Based on multiple reports, the currency circle has had a miserable year in 2022. First, LUNA collapsed, then Three Arrows Capital and Celsius filed for bankruptcy, and most recently FTX collapsed. The cryptocurrency market value has evaporated by 1.7 trillion US dollars throughout the year. Among them, Bitcoin, the most popular and largest, also fell below $16,000; down nearly 80% from its all-time high in late 2019. In addition, the cryptocurrency circle has entered a bear market, which has also triggered a wave of layoffs and salary cuts in related industries. The cryptocurrency investment platform Paradigm announced a salary cut, and the cryptocurrency exchange ByBit launched a second round of layoffs with a scale of 30%. Amber Group, a Singapore-based digital asset market maker, has stopped expanding and will lay off more than 15% of its workforce in the second half of 2022.
A founder of a Hong Kong asset management company expressed pessimistically that cryptocurrency has entered an ice age and will continue to be depressed in 2023, and it may take two years to recover.
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