The current year 2022 began with many promises and hopes from investors in the crypto field that Bitcoin will reach new records, but…

Six months later, a major transformation occurred, and the beautiful fairy tale turned into a bleak nightmare.

Market turnaround:

By the end of 2021, cryptocurrency prices were surfing all-time highs with the total market value reaching the $3 trillion mark.

Bitcoin touched $68,000 and enthusiasts made brave predictions that the asset would break through the $100,000 level during the first two quarters of 2022.

2022 passed but expectations were not fulfilled.

Instead, the industry rocked one serious decline after another and reaped a significant portion of the value of cryptocurrencies.

Read:Bitcoin Balance on Trading Platforms Reaches New Low…Details Here

Non-fungible tokens (NFTs) were the first to fall victim after OpenSea, the largest market for NFT, was exploited due to some bugs and vulnerabilities resulting in the loss of many non-fungible digital parts.

Since then, NFT transaction volumes have fallen more than 50% from their 2021 highs, leading critics to question whether the bubble has burst.

A recent survey by DEXterlabs revealed that more than half of NFT investors have yet to profit from their investment.

Things went from bad to worse when the algorithmic stablecoin TerraUSD (UST) decoupled from the dollar.

The consequences were chaotic as investors lost billions of dollars and the entire Terra ecosystem collapsed under the weight of the tragedy.

Investigations were carried out by regulators to uncover a large amount of negligence that threatened to put the entire industry in conflict with regulators.

The Terra tragedy pushed prices even further, but as soon as investors thought the crypto winter was almost over, celsius broke the camel’s back by announcing that it was temporarily halting all withdrawals due to harsh market conditions.

After the announcement, Bitcoin plunged to an 18-month low of $22,000, and the cryptocurrency market cap fell below $1 trillion.

Read:Coinbase announces suspension of XRP trading starting next month

Could the second half of 2022 change things?

At the moment opinion is divided over whether things can turn around in the second half of 2022.

For the pessimists, there is little indication that things could turn for the worse, most notably Ethereum’s delay in switching to Ethereum 2.0 permanently and the disposal of mining in favor of quota.

In the same context, “Kavita Gupta” of the “Delta” company believes that the decline has not occurred yet, and she said:

I firmly believe that we haven’t seen the bottom yet.

Read:Find out why the crypto community is angry at the CEO of Binance (CZ)

I think $14,000 to $16,000 might be the perfect bottom.

Others like Guggenheim’s Scott Minerd predicted a $8,000 drop in bitcoin’s value while Peter Schiff warned investors not to buy the dip.

Although things may look bleak for the entire industry at the moment, optimists are pinning their hopes on regulations to provide a clearer framework for the industry.

Gamers have applauded a recent bill by Cynthia Loomis and Kirsten Gillibrand, while the SEC’s approval of a bitcoin ETF may be a catalyst for reversing trends.

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