Crypto’s rocket ship to the moon crash-landed back on Earth in the second quarter.
In almost every way, the second quarter was the polar opposite of the gilded, nearly two-year rally that preceded it. Two related cryptocurrencies, TerraUSD and Luna, plunged in early May, and the effects quickly rippled. Prices for bitcoin and other cryptocurrencies tumbled. Lenders told customers they couldn’t take their money out.
