2022 has ended and all the yearly candle has been successfully closed. 2023 Candle chart has opened. Let’s take a look on 2022 market summary. Definitely 2022 has been a rough years for the investors and traders from various sector. We will focusing on 4 instruments, which is Bitcoin, Gold, Ethereum and Crude oil.
Price difference from January 2022
|Instrument||Opening Price||Closing Price||Difference||Percentage|
|Crude Oil (WTI)||75.35||80.24||4.88||6.48%|
Bitcoin in 2022
Technically it was RED year for Bitcoin. Bitcoin didn’t even tried to get back to it’s All-Time-High. The opening price was 46196.38 and a day ago it closed at 16139.91. It lost it’s 65% value in the past 24 months.
Bitcoin transaction volume also keep on decreasing as the fear among traders and investors increasing. Even the miners ration for mining has been decreased since the price dropped, miners cant afford to pay the electricity bill. Thus a number of mining facility had to shut down or reduce the amount of bitcoin mining.
Factors Effected Bitcoin Price
- Ukraine Russia War
- SEC sanctions
- Luna Fall
- FTX Scandal
- Crypto Taxation
- Crypto Refulations
Ethereum simply followed Bitcoin and it’s value has dropped 67% over the past 12 months. Ethereum opened at 3669.60 USD and closed at 1195.49 USD per ethereum coin. There are few extra factors that caused this huge drop.
Ethereum has anounced Ethereum 2.0 last year which made some huge change in the blockchain. They changed from Proof of Work to Proof of Staking. So there will be no more miners who supporting the network. Only Ethereum stakers will be supporting the network using nodes. This huge change did not help Ethereum to sky rocket.
The founder, Vitalik Buterin, said for long term this would definitely will be a winning factor for Ethereum and for the community using the network for multiple utilities.
Gold and the volatility remains same
Gold did opposite from 2021 in 2022. The highest was 2071 USD per ounce and the lowest was 1600 USD per ounce. On 500 USD range. Even though rice was soaring up and down, it ended on the same position as the early of 2022.
Many analyst speculated the gold price could up to 3000 USD per ounce since Russia or the BRICS country stocking up the gold as no other country doing. But it did not happen, because their gold reserve did not interfering with global gold reserve.
Also recently Russia has announced the can except Gold in exchange for Oil, which could increase the gold price to sky. The time is ticking for gold to fly high as Russia and China gold for their international trades.
Crude oil (WTI)
The market maker of the year. Also the most volatile commodity for the year 2022. However the opening price and closing price is only 4.88 USD apart, but the high and low are 59.46 USD apart.
When the war started in Ukraine and Russia, Crude oil became the first commodity got effected and targeted by everyone, government, investors, army. Crude oil and Natural gas closely related. When Putin said he want to cut of natural gas supply to Europe, USA took this opportunity to sell Gas at 4 times price to Europe.
Also EV market is getting bigger everyday but there is a shortage of raw material for battery production. OIL and GAS is fighting with climate change, while EV market is fighting with raw material.
The market summary of 2022 is quite crazy and was unpredictable as the was and economy tense high all along the year. As per the analyst from Wall Street, this tense will continue for minimum of next 6 month.
If you are trader or investor, make your move wisely and carefully. This could bring a result of huge collapse as in 2008. Always be alert as the economy and global politic are in a unstable condition.
Happy New Year Everyone.