European Central Bank says “cumbersome, slow and expensive” Bitcoin is on “road to irrelevance” [TechSpot]

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The collapse of TerraUSD in May wiped almost $1 trillion off the crypto market. We’ve since seen the Celsius Network declare bankruptcy, FTX fall apart, and millions of dollars worth of investments lost—Justin Bieber’s Bored Ape NFT is an example of the broader impact.