On any basis, 2022 was a significant year for digital assets.

In May, the collapse in value of the TerraUSD stablecoin undermined confidence in the whole stablecoin concept. The decrease in the value of many cryptocurrencies (which coincided with a wider market uncertainty and economic downturn) throughout the summer led to the period being referred to as a “crypto winter”. That, in turn, preceded the seismic tremors that began to reverberate around the world in November when FTX filed for bankruptcy in the US.