Economic Affairs

Lessons from the crypto carnage

Market turmoil has revealed hidden excesses and failed experiments

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They call it a crypto winter, but the carnage that we have seen in recent months is more like a bloodbath.

Countless crypto assets have collapsed. The global crypto market has fallen by close to 70 per cent in value since its peak in November last year. As at July 11, the big daddy of them all, Bitcoin, was down almost 70 per cent from its November high. Ethereum, which is widely used in smart contracts, plunged 76 per cent. Another programmable crypto, Solana, was down 86 per cent.

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A version of this article appeared in the print edition of The Straits Times on July 13, 2022, with the headline Lessons from the crypto carnage. Subscribe