This ‘crypto winter’ is unlike any downturn in the history of digital currencies. Here’s why

  • Cryptocurrencies have suffered a brutal comedown this year, losing $2 trillion in value since the height of a massive rally in 2021.
  • While there are parallels between today’s meltdown and crashes past, a lot has changed since the last major bear market in crypto.
  • The crypto market has been flooded with debt thanks to the emergence of centralized lending schemes and so-called “decentralized finance.”
  • The collapse of the algorithmic stablecoin terraUSD and the contagion effect from the liquidation of hedge fund Three Arrows Capital, highlighted how interconnected projects and companies were in this cycle.


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