe me, just ask Sam Bankman-Fried.

And while we’re on the subject of our friend SBF, it’s worth mentioning that the Bahamian authorities managed to recover some 3.5 billion dollars that had disappeared after the bankruptcy of FTX. The good thing for Sam is that he will not spend the New Year alone, as the hacker of Mango Markets was also arrested this week.

Starting with the annual balances, Bitcoin was on everyone’s lips this year and not for the reasons we all would want. The overall market downturn put BTC in the spotlight of every media outlet in the world. Since its ATH, the leading cryptocurrency has fallen 76%, generating widespread distrust in the market. Although since a few months ago, volatility has been reduced to historic lows. Is this a bullish sign? We’ll see…

Of course, altcoins have also had a lousy year and not much can be salvaged when we take stock of the year. Solana is, perhaps, one of those that has lost the most during this 2022. And we are not only talking about its price, but also about the credibility it had in the industry. According to what was said just over a year ago, Solana would eventually dethrone Ethereum and many projects were already moving to its blockchain. That it offered low costs and great speed for transactions. But multiple outages, mismanagement and a myriad of problems, have brought SOL down 96% from its peak. And things are not looking good for the future.

Cardano is another cryptocurrency that had high expectations, but ended up disappointing. And there can’t be a more accurate word than that to describe what Cardano’s year has been: disappointing. Despite all the good intentions and the fact that it seems that the ecosystem continues to grow, ADA fails to have even the slightest upturn.

Dogecoin, the famous doggy memecoin, had a year of ups and downs. Of course, its performance was always linked to none other than Elon Musk’s Twitter account. As long as the now CEO of the social network would refer to DOGE, the value of the token would rise and then gradually fall into oblivion until the cycle repeated itself. Nothing new under the sun.

Now, this week has been interesting for some cryptos such as TRX, which reached its upside limit at 0.057, as explained by our trading expert. Ethereum seems to be in a downward spiral again as selling is triggered, after a 41% drop since August and closes a bad year despite “The Merge”. And if you think Ethereum’s year was bad, Luna (now Luna Classic) had a 99.999% drop after its mid-year collapse, although it’s still continuing to put up some “chunks,” such as this week’s 27% rise.

So folks, how has the year been for you, has it been in tune with cryptocurrencies or have you been able to get anything good out of it? Remember, in the market as in life, everything is cyclical. What is down today may be up tomorrow, so don’t get discouraged!

See you in the next roundup and we hope you start a great year!