Crypto’s crash shows digital currency is not a hedge against inflation

Crypto’s crash shows digital currency is not a hedge against inflation

The cryptocurrency market, which boomed at the beginning of the pandemic, has fallen precipitously from its all-time high. Since November 2021, a sell-off of the emerging asset class has halved its global market value from $3 trillion to $1.5 trillion as of Jan. 24. While crypto has been an exceptionally volatile asset class, its fortunes have largely escaped the influence of traditional market forces.