Interest in bitcoins surged in 2022 as industry entered latest ‘crypto winter’: Morning Brief

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This article first appeared in the Morning Brief. Get the Morning Brief delivered straight to your inbox Monday through Friday by 6:30 a.m. ET. Subscribe

Thursday, December 22, 2022

Today’s newsletter is from Jared Blikre, a markets reporter at Yahoo Finance. Follow him on Twitter @SPYJared. Read this and other market news wherever you are with the Yahoo Finance app.

Crypto Winter be damned bitcoin and Ethereum investors are still focused on a plummeting industry rocked by bankruptcies.

At least that’s what at least one internal Yahoo Finance metric reveals as investors continue to check crypto prices battered at a strong pace as 2022 draws to a close.

Although the entire crypto asset class seems on the brink of collapse or maybe because of it, Yahoo Finance’s Bitcoin quotes page (BTC-USD) has racked up over 157 million views so far in 2022, making it number 8 of the year. ten lists of trending tickers.

And that in a year that saw the outbreak of war in Europe, the Fed’s historic rate hikes surprised all summer, and investors suffered the worst stock market environment in more than a decade.

Unsurprisingly, perennial favorite Tesla (TSLA) tops the list.

Major US indices, plus Apple (AAPL) and Amazon (AMZN), also beat bitcoin in terms of clicks.

But the leading crypto ticker managed to beat chipmaker Nvidia (NVDA) as well as 2021 favorite GameStop (GME), which completes the top ten.

In previous crypto winters, user interest in Yahoo Finance’s crypto quotes pages simply plummeted.

For several years, not a single crypto ticker has made it to Yahoo Finance’s Top 10 Trending Tickers list on a seven-day moving average.

However, bitcoin reemerged in the first week of 2021 after the price of the world’s largest cryptocurrency hit new all-time highs, finally signaling that the sector was out of the previous crypto winter.

Bitcoin hit its last all-time high late last year, and interest in the ticker waned a bit with the price in the first quarters of 2022 only to be revived during the Terra-Luna debacle during of summer.

The story continues

Feel free to point out some of the interest as rubber, but the resilience of interest in crypto also comes with a certain irony. Many putative bitcoin HODLers grapple with the reality that in some cases the only thing that “owns” their crypto is a foreign entity embroiled in bankruptcy court.

And for investors who might be quick to turn the page on 2022, the saga only intensifies as the new year approaches. With former number two exchange, FTX, down, the industry is now looking for cracks in the only remaining giant, Binance.

Either way, 2023 promises to deliver more life and death crypto news to keep investors hitting the refresh button.

But one has to wonder if this will get stranger than the Sam Bankman-Fried perp walk. Stay tuned.

What to watch today

Economy

8:30 a.m. ET: Annualized GDP, quarter-over-quarter, third estimate of the third quarter (2.9% expected, 2.9% forward)

8:30 a.m. ET: Personal consumption, quarter-over-quarter, third estimate of the third quarter (1.7% expected, 1.7% before)

8:30 a.m. ET: GDP price index, quarter-over-quarter, third estimate of the third quarter (4.3% expected, 4.3% ahead)

8:30 a.m. ET: Core PCE, quarter over quarter, third estimate of the third quarter (4.6% expected, 4.6% before)

8:30 a.m. ET: Initial Unemployment Insurance claims, week ended Dec. 17 (222,000 expected, 211,000 the previous week)

8:30 a.m. ET: Continuing claims, week ended Dec. 10 (expected 1.678, 1.671 million in previous week)

10:00 a.m. ET: leading index, November (-0.5% expected, -0.8% in previous month)

11:00 a.m. ET: Kansas City Manufacturing Index, October (-7 expected, -6 the previous week)

Earnings

CarMax (KMX), Apogee Enterprises (APOG), Paychex (PAYX)

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