The events have served as a vivid reminder that investors, both professionals and the mom and pop variety, can be rolling the dice when it comes to putting money into digital assets.Īfter being mostly hands-off toward crypto, it appears that Washington has had enough.
Terra’s quick collapse came just as bitcoin, the most popular cryptocurrency, was in the midst of a decline that has wiped out nearly half of its value in a couple of months. So Terra became just the latest “sh-coin” - the term used by the community to describe coins that faded into obscurity. The Terra episode publicly exposed a truth long-known in the always-online crypto community: for every digital currency with staying power, like bitcoin, there have been hundreds of failed or worthless currencies in crypto’s short history. Stablecoins are supposed to be less vulnerable to big swings - thus the name - but Terra suffered a spectacular collapse in a matter of days. When the stablecoin TerraUSD imploded last month, an estimated $40 billion in investor funds was erased - and so far there has been little or no accountability. Experienced crypto supporters, including one prominent billionaire, were left feeling humbled. Novice investors took to online forums to share tales of decimated fortunes and even suicidal despair. NEW YORK (AP) - Meltdowns in the cryptocurrency space are common, but the latest one really touched some nerves.
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