Crypto Reels From a $200 Billion Crash as Casino Crowd Moves On
(Bloomberg) — Crypto’s riskiest tokens are crashing on a scale that stands out even by the industry’s own volatile standards, abandoned by retail speculators saddled with humiliating losses and a growing sense the game is rigged.
Cryptocurrencies beyond Bitcoin have been hit hardest in the market downturn that kicked off early October. A MarketVector index tracking 50 mid- and micro-cap tokens has fallen nearly 70% this year, hitting its weakest level since early 2020. Altcoins have now shed $200 billion on paper since the market peaked.
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