The value of the global cryptocurrency market dropped to below US$1 trillion from a peak of $2.9 trillion in November 2021.
The value of cryptocurrencies has plunged over recent days, with Bitcoin — the largest coin by market cap — sinking to its lowest point since 2020.
Many people consider crypto to be a new means of exchange with great potential that will liberate users from financial intermediaries and provide a safe hedge against rising inflation.
Yet the past few months have shown us virtual currencies have not fulfilled those purposes when under pressure.
The global cryptocurrency market cap hit its peak of US$2.9 trillion in November 2021, but in the past two months the market cap fell below $1 trillion in value….
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