The original version of this article first appeared in The Business Times.
In early May, tech giants lost more than $1 trillion in value with Apple’s market capitalisation reduced by over $200 billion. Cryptocurrencies have also experienced a major meltdown with Bitcoin free-falling below $30,000 and other top tokens falling to new lows. The crypto world is still reeling from the rapid collapse of the TerraUSD stablecoin (UST) which has majorly shaken the confidence of even staunch crypto loyalists.
The stock market has been off to a difficult start this year. Major equity indices have been swinging between gains and losses as investors come to grips with rising inflation, higher interest rates, geopolitical turmoil, supply chain issues, and COVID-19 lockdowns in China. The S&P 500 is now squarely in correction territory and Nasdaq-100 being in a bear market with an almost 30% fall from peak.
Amidst the turmoil in current markets, we are also entering a period where inflation in...