Revenue of the cryptocurrencies industry in Thailand 2017-2027
The 2022 crypto market situation
In 2022, the global cryptocurrency market experienced a series of ups and downs. In the first quarter of the year, many cryptocurrencies, including Bitcoin and Ethereum, experienced a bull run, and major financial institutions started to embrace cryptocurrency. However, in the second quarter, the market began to experience a correction, one specific incident led to another, and prices started to fall.A notable event that occurred in 2022 was the crash of Luna Classic (LUNC), a popular cryptocurrency that witnessed significant growth in the previous year. Increased regulatory scrutiny, market volatility, and a decrease in demand from investors contributed to the crash. This led to a sell-off of LUNC and other cryptocurrencies, causing prices to drop across the market. According to industry experts, the Luna network fall extinguished around 60 billion U.S. Dollars from the crypto space.