Bitcoin at $200,000 projections flop as coin ends year down 60 pct at $16,500

Bitcoin at $200,000 projections flop as coin ends year down 60 pct at $16,500

A year ago, crypto analysts, riding high from the successes of 2021, had big hopes for Bitcoin, with some of them seeing the token hitting $100,000 or more in 2022.

That’s a far reach from where the coin is actually ending this annus horribilis: $16,500.

For the latest headlines, follow our Google News channel online or via the app.

Bitcoin, weighed down by an uber-hawkish Federal Reserve and a string of scandals and implosions of the crypto space’s once-vaunted projects, lost more than 60 percent in 2022, its second-worst annual performance on record, and only its third down year ever.

Other cryptocurrencies also suffered, with Ether losing near 70 percent, and an index of the 100 largest coins dropping roughly 65 percent.

“People did not understand how much of an ‘easy money’ asset class cryptocurrencies were in 2020 and 2021,” said Matt Maley, chief market strategist for Miller Tabak + Co. “Some cryptos will survive and even thrive in the future, but they moved way too far, way too fast after the Fed engaged in their zero interest rate and massive QE policies. Now that these programs have disappeared, it’s going to take a lot longer for the crypto asset class to reach its full