What’s Wrong With Coins? Crypto Crisis Explained

The cryptocurrency market has dropped $2 trillion in value since November’s mad ascent.

During crypto mania, bitcoin reached a record $69,044.77, according to data firm CoinGeckowhile ether, the second digital currency by market value, registered a record price of $4,878.26.

But in just eight months, bitcoin has lost 71% of its value, while ether is down 77%. Other alt-coins are down 60% to 90%.

Investors are avoiding cryptocurrencies as they avoid risk. That’s because they fear a recession as interest rates have jumped in the fight against inflation.

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