The year 2022 was a harsh bear market for Bitcoin, marked by a combination of “tightening cycle + industry shocks.” Starting the year at around $47,600, BTC occasionally attempted recoveries in the first quarter, but the Terra/UST collapse in May and the liquidation of major players such as Celsius and Three Arrows Capital (3AC) during the summer triggered a deep wave of sell-offs. The FTX bankruptcy in November delivered the final blow to the market, pushing Bitcoin to its lowest levels of the year. By the end of 2022, Bitcoin closed around $16,500, with an annual loss of about 65%.
First Half of 2022: Tightening, Volatile Recovery Attempts, and the Terra Crisis
At the start of the year, Bitcoin’s closing price on January 1, 2022, was approximately $47,620. By late March, the price had recovered to the $47–48K range; on March 28, it closed at $47,691, with an intraday peak of $48,086. However, this recovery could not be sustained. Around the same time, the Federal Reserve began raising interest rates on March 16, tightening financial conditions and weakening appetite for risk assets.
In May, the algorithmic stablecoin UST lost its dollar peg, leading to the collapse of the Terra (LUNA) ecosystem, which was even temporarily halted at the chain level. This event had a sharp impact on Bitcoin, completely breaking its upward momentum.
Summer: Credit Crisis Deepens While Hash Rate Remains Strong
Following Terra’s collapse, Celsius suspended withdrawals on June 12. Shortly after, liquidation proceedings for 3AC began, and on July 1, 2022, the company filed for bankruptcy in the U.S. On June 18, amid this news flow, Bitcoin fell to $17,593, marking its lowest level in the past 18 months. This period became widely known as the “crypto credit crisis.”
By late summer, the price fluctuated between the $20K–$25K range, while one of the sector’s core infrastructure indicators, the hash rate, remained strong for most of the year. Despite rising mining difficulty, falling prices placed significant pressure on miner profitability.
Autumn–Winter: FTX Bankruptcy and the Year’s Lows
On November 11, 2022, crypto exchange FTX filed for bankruptcy in the U.S., and CEO Sam Bankman-Fried resigned. This development triggered another sell-off in an already fragile market. In November, Bitcoin first tested below $16,000; on November 9, it hit around $15,600. On November 21, the year’s bottom was confirmed around the $15,700 range.
December was characterized by low-volume, weak sideways trading. On December 31, 2022, Bitcoin’s price was recorded at $16,547, closing the year at this level after a period of high volatility.
Bitcoin 2022 Price Summary
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Opening price (Jan 1 close): ~47,620 USD
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Yearly highs: March 28 close at 47,691 USD, intraday peak at 48,086 USD
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Yearly lows: November 21 close at 15,790 USD (intraday dip ~15,600 USD)
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Closing price (Dec 31): 16,547 USD
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Annual performance: approximately –65%
2022 and Current Bitcoin Price Table
You can review Bitcoin’s 2022 daily/monthly data by entering “2022” in the date section of the table. You can also follow the current BTC price in the box below.
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