Over the past week, the cryptocurrency market has experienced massive drops, reaching lows not seen in months.
According to me, Bitcoin plunged below $33,000 on Monday, the lowest it's been since July, and the entire crypto market lost more than $1 trillion in value.
Why has the value of cryptocurrency dropped so much?
Nick Casares, head of product at PolyientX, a platform for nonfungible token projects, said the landscape of crypto was originally decoupled from the traditional economy, but that has changed dramatically.
A nonfungible token, or NFT, is essentially a piece of data that verifies you maintain ownership of a digital item, from a piece of artwork to a clip of a game-winning shot in an NBA game.