Sentiment surrounding cryptocurrencies has soured over the last two years. The total value of all tokens across the industry hit an all-time high of $2.8 trillion in 2021, but that figure now sits 60% lower at just $1.1 trillion. 

Why wouldn't it? Some of the industry's most coveted and trusted exchanges and projects have collapsed in spectacular fashion. Regulators are still trying to track down billions of dollars in missing customer funds from the bankrupt FTX exchange, which was one of the largest failures to date.

Tesla CEO Elon Musk has broadly supported crypto technology, though he has definitely been most vocal about speculative token Dogecoin (CRYPTO:DOGE), which dons a Shiba Inu dog as its mascot. That hasn't necessarily changed, but he made a virtual appearance at The Wall Street Journal's CEO council in London on May 23 and adopted a more cautious tone overall.

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Source Fool.com