R5.3 trillion crypto market wipeout.
On the face of it, 2025 looks like a banner year for crypto: Bitcoin hitting a record, an industry-boosting US president whose family is venturing headlong into the sector, and key legislation widely expected to be passed by Congress.
But look beyond the bullish headlines and the rally in Bitcoin, and a vastly different landscape comes into view.
Most of the so-called altcoins once touted as competitors to the original cryptoasset are nursing steep declines, with more than $300 billion (R5.3 trillion) of market value wiped out so far this year.
The sea of red points to a wider malaise that’s forcing parts of the industry to confront existential questions.
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