Many Lost All Their Investments In This Recent Cryptocurrency Crash

Woman covering eyes with coins
Via Unsplash
Alyssa Guzik
June 20, 2022

The Cryptocurrency market has always been somewhat unstable, ever since Bitcoin was invented in 2009. Recently, however, there was a major crypto crash that many didn’t see coming! 

This crash has been especially hard on Black Americans – 30% of Black investors own crypto, more than double that of white investors.

Cryptocurrency is inherently risky – there have been major crashes almost every year since 2011. Everything from global politics to billionaire’s tweets can make markets react rashly. 

However, this current downward trend is different.

Stablecoins” are cryptocurrencies directly tied to actual money, and are usually reliable. But with the world economy in flux, their value crashed! TerraUSD and LunaUST – both strong and well-regarded stablecoins – lost almost all of their value in May 2022. 

Is this the end of cryptocurrency?

It may be the end of stablecoins, but cryptocurrency is probably here to stay, at least for now. 

Edward Moya, a senior market analyst at foreign exchange platform OANDA, thinks cryptocurrency will likely rebound. “You can never say never, especially in cryptocurrency.

While the signs point to the end of cryptocurrencies as we know them, this is not the first time the crypto market has crashed – in the past, it has recovered. All markets face periods of volatility. The key is to play them cautiously to see the best returns, and never invest more than you’re willing to lose.

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