The cryptocurrency market has shed more than $600 billion from its peak — what exactly happened?

The cryptocurrency market is in the midst of one of its biggest drawdowns ever, and even the staunchest crypto bulls have to be wondering when it’s going to end. Now, eight months after its peak, the crypto market cap has lost more than $600 billion, slipping below $200 billion for the first time since Nov. 12, 2017. The demise has seen each of the five biggest digital currencies lose more than half their value year-to-date with Ripple leading the way, down 88.6%. Bitcoin BTCUSD, +5.97% the world’s most famous cryptocurrency, has shed 57% since Jan. 1.

Heading into 2018, cryptocurrencies were on a tear. The price of bitcoin had surged more than 1,000% in 2017 and it seemed if you weren’t trading bitcoin you were in the minority. “People were expecting great things heading into 2018,” said Charles Hayter, co-founder of CryptoCompare. “A lot of small-time investors were thinking if you can make money then why can’t I.”

Прогнозы ничем не были сдержаны

Эйфория толкнула многих аналитиков к невероятным прогнозам вероятной цены биткоина. Том Ли, управляющий партнер в Fundstrat Global Advisors, одним из первых заявил о вероятных $25,000 к концу этого года.

Регуляция оказалась не такой быстрой, как ожидалось

Законотворцы продолжают весьма неспешно оценивать происходящее, некоторые считают, что этот процесс весьма сильно затянулся, и цифровым активам давно нужна вменяемая регуляция. Последним крупнейшим разочарованием стал отказ в запуске Bitcoin-ETF братьям Уинклвоссам.

The cryptocurrency market has shed more than $600 billion from its peak — what exactly happened?, MarketWatch, Aug 15