. Bitcoin Is Crashing Because Everything Is Crashing « JO LEE MAGAZINE

Vice- It is incredibly tempting to look at the ongoing plunge of every crypto asset under the sun and declare this the death rattle of the industry. This crash has been a persistent one, characterized by crisis after crisis as big-name crypto projects buckle under pressure, eat shit as their underlying assets are rapidly devalued, or simply make bad decisions about how to handle market conditions.

Since November, crypto’s global market capitalization has dropped from $3 trillion to around $900 billion—that’s over $2 trillion in value that has simply vanished. There have been slow bleeds, as in the case of the largest play-to-earn game, Axie Infinity, which suffered a massive $600 million hack just as its token economy entered the last stage of a longstanding death spiral. Derivative business models, such as move-to-earn, are already in decline.

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