Cryptocurrency market value down 70% from its peak
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Cryptocurrency market value has dropped 70% from its peak in January, the Wall Street Journal reports, falling under $200 billion this week for the first time since November.
Why it matters: Per the WSJ, many are taking the "plunging cryptocurrency prices" to mean "the apparent failure of bitcoin, ether and other popular units." Chief global strategist and managing director for B. Riley FBR Inc., Mark Grant, told the WSJ that people "are starting to realize that they drove this stuff up in a feeding frenzy, and they're starting to realize just how dangerous it is."
The details: The most popular form of cryptocurrency, Bitcoin, fell below $6,000 for the first time since June. And Ether, the second-favorite, fell 17% in one day.
- The bottom line: There's "virtually nothing holders of bitcoin, ether, or any other cryptocurrency can do besides trade it." Not everyone is sweating the instability, though: Kyle Samani, managing partner at crypto hedge fund Multicoin Capital, told the WSJ, "We're not as sad as you'd expect."