One of the pivotal moments in the development of cryptocurrency will be the current market correction.
The slump has questioned the long-term viability and validity of crypto by exposing the systemic vulnerabilities that had been festering inside the crypto loan system.
When market conditions changed, centralised lenders like Celsius Network and Voyager's overleveraged holdings became apparent, leading to their eventual collapse.
The ongoing credit and liquidity crisis exposed centralised finance's weakness and the potential of decentralised finance (DeFi) to fill this void.
This raises the question of whether these two diametrically opposed concepts could coexist in cryptography.
Several major banks are watching for an opening to enter the cryptocurrency market as it develops in an unclear legal climate.