
December 2022 Bitcoin Brief
Bitcoin ended 2022 down over 60%, which ranks as bitcoin’s second worst performing calendar year since the asset began trading in 2009.
May was another difficult month for digital assets, with bitcoin ending the month 18% lower. On May 4th, the Federal Reserve Open Market Committee delivered its largest rate hike (50bps) in 22 years in an effort to curb the highest level of inflation seen in the United States in nearly 40 years. This macroeconomic environment, coupled with the collapse of LUNA and the largest algorithmic stablecoin (UST), caused a broad sell-off in digital assets.
Bitcoin ended 2022 down over 60%, which ranks as bitcoin’s second worst performing calendar year since the asset began trading in 2009.
Bitcoin ended September at ~$19.5K and delivered stronger performance for the quarter (+3%) than U.S. equities and bonds, with the S&P 500 Index and Bloomberg U.S. Aggregate Total Return Bond Index both down 5%.
We look back at the third quarter of 2022 and the news that shaped it as well as important events in the future.
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