For a generation of alienated techies, crypto's all-for-one ethos was its biggest draw. Now panic is spreading across this universe — and that same ethos is posing what may be the biggest threat yet to its survival.

A broad-based selloff in digital assets and the collapse of high-profile tokens TerraUSD and Luna have caused ripple effects across the crypto industry.

Traders betting against stocks have generally done well this year, with bearish wagers against crypto shares proving to be a major standout.

Crypto bears who reckon the meltdown across digital currencies isn’t done yet are getting a new tool to bet on fresh declines.

It’s time to navigate through what traders call a “sea of red,” the colour used to signal declines in asset prices on their computer screens. Almost everywhere you look right now, it’s crimson.

With crypto prices tumbling precipitously, traders have begun increasingly turning against one another to eke out ever-elusive profits.