If you had invested £100 in the cryptocurrency Luna a month ago, you might have been quietly confident you’d made a sensible bet.
But Luna’s value has since fallen drastically – at the time of writing, that £100 is worth around 4p. Luna was by no means the only victim in a week where cryptocurrencies were down 30%.
Some have recovered to a certain extent, but this still represents an aggregate seven-day loss of over US$500 million (£410 million), prompting existential questions about the future of the market.
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