It's been a wild week in the world of crypto.Hundreds of billions of dollars in ephemeral wealth evaporated as the price of Bitcoin plunged to its lowest point since 2020, down more than 50% in about six months.
The exchange Coinbase dropped to about a fifth of last year’s initial public offering price. An algorithmic stablecoin called TerraUSD, a digital token that purported to be worth a dollar, melted down along with the blind confidence it had relied on.The crypto market may well bounce back.
But the message is clear: This stuff is not ready for prime time.Those who stand to gain from crypto have been making great efforts to popularize and legitimize what they call a new asset class.
They’ve renamed stadiums and hired celebrities to stoke people’s fear of missing out. They’ve encouraged state and local governments to provide tax incentives and even make cryptocurrency “legal tender.” Established financial institutions are launching exchange-traded funds focused on Bitcoin futures and offering over-the-counter trading to wealthy clients.Read more on tech.hindustantimes.com