News effect on the market was evident throughout 2022. Since November 2021, the market has established an overall downtrend which continued to the end of 2022. Some major events shook the cryptocurrency market on a fundamental basis. For example, the Covid pandemic and the Russian invasion had a deep negative influence on the financial market, and the crypto market was no exception. For the news that influenced the market in particular, we can point to two main events. The first one was the depreciation and ultimately crash of Luna thanks to its stablecoin losing its peg. The other event was the bankruptcy declaration of the FTX exchange, which caused tremendous outflows from the crypto market. The news effect on the market was generally negative, resulting in FUD among the traders. However, market analysts hope the market will turn green once the global economy restores itself.
Read the latest news on the BestForex News page.
