This past week’s incredible selloff in cryptocurrencies, accompanied by broader market turbulence, is stoking fears of further turmoil and perhaps some soul-searching by crypto boosters. Between algorithmic stablecoin TerraUSD’s death spiral, Tether’s fraying ties to the dollar peg, and even Bitcoin’s struggles, crypto’s critics are collecting plenty of evidence to bolster their skepticism of decentralized finance. Dire broader economic signs aren’t stopping investors from fleeing high-risk assets, either. Here’s what Bloomberg Opinion columnists have had to say on the matter — starting with Matt Levine’s Money Stuff, of course.
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