How far will the fall of cryptocurrencies go?

Cryptocurrencies sink deeper into crisis, racking up losses and pushing businesses out of business. Since the collapse of terraUSD and luna in May, “the crypto-asset ecosystem is in turmoil”see the wall street journal.

So everything accelerated in May, when the reputedly stable crypto-asset terraUSD fell off its peg to the dollar. “and dragged down the Luna cryptocurrency, wiping out $40 billion”. Then, like a “taste” of “domino effect” which is currently hitting cryptocurrency investments, “A sale of assets backing the stablecoin terraUSD caused the price of bitcoin to drop nearly $1,000”.

Since then, bad news has followed. “Last week, a court in the British Virgin Islands ordered the liquidation of hedge fund Three Arrows Capital, which had survived multiple cryptocurrency meltdowns.” This announcement weakened the cryptocurrency broker

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