Crypto investors' hot streak ends as harsh 'winter' descend
As prices plunge, companies collapse and skepticism soars, fortunes and jobs are disappearing overnight.
Investors' feverish speculation has been replaced by icy calculation, in what industry leaders are referring to as a "crypto winter."
On Monday, the price of bitcoin traded at $20,097, more than 70% below its November peak of around $69,000.
Experts say the selloff signals growing trepidation on Wall Street and Main Street about the crypto industry's fundamentals, which right now are looking shaky.
“There was this irrational exuberance,” said Mark Hays at Americans for Financial Reform, a consumer advocacy group.
Unlike the traditional financial markets, the crypto marketplace is largely unregulated
Which has contributed to the growth of “scam” exchanges, crypto market manipulation, excessive trading fees and other predatory practices.
The cryptocurrency market is still relatively new, and it’s certainly possible that, in the future, crypto can become more of an investment and less of a speculation.
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