Singapore’s crypto scene: Hits, misses and what’s next
The market has not been kind to cryptocurrencies, which have in the past year suffered trillions of dollars in losses and a string of major scams that has damaged confidence in the emerging asset class.
From a peak in November 2021 of US$2.96 trillion (S$4.2 trillion), the market capitalisation of all cryptos fell 72 per cent to a low of US$836 billion in June 2022, according to crypto aggregator CoinMarket Cap.
Yet regulators and investors remain interested and more businesses have emerged across the blockchain and crypto sphere despite the recent downturn.
