Why the crypto market is crashing
Even by crypto standards, it’s been a rough few weeks.
Investors in digital assets are accustomed to extreme volatility, but a US$1 trillion ($1.55 trillion) wipeout over the past six weeks has tested even crypto’s diehard believers and alienated many of its newest converts.
Bitcoin, the industry bellwether, has fallen dramatically since early October, when it hit a record high of US$126,000 ($194,895).
The world’s most popular cryptocurrency dipped below US$81,000 ($125,290) on Friday before recovering slightly over the weekend.
On Monday, as the broader stock market rallied, bitcoin topped US$88,000 ($136,117), rising nearly 2 per cent over a 24-hour period. (Crypto markets are open…
