Cryptocurrencies: why they've crashed and what it could mean for their future

By Gavin Brown, Associate Professor in Financial Technology, University of Liverpool
Richard Whittle, CAPE Policy Fellow, UCL
Stuart Mills, Fellow of Behavioural Science, London School of Economics and Political Science

If you had invested £100 (US£122) in the cryptocurrency Luna a month ago, you might have been quietly confident you’d made a sensible bet. But Luna’s value has since fallen drastically – at the time of writing, that £100 is worth around 4p (5¢).

Luna was by no means the only victim in a week where cryptocurrencies were down 30%. Some have recovered to a certain extent, but this still represents an aggregate seven-day loss of over US$500 million (£410 million), prompting existential questions about the future of the market.

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