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How the pandemic fuelled crypto’s incredible rise and fall
There is too much money sloshing around the global financial system.
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As the global financial system was overwhelmed with cash in a remarkably short period of time during the pandemic, the crypto world became a key relief valve.
PHOTO: REUTERS
Robert Burgess
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When historians look back on the spectacular rise and collapse of the cryptocurrency market, they will conclude that it could not have happened without the pandemic. And they would be right.
Back in 2020, when much of the world was locked down and economies shuttered due to the spread of Covid-19, financial assets of all stripes began a spectacular rally that carried through 2021. This was hard to explain even for the experts.
