The crypto market is still reeling from the fallout of the FTX blowup last year. The market’s value has decreased significantly, NFT trading has plummeted, and venture capital deals have shrunk.
According to a Bloomberg report, Bitcoin (CRYPTO: BTC) has recovered by 60% this year, trading around $27,000, but it remains below the record high of $69,000 set in November 2021. The $3 trillion market has now shrunk to $1 trillion.
Trading volumes have dried up, and NFTs, once a hot commodity, have lost their allure. As per dappGambl, 95% of over 73,000 NFT collections are virtually worthless. The weekly traded value of NFTs now stands at $80 million, just 3% of the peak reached in August 2021.
Investments in crypto and blockchain projects have also dwindled. VC deals have shrunk to about $7.3 billion this year, a quarter of the full-year tally in ...