Pessimism about crypto is starting to take root. The total value of the crypto sector has slipped into a broad downtrend in the weeks following the Oct. 10 flash crash, with the market at a bit above $3.2 trillion after a series of declines. Bitcoin (BTC +2.41%), which still accounts for well over half of that total, has dropped sharply from its recent all-time high above $126,000, knocking hundreds of billions off crypto’s paper wealth, and falling through the psychologically important $100,000 level with ease on its way to push below $90,000.
Some investors argue that this is already a bear market for crypto, or perhaps even the start of a deep crypto winter. Others think it is just a pause before…
