Without a significant scandal or systemic breakdown, cryptocurrency survived the year. However, it still seems like one of the worst years in the industry’s history. Bitcoin has been soaring until October, reaching a high of $126,000, up more than 30% since January. However, a number of factors have eliminated all of the bellwether token’s annual gains. It has already dropped 7% since January, significantly underperforming the S&P 500, which is up 15% so far this year.
The industry no longer has any bogeymen to blame: An overtly pro-crypto regime established by the self-described “crypto president” has long since replaced the Biden-era regulators who stifled cryptocurrency growth in the US. Congress is advancing legislation endorsed by the industry. Through bitcoin exchange-traded funds, institutional adoption has skyrocketed, generating billions of dollars.
Even now, cryptocurrency is still struggling to gain traction. Bitcoin fell sharply to about $86,000 on Wednesday after remaining relatively stable around the $90,000 mark in recent weeks. Team Crypto may think about using a mirror if it wants to blame this bad market.
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