Prices have crashed, investors are walking away, and Sam Bankman-Fried is in jail. It’s not clear if the industry can recover.
In the last year, cryptocurrency prices have fallen by more than half, trading volume has cratered, and several high-profile companies have collapsed in liquidity crises.
The crypto industry is calling this moment its “crypto winter.” They say it’s cyclical, much like a bear market for Wall Street — something that has happened before and will eventually blow over.“Where we are is at a deeply existential point for the industry,” said Yesha Yadav, a law professor at Vanderbilt University who closely follows cryptocurrency regulation.
Created a little over a decade ago and fueled by the global financial collapse, cryptocurrencies are computer-run digital assets intended to function outside established financial institutions, whether a bank or government. The most popular cryptocurrency, bitcoin, was created in early 2009 as a way to sidestep the need for financial middlemen, revolutionize the global economic system and make it easier for people to do business directly with each other. It has gone through several boom and bust cycles — most notably in 2017 and 2018, when
to around $20,000 before a series of high-profile scams and rumors of some countries planning to ban trading in cryptocurrencies led to it losing 80 percent of its value in just a few months.The hangover from that crash persisted for some time, but the crypto world starting booming again amid the pandemic. Interest rate cuts made it cheaper for people to borrow money and invest in speculative assets.
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