From the New York Times, I'm Sabrina Tavernici.

This is The Daily.

Let's talk about cryptocurrency.

We've talked about the markets getting damage this week.

Cryptocurrency is literally in a death spiral.

When the financial downturn of the past few months led to a crash in the value of cryptocurrency.

Several cryptocurrencies collapsed, even those believed to be among the most stable.

It raised questions about crypto-central promise as money that existed outside the financial

system.

Today, my colleague David Yaffe Bellamy on one crypto company and why it's downfall

tells the story of how crypto became the thing it was trying to reject.

It's Monday, July 25th.

David, for a while now, we've been talking about the decline in the stock market, which,

as you know, has just had its worst six months and more than 50 years.

We've also seen this really steep drop in the value of cryptocurrencies, which you cover.

So where do things stand now?

The stock markets tanked over the last few months.

People have seen their savings disappear practically overnight.

That's true of the traditional markets, and it's also true of crypto.

Since last year, about $2 trillion in value in the crypto market has disappeared.

All those coins that you hear about, they were worth about $3 trillion.

Now they're only worth about $1 trillion.

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