Why Bored Ape cartoon monkey NFTs crashed to a 2-year low this week

Hi everyone, welcome back to the Distributed Ledger newsletter. This is Anushree Dave, I write about digital assets at MarketWatch.

Earlier this week, news spread that a non-fungible token art piece purchased by singer Justin Bieber in January 2022 for $1.24 million, is now worth around $60,000.

That piece of art was a Bored Ape, a cartoon…