Each left in its wake a wave of related bankruptcies. The events have eroded trust in a field that was itself created in response to a loss of faith in mainstream finance following the 2008 banking crash.
That’s less than the 88 per cent collapse in the previous “crypto winter” of 2018, but it wiped out far more value: more than US$2 trillion. to combat a post-pandemic surge in inflation. This reduced investor appetite for assets offering high risks and high returns, including crypto.The collapse exploded the idea that crypto enjoys a similar status to gold as a refuge in times of economic uncertainty by being decoupled from the fortunes of traditional financial assets.
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