The recent crypto market crash has sparked a wave of fear, uncertainty and doubt throughout the industry. The crash, which is now being called a stablecoin crash started with the imploded Terra LUNA which lost over 95% of its value in a matter of hours. These developments sparked a marketwide crash that saw Bitcoin hit a 52-week low as the top cryptocurrency dropped back to its December 2020 levels at a price of $25,402. As expected, a state of panic ensued as Bitcoin (BTC) detractors called for an end to the cryptocurrency era. Despite the number of people who were left shell-shocked at how quickly their gains were wiped out, the reality is that a massive sell-off in the crypto market, as well as the equity market, started early in 2022 thanks to inflation, rising interest rates and the war in Ukraine. Plus, despite the troubles that come with stablecoins, the value that cryptocurrencies bring to the global economy is undeniable.
Read more : PayPal and Microsoft Adopt Cryptocurrencies: What This Means for the Future.
