Crypto crash: What's causing the rout in cryptocurrencies?

After the crash of the Terra/Luna stablecoin, the value of the entire digital coin market has fallen below US$1 trillion. PHOTO: AFP
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SINGAPORE - The cryptocurrency bloodbath has continued this week with Bitcoin at levels not seen since late 2020 while the value of the entire digital coin market has fallen below US$1 trillion (S$1.4 trillion) for the first time since January 2021.

The rout comes after the crash of the Terra USD/Luna stablecoin project last month, which resulted in a significant loss in confidence in the crypto ecosystem.

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