The 2021 Wake-Up Call

In November 2021, the total crypto market hit an all-time high of roughly $3 trillion. By June 2022, it had crashed to about $900 billion — a drop of more than 70%.

Major projects like Terra/LUNA went from a $40 billion valuation to essentially zero in a single week. The collapse wiped out the life savings of people who had gone "all in" on crypto.