The pilot must have seen an impending crash.

IN Blocking The Web3 conference kicks off the next day. TNW flew to attend, but fate had other plans.

After descending to the runway in Split, Croatia, the plane abruptly reversed course and ascended back into the sky. A curtain of Saharan sand had made the landing too dangerous – and the real drama was just beginning.

When we finally arrived in Croatia the next day, the crypto market entered its biggest downturn in years.

Falling Skies

The seeds of the crash were sown long before BlockDown.

After reaching record highs late last year, cryptocurrency prices began to fall as fears about the global economy grew. But the market is really collapsing after the collapse of Terra – the so-called stable coin – and its sister token, Luna.

Luna fell 99% to below $ 0.02 on May 13, the second day of BlockDown. The implosion echoed through the market.