An asset class propped up by sentiment has now been completely engulfed by negative sentiment.

Source: The Economist

Compiled by: Chopper, Foresight News

For weeks, strong winds battered the eastern coast of the United States, causing temperatures in some areas to drop to their lowest levels in decades. However, this pales in comparison to the winter that cryptocurrency has experienced. Bitcoin’s price fell from $124,000 in early October last year to around $70,000 currently, wiping out over $2 trillion in market capitalization across the entire cryptocurrency market. Although this asset class has seen sharp declines before, its supporters seem more disheartened than ever.

Their pessimism is somewhat perplexing. A 45% drop in Bitcoin is…