Another year, another dramatic sell-off in cryptocurrencies . This is prompting renewed questions about the functioning and foundations of the highly volatile digital asset market. It should be clear by now that taking a punt on cryptocurrencies, still a nascent asset class with a large number of flighty retail investors, is a perilous undertaking. Even so, the latest bout of turmoil has been more severe and consequential for virtual currencies and the rapidly developing infrastructure underpinning them. Since its peak in early November last year, the market capitalisation of cryptocurrency assets has plummeted nearly 70 per cent to around US$900…