The collapse of FTX is only the latest headline-grabbing failure to rattle the crypto market this year. May's collapse of the Terra stablecoin really kicked off the present downturn.
In fact, machine power has grown all through 2022, committing more resources to bitcoin despite the market crash. That's persisted even amid China kicking miners out, environmentalIf the industry were dying, these miners should be winding down. They aren't.Global demand for bitcoin right now is roughly equal to a level that, just few years ago, was only attained in an atmosphere of irrational exuberance.
Lately, bitcoin's price has been hovering just under $17,000. But even after losing 2/3s of its value earlier this year, it was still above its 2017 high.isn't just a number: It's a measure of how much the world wants a thing. After each boom and bust, there are more people who want crypto than there were in the last bust. This keeps happening, and appears to be happening again.
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