The tipping point for the crypto markets was the collapse of TerraUSD (CRYPTO: UST). This stablecoin was supposed to remain at $1, however, Terra lost its peg to the U.S. dollar and fell sharply, bringing the rest of the crypto market down with it.
Sam Bankman-Fried, founder and CEO of cryptocurrency exchange FTX, forecasted the downfall, although he didn't correctly calculate the magnitude of the collapse, he said Thursday during a presentation at Piper Sandler's "Global Exchange & Brokerage Conference."
