What is the global financial crisis and its impact on the global economy By Cointelegraph

When the financial system or the economy as a whole undergoes a rapid and large decline, it is said to be in a financial crisis. Financial assets like stocks, bonds, and real estate often see a sharp and significant decline in value during financial crises. They can also be identified by a decline in credit availability and a loss of faith in financial institutions like banks.

Related: DeFi vs. CeFi: Comparing decentralized to centralized finance