Why cryptocurrencies have gone from the next hot thing to a full-on meltdown
— Total, Crypto, Cryptocurrency, Meltdown, Companies, Thing, Cryptocurrencies, Interest, Market, Rates — 1 min read
Bitcoin and other cryptos are plunging, and companies such as Coinbase, which runs the largest crypto exchange in the U.S. are announcing layoffs. Since Bitcoin hit an all-time high in November, the value of the world's most popular digital currency has fallen by about 70%, and its rivals are also suffering. The total value of all the digital currencies in the world swelled to $3 trillion this year, and the value has been shaved to about $1 trillion. The Fed raised interest rates by three-quarters of a percentage point and indicated it could raise them again by the same amount at its next meeting in July if needed to cool down prices. In the past, deep downturns have led to a "crypto spring" Source