Examining what happened to crypto

Recent high-profile financial meltdowns at Bitcoin, Celsius, and Terraform Labs, which together wiped out hundreds of billions in market value, helped trigger a flight from the cryptocurrency market, driving its value from $2.9 trillion last fall to less than $900 billion today. This “crypto crash” has reinforced the perception of critics that markets for the digital currency—used primarily as an investment vehicle as it is not widely accepted as payment for goods and services—are little more than global casinos operating with virtually no rules or accountability.

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