Crypto Quarterly is The Logic’s recurring series assessing the overall state of the crypto market, with a focus on Bitcoin, Ethereum, Flow and Cosmos’s Atom, four cryptocurrencies with strong ties to Canada.
It was a heck of a ride in the world of crypto in 2022, but the rollercoaster has overwhelmingly gone in one direction: down.
Crypto had its fun in 2021, with multimillion dollar digital art sales, celebrities hawking JPEGs and the price of dog-themed tokens surging through the roof. In 2022, the lights came on and the party was over—revealing some ugly truths about what had been lurking behind the boom times of the previous year. Between the summer’s crypto crash, brought on by the collapse of the TerraUSD stablecoin, and November’s rout, catalyzed by the failure of the Bahamas-based cryptocurrency-trading platform FTX, it’s unclear how many more ugly truths are left to flush out of the system.