A trillion dollars in value have been destroyed as a result of the cryptocurrency crash

<p>How are folks able to make ends meet?</p> <p>According to Bloomberg, the crypto meltdown this week has reached an astounding round number: it has now lost more than $1 trillion — trillion with a "t," a staggering quantity — in value since late last year.</p> <p>Bitcoin alone lost more than 12% of its value on Friday, plunging to its lowest level since July 2021, at a pitiful $34,000 at the time of publication. This implies it has lost more than 45 percent of its value from its high in November. Other coins have lost the same amount of value, if not more, in the same time frame.</p> <p>According to Bespoke Investment Group, this is the second greatest drop in the currency's history.</p> <p>"It offers a sense of the degree of value destruction that percentage decreases can conceal," Bespoke analysts told Bloomberg. "Of course, cryptocurrency is subject to these types of selloffs due to its naturally higher volatility in the past, but given how enormous market caps have reached, the volatility is worth considering."</p> <p>Help!</p> <p>The current crypto fall is especially startling when contrasted to one of the darkest days in US history – October 29, 1929, sometimes known as Black Friday — when the stock market plummeted, wiping out almost $14 billion in wealth. Only a few months later, by the end of 1929, the losses were estimated to be in the $40 billion range.</p> <p>To put this in context, $40 billion in 1929 dollars lost in a similar time span to the present crypto meltdown equals nearly $600 billion in 2022 money. That means the latest crypto market fall has cost more than the 1929 losses that triggered the 1930s Great Depression.</p> <p>Given those startling figures, it's worth thinking about how the crypto community can strive to reduce its trademark volatility.</p> <p>The Wall Street Journal just published an op-ed on crypto regulation by former Attorney General Makan Delrahim. Delrahim stated that blockchain regulation has been long overdue and that enacting it will better safeguard individua