Over the previous two years, a boom in crypto prices minted a generation of millionaires and billionaires. Some industry executives and even regular investors acquired extraordinary wealth out of cryptocurrency trading.
But of late, the crypto market has crashed. Last week, central bank interest rates tightening reports, inflation concerns, and the collapse of the algorithmic stablecoin TerraUSD and its LUNA token, helped ignite a wider meltdown, plunging and wiping $300 billion in value from the wider crypto economy. The recent crypto market crisis has not only hurt investors but also erased billions of dollars from their fortunes.