More countries and institutions have decided to adopt crypto with regulations and grow the space.
As the year nears its end, one could view 2022 as a bittersweet year for crypto. Crypto markets have shed more than half their value since the second quarter of 2022, with recent unfortunate events triggering mass sell-offs in the industry. But a silver lining was also observed in the year, as more countries and institutions called for regulation of the sector and flocked to embrace crypto and web3.
Experts also claimed that even after a harsh year, things looked positive ahead for the crypto industry as countries worldwide have started discussions and introduced bills to regulate the crypto space. New bills were passed for discussion in parliaments, with developed countries like the United States also doing the same. Recently, the United Kingdom and Brazil also expressed positivity regarding crypto. Venture capitalists were not far behind, and exciting and unique web3 projects received healthy levels of funding in 2022.
The recent bankruptcies of some exchanges also couldn’t manage to pull down Bitcoin to the levels some critics had warned of. BTC had, in fact, recovered its previous month’s losses and was trading above $17000 at the beginning of December. Long-term proponents continued to be extremely positive regarding the crypto space, which is only expected to get better in 2023.