It is no doubt that 2022 has been a challenging year for global markets as a result of several worldwide downturns, including war, rising inflation, monetary tightening, and many more, which have put significant pressure on various asset classes, including cryptocurrencies. The government introduced a number of policies to encourage the adoption of cryptocurrency assets in 2022, including a 30% crypto tax and Central Bank Digital Currency (CBDC), which was introduced by the RBI. However, significant events like the collapse of FTX, the bankruptcy of Vauld, and the Terra-Luna crash overheated the cryptocurrency market. At the beginning of 2022, Bitcoin, the most valuable cryptocurrency by market capitalization, was trading at $47,686.81, with a market capitalization of $902,104,193,385. By the end of 2022, on December 30, however, Bitcoin had dropped to $16,602.59, with a market capitalization of $319,559,502,980.