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  • The Christian Science Monitor

    Behind bitcoin plunge: Question of trust lingers for cryptocurrency

    by Laurent Belsie Jun 02, 2022 5 minutes

    It has been a red-ink spring for American investors. Rattled by real-world inflation, shortages, and war, stock markets in the United States and around the world have stumbled. In the world of digital money known as cryptocurrency, the losses are far, far worse.

    Bitcoin, the world’s biggest cryptocurrency, has lost more than half its value from November highs. Another digital currency called TerraUSD, designed to be worth $1 at all times, collapsed along with its sister token, Luna. Another so-called stablecoin, DEI, has lost its $1 peg and is now trading around 51 cents. 

    Yet, despite all this turmoil, acceptance of cryptocurrency keeps spreading. In May, a law firm based in Dubai, United Arab Emirates, began accepting payment in bitcoin and a few other digital currencies. An Italian restaurant in Wales claimed it was that country’s first

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