Cryptocurrency traders are bracing for more turmoil after a market meltdown claimed more than 1,000 jobs and put the industry on the brink of a ‘crypto winter’.

Investors were left hoping for some respite after bitcoin plunged last week to lows not seen since 2020, lending platforms Celsius and Babel froze withdrawals and crypto exchange Coinbase axed a fifth of its workforce. Beyond the world of crypto, investors are reeling as inflation soars, interest rates rise and as tech stocks drag markets lower.