The latest crypto winter has arrived and is wreaking havoc across the world of blockchain transactions. Many people poured all of their savings into their crypto dream but this was a massive mistake. Even the biggest currencies like Bitcoin and Ethereum have suffered massive crashes and cost investors millions of dollars.
Today we’ll look at how the crypto dream turned into a living nightmare for many of these people. We’ll analyze the struggles that this digital world is facing and why it may never achieve mainstream popularity. Meanwhile, we’ll also look at the sharp decline in NFT popularity.
Higher Interest Rates
The Federal Reserve announced another interest increase as they added fuel to the Crypto fire. There are many reasons why investors are having problems at the moment. But this is arguably the worst time for federal institutions to be making changes. They’re trying to slow inflation but this hurts cryptocurrency.
Historically, Bitcoin suffers drops every time the Federal Reserve meets so it’s not surprising that it happened again. However, other external factors made this a difficult situation for developers and investors. Unfortunately, crypto isn’t immune from the pain of external markets (via Time).