Black Americans saw crypto as a path to building wealth. Now they’re bearing the brunt of its decline.
Given many Black Americans’ exposure to crypto, as well as the fact many hopped aboard late — investing at higher prices than their peers — these investors have been particularly impacted by crypto’s decline over the past year. Following the downfall of Sam Bankman-Fried and FTX in November, cryptocurrency trading volumes plummeted 50%. Since last year, crypto’s market cap has lost nearly three-fourths of its value, with bitcoin and ethereum, both down nearly 75% from their record-highs in November of 2021. […]