THE BRIEF
“ ONE OF THE BIGGEST DRIVERS OF GROWTH IN OUR NOVICE INVESTOR BASE HAS BEEN OUR INVESTMENT INTO DIGITAL ”
JAMES HEWITSON Head of Wealth and Investing , HSBC UK �
BRACE FOR THE ONGOING CRYPTO WINTER
“ THE MOST EXCITING CHANGES HAPPENING IN THIS SPACE TODAY ARE AT THE INTERSECTION BETWEEN EMBEDDED FINANCE AND OPEN BANKING ”
“ CRYPTO ’ S FLEXIBILITY MEANS IT IS NOT AS HEAVILY IMPACTED BY COUNTRY OR REGION-BASED ECONOMIC LANDSCAPES ”
2022 wasn ' t kind to crypto . In fact , the price of every leading currency has fallen significantly as a result of the global economic downturn . The fallout has caused a freeze within the industry in terms of expansion , as well-known players such as Coinbase have rescinded offers and shed staff .
Unfortunately , many crypto-related fintechs are now facing financial difficulties . Some are obvious , as in the case of FTX ; others are yet to be revealed , though the fallout of the crypto crash is ongoing . Furthermore , this period of continuously lowered prices looks set to continue , with the fiat financial markets also struggling for stability .
The downturn is ongoing and the prices on the vast majority of the largest 100 cryptocurrencies by market cap have fallen by double-digits year-to-date .
The last crypto winter – which occurred in 2018 – saw the price of Bitcoin fall by over 50 % from its all-timehigh in the middle of a bull market in traditional finance .
Winter is here , and it ’ s already looking more serious than the last .
12 January 2023