Cryptocurrencies have been hot commodities at various times over the past decade when it seemed like their price charts were going to endlessly move up and to the right. But 2022 was not one of those times. Mainstream cryptocurrencies like Bitcoin dropped in value by over 50% in the last year, and some cryptocurrencies, like Shiba Inu, fell over 70%.
Part of the drop can be explained by recent reports of fraud related to FTX Trading and its founders Sam Bankman-Fried and Gary Wang. Some naysayers also like to point out concerns about the industry over currencies that appear to have no underlying business fundamentals, making them next-to-impossible to accurately value.
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