Is It The Fag End Of The Crypto Party?

There has been carnage on the crypto street. The crypto market capitalisation has dipped drastically in the last six months, and all major cryptocurrencies have lost two-third of their values from their peaks. The crypto market capitalisation touched $3 trillion in November 2021, up from $620 billion in 2017, riding on a wave of popularity among investors, but went in for a sharp correction in the last six months; it is now again below the $1 trillion mark. Bitcoin (BTC), the world’s largest and oldest cryptocurrency, is down by over 70 per cent from its peak of $67,566 on August 11, 2021, to $19,017 as on June 18, 2022. Ethereum (ETH), the second-largest cryptocurrency, is moving in tandem with Bitcoin. The sharp contrast between where these cryptocurrencies were a year ago and where they are now has sent shockwaves among crypto investors who wanted to experience the thrill of...