Bitcoin's turmoil in 2022 and the journey of "rebirth" $BTC
1. Crisis in 2022: “Bitcoin, the Fallen Star”
In 2022, Bitcoin is like a star guy who used to be a hot boy in finance but stumbled because of "complete bad luck":
• Cryptocurrency market collapse: Bitcoin price fell freely from a peak of nearly $69,000 at the end of 2021 to a bottom of around $16,000 at the end of 2022. Investors cried as if they had just lost a new SH motorbike they bought on installments.
• FTX scandal: FTX exchange exploded like a financial bomb, dragging the entire cryptocurrency market into the abyss. CEO Sam Bankman-Fried turned from "genius" to "villain".
• Inflation and interest rates: Central banks, especially the US Federal Reserve (Fed), raise interest rates as if they are exercising their arms. Money is withdrawn from the market, Bitcoin is abandoned like you are forgotten in the class chat group.
2. Journey of Rebirth: “The Hero Returns”
By late 2023 and early 2024, Bitcoin will suddenly come to life like the main character in an action movie:
• Bitcoin ETF Approved: Bitcoin ETFs are approved, making the cryptocurrency a more “serious asset” in the eyes of large investors. The traditional financial world went from “Bitcoin is a scam” to “well, that’s okay.”
• Market sentiment changes: Investors who once “sold early” now regret it as if they had just missed out on tickets to a K-pop idol concert. They rushed to buy back when Bitcoin prices jumped above $40,000 and then $50,000.
• Media story: Financial experts started to turn around, predicting the price of Bitcoin to reach $100,000. The media "inflated" it enthusiastically, making everyone want to get rich quickly.
3. Present: “Bitcoin, from sinner to legend”
Now, Bitcoin is back as king, topping the cryptocurrency market with prices far exceeding expectations. Bitcoin memes are also "on the throne":
• Man Who Sold Bitcoin at $20,000 in 2022: “I Should Have Kept It a Little Longer…”
• Newcomer to the market in 2024: “I'm rich… wait a minute… it's down again?”
• Bitcoin Believer: “I told you! Buy when fearful, sell when greedy!”
Conclusion: Bitcoin has been on an action-packed journey, full of drama, comedy, and incredible twists and turns. Only the cryptocurrency market can turn financial stories into such thrilling adventures!