Crypto Market Ends 2022 on a Volatile Note: Bitcoin and Ethereum Remain Steady, While Dogecoin and Solana Suffer Heavy Losses

Week of the new year saw bitcoin and ethereum remain practically unchanged since last weekend, closing out the year of 2022 at $16,557 and $1,192 respectively. solana had the heaviest losses of the top twenty coins by market cap, depreciating 17%, while dogecoin, the top-performing memecoin of the year, experienced the second-heaviest losses among the top twenty, dropping 11%. on the other hand, okb rallied 15.4%.
the events occurred at the beginning of the week, when the bitcoin network was faced with a 40% drop in hash rate due to the suspension of operations by several leading u.s. miners. japan announced a draft of regulatory guidelines on the acceptance of foreign-issued stablecoins and china is set to launch a national-compliant crypto trading platform. the launch ceremony in china is set for new year’s day, while turkey’s central bank completed its first set of tests for a digital lira.
the hash rate has since recovered to 247.87 eh/s. the drop in solana’s value was due to the network’s strong ties to ftx and alameda research, as well as their ceo, sam bankman-fried. dogecoin’s losses were due to rumors of the network transitioning from pow to pos, which has been denied by dogecoin’s core developers. other major losses this week include toncoin (ton), avalanche and chainlink (link).

By Evey Lovelace

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