Oct 3 - The global cryptocurrency market remains badly scarred following the tumultuous collapse of crypto exchange FTX and other big players last year, with crypto prices, volumes and venture capital investment well below their 2021 peaks.
The cryptocurrency was riding high in 2021, hitting a record $69,000 in November that year. But as central banks began to hike rates in early 2022, riskier assets like cryptocurrencies began to feel the pain as investors sought better returns elsewhere. Still, bitcoin has regained almost three-quarters of its value this year on interest from major financial firms including BlackRock and hopes that interest rate hikes are ending. It was trading on Monday at around $28,089.
"The issues with FTX have undoubtedly hit confidence in the crypto ecosystem at large," said Usman Ahmad, CEO of Zodia Markets, the crypto exchange of global bank Standard Chartered .Yet the relative calm in crypto markets is not necessarily a good thing, said some market participants, noting that many investors are attracted to crypto precisely because of its volatility, which offers opportunities to make quick profits.
U.S. VC crypto investments totaled $6.12 billion in the first quarter of 2022, but slumped to just $870 million in the same quarter this year, according to data firm PitchBook.
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