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