Crypto Market Shed $1.3 Trillion In Value In First Half Of The Year
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Last November, Bitcoin hit an all-time high of $69,006. Today, cryptocurrencies are collectively worth $853 billion. Virtually all top tokens, including bitcoin and ether, have lost more than half of their value since January. Sales of non-fungible tokens, which amassed over $23 billion in trades last year, dropped below the $1 billion mark this month. Celsius Network, one of crypto’s biggest lenders, found itself on the brink of bankruptcy. “It's the first time that crypto and Web3 have existed in a macroeconomic bear-market environment, where there's potentially a recession happening next year,” Avichal Garg, a managing partner at Electrical Capital, a crypto investment fund Source