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The cryptocurrency market lost a little over $2 trillion in 2022. Here's how much popular digital coins including bitcoin, ether and dogecoin lost.
The cryptocurrency market has had a rough year.
Core Scientific, which mostly mines bitcoin and is one of the largest publicly traded crypto mining companies in the U.S., filed for bankruptcy on Dec. 21, citing falling crypto prices and rising energy costs. This is the latest bad news for the crypto space.
And the collapse of FTX, a crypto trading platform that was once worth $32 billion but is now bankrupt, has shaken investors' faith in the crypto industry as the effects of the company's collapse continue to spread.
James Royal, the main reporter at Bankrate, tells CNBC Make It that more and more Americans are realizing that cryptocurrency is just a speculative craze and that the industry is full of scammers.
At that point, a recent CNBC Make It: Your Money survey, done in partnership with Momentive, found that about 60% of Americans think investing in digital currency is very risky, up from 45% in 2021. Another 26% think it's kind of risky.
According to the CNBC All-America Economic Survey, only 8% of Americans like cryptocurrency as of November 2022.
Overall, the crypto market lost a little more than $2 trillion in 2022, and popular digital coins like bitcoin are now worth much less than they did in 2021.
As of Dec. 22, CNBC's calculations show how much the value of seven popular cryptocurrencies changed in 2022.
- Terra: -100%
- Solana: -93%
- AMP: -93%
- Cardano: -80%
- Ether: -67%
- Bitcoin: -63%
- Dogecoin: -55%
Prices are likely to go down even more when "traders and crypto companies start to see that they don't have an endless stream of marks willing to prop up crypto prices," says Royal.
In fact, Royal says that no one should invest in cryptocurrency at all.
Crypto is thought to be a very risky asset whose price rises and falls in ways that are hard to predict. Because of this, most financial experts will tell you not to put more money into crypto than you can afford to lose.
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