How a Series of Crypto Meltdowns Is Reshaping the Industry
The history of cryptocurrencies has rarely been dull, but the latest meltdown delivered a series of shocks that shook the foundations of digital assets. A cascade of blowups, including the collapse of a so-called stablecoin in May and the epic unravelling of the FTX crypto exchange in November, left a wave of bankruptcies. After peaking in November 2021, crypto assets suffered a $2.2 trillion wipe-out in the following 12 months, with their combined market value tumbling by 73%, according to data from tracker CoinGecko. In the past, such collapses — also known as “crypto winters” — were triggered by events within the industry itself, such as the failure of an exchange or a regulatory crackdown. This one began with something external: central banks hiking interest rates to combat a post-pandemic surge in inflation, which reduced investor appetite for riskier assets including crypto.
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