Very few people were making payments and sending cross-border transfers with Bitcoin, and even fewer were using tokens on decentralized applications built on Ethereum. The decentralized ledger technology used by Bitcoin and Ethereum could only process a few transactions per second, and even if it could do more, applications and wallets were still too clunky to attract mainstream adoption. As prices fell, it became clear the main driver for digital asset prices in the previous year was the belief they would go higher. Cryptocurrencies had been mispriced as investors bought up coins before
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