Crypto's crash - why it matters

It has been a vicious year for financial markets, and more punishing still for crypto assets. The market capitalization of crypto has slumped to just $1.3trn, from nearly $3trn in November 2021. 

On May 18 bitcoin traded at around $29,000, a mere 40% of its all-time high in November; the price of ether, another cryptocurrency, has collapsed just as spectacularly. 

Six months ago Coinbase, an exchange and the leading crypto-industry stock, was worth $79bn. Now it is valued at just $14bn, and the firm is “reassessing its headcount needs”.

So, what the has gone wrong? Read the full story from The Economist HERE.