Crypto peaked at 707 billion, according to CoinMarketCap. Less than three months later, market cap has now plunged by 65% to $245 billion, a drop of $462B. Giv

Crypto peaked at 707 billion, according to CoinMarketCap. Less than three months later, market cap has now plunged by 65% to $245 billion, a drop of $462B. Given how high transaction costs are (and production via electricity usage) crypto trading is almost certainly negative sum. The only way it wouldn't be is if the non-monetary benefits (eg sense of security for different asset class, online purchases) exceed the electrical inputs. I would be very surprised if it does given eg Steam and Bitcoin conferences stopped accepting crypto payment and the sense of security in an asset class is low after seeing -65% returns in a quarter.