Will crypto come back in from the cold?
Even if you don’t live and breathe cryptocurrency, you’ve probably noticed some turmoil in the sector. Eye-catching headlines about missing apes and collapsing stablecoins are indicative of the chaos, but what’s really going on?
How did the crypto market unravel?
Like so many things: gradually, then all at once. Take bitcoin, the original crypto currency, which is responsible for about a third of the sector’s value. Bitcoin has been dropping slowly since the end of March, alongside broader malaise in the technology sector.
An investment in bitcoin is, in one regard, a bet on technological upheaval, like any tech stock purchase. With inflation choking growth on both sides of the Atlantic and a sense that irrational exuberance had led to an overvaluing of tech, the sector began dropping.
Then, in
