Crisis in crypto lending shines light on industry vulnerabilities
Cointelegraph
Published Jun 23, 2022 09:02AM ET
Updated Jun 23, 2022 10:40AM ET
The crypto market has entered a bearish phase as prices of major cryptocurrencies have fallen to a four-year low. The current downturn in the crypto market has driven several crypto firms to go out of business, while many have made severe job cuts to remain afloat.
The crypto market crisis began with the Terra debacle that saw $40 billion in investors’ money vanish from the market. At the time, the crypto market showed good resistance against such a massive collapse. However, the after-effects of the collapse had a greater impact on the crypto market, especially crypto lending firms, which many believe are responsible for the current bearish phase.
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Written By: Cointelegraph
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