From $250,000 to $10,000: How the market misjudged bitcoin.

By The Exchange Team

The 2022 "crypto winter" saw high-profile enterprises fail and digital currency prices plummet.

The events of the year caught many investors off guard, making predicting bitcoin's price even more difficult.

The cryptocurrency market was awash with pundits making rash predictions about where bitcoin would go next.

They were frequently optimistic, with a few correctly forecasting the cryptocurrency falling below $20,000 per coin.

However, high-profile firm and project failures in crypto's rocky year surprised many market watchers.

The fall of terraUSD, or UST, an algorithmic stablecoin that was assumed to be pegged one-to-one with the US dollar, began in May.

Its failure brought terraUSD's sister token luna down with it, as well as companies with exposure to both cryptocurrencies.