This ‘crypto winter’ is unlike any downturn in the history of digital currencies. Here's why
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Cryptocurrencies have suffered a brutal comedown this year, losing $2 trillion in value since the height of a massive rally in 2021. Bitcoin, the world's biggest digital coin, is off 70% from a November all-time high of nearly $69,000. The last such event occurred between 2017 and 2018. But there's something about the latest crash that makes it different from previous downturns in crypto — the latest cycle has been marked by a series of events that have caused contagion across the industry because of their interconnected nature and business strategies. The nature of leverage has been different in this cycle versus the last cycle, says expert Martin Green, CEO of quant trading firm Cambrian Asset Management. It's worth looking at how this contagion has played out via some high-profile examples Source