Following the all time highs in November 2021, the crypto market plunged in May and June 2022, hitting the mainstream media for all the wrong reasons.
Started by the LUNA stablecoin collapse, the market selloff resulted in huge losses by some major crypto market players, the biggest being Three Arrows Capital. Its default and bankruptcy had a negative knock-on effect for the majority of centralised crypto lending businesses, some crypto exchanges and hundreds of crypto projects and funds. These events has forced the crypto market into a liquidity crunch, caused a large unwinding of leverage and a major withdrawal of credit from the ecosystem. However, this is far from being the first bloodbath that the crypto market has experienced. ...
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