Crypto and Stock Market Throughout the Year

The year 2022 has proven to be one of the worst years for the stock market and crypto market because of unprecedented events including the collapse of TerraUST, Russia and Ukraine war, and crash of FTX among others.

Stocks of some of the largest oil companies skyrocketed in 2022. Price of Occidental Petroleum Corporation shows an impressive hike of 118.22% in the last year. Exxon Mobil Corp, an American multinational crude oil seller, stocks escalated by 78.62% in a year.

Shell PLC stock rose by more than 46% in a year, but as per data in the fourth month of 2022, the stock price went down by 5.02% when the company pledged Russian oil profit to Ukraine relief after backlash.

Over dozens of oil companies, such as Chevron Corporation stocks are up by 51.51%, and TotalEnergies SE stocks are up by 23.74% in a year.

In October 2022, Turkey’s inflation rate was 85.51 percent, the highest inflation rate that the country has witnessed since it began recording inflation in double digits.

As per CNBC, the growth rate of the Turkish economy has slowed because of rising unemployment in the nation. The unemployment rate in Turkey rose to 10.2% in October 2022. GDP growth rate has slowed down from 3% last month.

Despite rising inflation and unemployment in the country, Turkey’s stock market is performing well. Turkish airlines’s stock price is up by 587.50% in just one year. Stock price of Akbank, one of Turkey’s largest private banks, ascended by 164.81% in one year.

Turkey’s stock market has flourished because the country is doing something others aren’t: Its central bank is slashing interest rates to spur consumer spending. Turkish President Recep Tayyip Erdogan wants to keep rates extremely low. The nation’s president also fired several central bankers who refused to lower rates over the years.

Turkey’s economy is slowing down due to rising unemployment, but the volatility is not hurting the stock market. The iShares Turkey ETF also gained from higher energy prices, as Tüpraş Refinery is a top holding.

Several privately held tech companies like Apple lost 27.48% of their stock price, and widely popular OTT platform Netflix price also descended by 53.47% in the last year. Meta is among the biggest losers and lost around 66.24% of its stock price compared to one year earlier.

Crypto market struggled in 2022

Cryptocurrency prices have been struggling since the beginning of 2022. Crypto winter, a string of market shocks in the form of bankruptcies and collapses and hacks have kept volatility at an all time high.

Bitcoin, the largest crypto in terms of market cap, was trading at $16,683 at press time. In the last quarter of 2021,it was trading at around $70K and. The present price is a nearly 60% loss in price since BTC hit its all time high.

The Russian invasion of Ukraine is costing Russia

Russia invaded Ukraine on February 24, 2022, and by the end of December 2022, the conflict will have lasted ten months. In light of the fact that the conflict has devastated all sources of income and that the nation is in grave difficulties, it is crucial to highlight that power outages, water shortages, and financial crises are not new concepts for the people of Ukraine.

The Russian equity market has been closed since February 25th and the Russian Ruble continues to fall to record lows. At the same time, Oil has risen above $130 per barrel (bbl) for the first time since 2008 while gas prices have risen to record highs. The European Union (EU), the United States, the United Kingdom, Canada, Switzerland, Japan, Australia, and Taiwan have sanctioned Russia. On March 8, U.S. President Biden issued an executive order prohibiting the import of coal, LNG, and oil from Russia as well as new U.S. investments in Russia’s energy sector.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing