After a year of collapses, cryptocurrency’s future in the balance


In the past year, crypto values halved - and then halved again, hitting investors with more than US$2tril (RM8.6tril) in combined losses. And yet analysts don't think the Bitcoin roller coaster ride is over just yet. — Photo: Marijan Murat/dpa

WASHINGTON: Spectacular cryptocurrency failures in 2022 have raised the stakes for the industry amid questions about the enduring viability of a technology that advocates say has the potential to revolutionize finance.

The crypto market lost trillions in valuation last year, spurred by the crash of the algorithmic stablecoin TerraUSD in May and the failure of FTX, one of the largest crypto exchanges, in November. With a total global market cap once put at close to US$3tril (RM13tril), the industry now has a value that CoinMarketCap, a site that tracks prices, puts closer to US$800bil (RM3.46tril).

Subscribe to The Star Yearly Premium Plan for 30% off

Cancel anytime. Ad-free. Full access to Web and App.

Monthly Plan

RM 13.90/month

RM 9.73/month

Billed as RM 9.73 for the 1st month, RM 13.90 thereafter.

Best Value

Annual Plan

RM 12.39/month

RM 8.63/month

Billed as RM 103.60 for the 1st year, RM 148 thereafter.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In Tech News

Analysis-Institutional investors warm to crypto but demand still nascent
Exclusive-Amazon's AWS cloud computing unit cuts at least hundreds of jobs, sources say
Waymo expands coverage in Austin, Texas, as robotaxi competition heats up
Russia's Sberbank offers custody services for Russian crypto assets
US authors suing Anthropic can band together in copyright class action, judge rules
US SEC, Musk seek more time for billionaire to respond to SEC's lawsuit
US House poised to send stablecoin bill to Trump after 'crypto week' drama
Meta investors, Zuckerberg reach settlement to end trial over Facebook privacy litigation
Crypto firm Bitcoin Standard to go public through deal with Cantor-backed SPAC
Uber to invest $300 million in EV maker Lucid as part of robotaxi deal

Others Also Read