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Was 2022 a good year to invest in cryptocurrency?

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bitcoin price rises

As 2022 draws to a close, analysts are looking at whether the cryptocurrency sector made the gains it expected

From the collapse of FTX, to several exchanges filing for bankruptcy; 2022 was a brutal year for the crypto market.

Major coins slumped in value, and analyst’s expectations were shut down.

CryptoPresales.com found Solana and Polkadot remained the biggest crypto price losers.

Prices fell by 92 and 82 per cent, respectively.

However, Cardano, Shiba Inu and Polygon all suffered major losses. In fact, the global cryptocurrency market dropped $1.9 trillion since November 2021.

Solana’s 92 per cent price drop has wiped over $48 billion of its market cap year-to-date.

Polkadot follows with an 82 per cent and Cardano was slashed by 79 per cent since January.

The world’s largest cryptocurrency, Bitcoin, managed to avoid most of the pain seen elsewhere.

However, the digital coin experienced its seventh-largest price drop in the crypto space, which is one spot behind its competitor, Ethereum.

Bitcoin’s price tumbled 63 per cent this year, while Ethereum saw a 67 per cent year-to-date price drop.

What performed well?

Cryptocurrency exchange Coinbase witnessed sustained growth among verified users.

The exchange has been operating in an extended bear market. But the platform has seen users flocking amid the prevailing market conditions.

In fact, Coinbase reportedly added 19 million verified users globally between 31 December 2021, and 30 September 2022.

This amounts to a growth rate of 21.35 per cent, according to reports from Finbold.

“Although Coinbase is currently operating in an environment of market sell-offs, the exchange’s ability to record a steady growth of verified users can be attributed to several factors like the trading platform’s business model,

“Indeed, the exchange is touted to have an innovative marketing strategy that entails factors like referral programs and unique features such as enabling users to send crypto as gifts.”

Coinbase’s global market share hit 3 per cent in December 2022.

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Crypto

FTX demands U.S. politicians return campaign contributions

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Crypto exchange FTX is asking politicians to return the tens of millions of dollars in campaign contributions, given by Sam Bankman-Fried, before the company’s implosion in November

The company is sending confidential letters to political beneficiaries, asking for the money to be returned by the end of the month.

If they don’t, the company reserves the right to seek repayments through court action.

The donations are estimated to be as much as $93 million.

They were made to politicians and political causes across the political spectrum and one in three members of the current U.S. congress allegedly received contributions from Bankman-Fried’s orbit.

Some beneficiaries have tried to cancel out the scandal by making equivalent donations to charities, but FTX Debtors warn that this does not prevent them from seeking recovery.

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Business

A British digital currency “later this decade”

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The Bank of England and Britain’s finance ministry think the UK is likely to need to create a central bank digital currency later this decade.

“On the basis of our work to date, the Bank of England and HM Treasury judge that it is likely a digital pound will be needed in the future,” the Telegraph quoted BoE Governor Andrew Bailey and finance minister Jeremy Hunt as saying in the joint report.

“It is too early to commit to build the infrastructure for one, but we are convinced that further preparatory work is justified,” the Telegraph quoted the report saying.

The BoE declined to comment on the Telegraph article, but said a joint consultation on CBDC issues would be published shortly.

A government source said the report would be published next week.

BoE Deputy Governor Jon Cunliffe is due to give a speech on Tuesday to update the finance industry on the BoE’s CBDC work.

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Crypto

Sam Bankman-Fried attempting to resolve bail conditions dispute

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Sam Bankman-Fried is in talks with U.S. prosecutors to resolve a dispute over his bail conditions

The 30-year-old former billionaire has been blocked from contacting employees of FTX or his Alameda Research hedge fund, after prosecutors raised concerns he may tamper with witnesses.

Bankman-Fried has pleaded not guilty and is under house arrest at his parents’ California home.

Once worth an estimated $26 billion, Bankman-Fried was arrested in December after FTX collapsed.

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