Insolvency, Bankruptcy and Brutal Crashes: Lessons from the Crypto Market – Coinpedia – Fintech & Cryptocurreny News Media

The global cryptocurrency market has been hit by turbulent circumstances, and the market is still struggling to make a comeback. This instability was followed by a liquidity crunch, unemployment, and a thorough investigation into illegal crypto businesses.

Market participants had assumed that the worst days were over once the Terra (Luna) crisis passed. However, this was far from true – it was followed by several companies such as , vault, and declare bankruptcy. Additionally, well-known companies like and also plagued by instability.

If there is anything positive to take from these circumstances, it is that the crypto community has now seen terrible days and is well aware of the reality.

During Bloomberg’s Crypto Summit yesterday (July 19), Galaxy Digital CEO Mike Novogratz acknowledged that the crypto market has been going through some miserable times recently and that these situations have hurt investor confidence.

The Luna Crash: a lesson for all

Prominent Terra Platform (LUNA) supporter Mike Novogratz even has a LUNA tattoo and calls himself LUNA-tic

After the Terra (LUNA) crash in May, Mike Novogratz claimed his tattoo would always remind him that humility is a prerequisite for investing in any business. He believes that insolvent companies have met such a fate due to their greed and ignorance.

Also, the CEO of Galaxy said that the Terra crash was an eye opener and made us realize that the whole crypto market and investors do not have adequate knowledge on risk management.

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