• The cryptocurrency market has remained resilient despite the negative news of 2020, with Bitcoin trading above $30k and up 80% YTD.
• Research from Bank of America shows that HODL is the secret to Bitcoin’s success, with hoarding in personal wallets increasing after its price jumped above $30k.
• Despite a wave of bad news in 2022, Bitcoin was still able to bounce back and reward investors believing in it.
Cryptocurrency Market Resilience
The cryptocurrency market remains resilient despite a wave of bad news in 2022. Bitcoin trades above $30k, up 80% YTD, showing that HODL seems to be the secret of Bitcoin’s success as Bitcoin hoarding in personal wallets rises.
2022 Bear Market
In November 2021, the industry was hit by a bear market with Bitcoin dropping from $69k to $15.5k in a matter of months. This came along with multiple crypto lender bankruptcies and over 300 lawsuits and regulation cases which scared investors away.
Recent research from the Bank of America shows positive developments for the cryptocurrency industry with hoarding in personal digital asset wallets increasing after Bitcoin’s price jumped above $30k. This tells much about the cryptocurrency market’s volatility and how booms, busts, mania, and despair are part of its normality.
Bitcoin Price Increase
Bitcoin trades above $30k meaning that it is up 80% YTD rewarding investors believing in it even during its bear market period last year where it dropped significantly from its all-time high price of 69K USD down to 15K USD within a few months time frame due to a wave of negative news hitting the industry at once such as multiple crypto lender bankruptcies, FTX collapse which was one of largest frauds recently and over 300 lawsuits & regulation cases that scared investors away from investing into cryptocurrencies altogether.
HODL seems to be one success factor for cryptocurrencies when looking at recent research done by The Bank Of America which showed an increase on hoarding digital assets into personal wallets after Bitcoins price increased beyond 30K USD proving that people believe there is still potential for these assets & their prices will continue rising again shortly if not already doing so now