ST Explains: Is crypto still a viable asset class after the crash?

A man using a cryptocurrency ATM operated by BitXChange in Tbilisi, Georgia, on July 25, 2022. PHOTO: BLOOMBERG
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SINGAPORE - Cryptocurrencies have lost their shine in recent months after rising United States interest rates sent the greenback soaring while sparking an inflow of capital into US dollar-backed securities.

Crypto has lost around US$2 trillion (S$2.8 trillion) in value since its peak in November 2021, with Bitcoin, the world's biggest digital coin, down around 70 per cent from its all-time high of nearly US$69,000.

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