Crypto Is a Victim of Its Own Success
Government
The past few months have been disastrous for cryptocurrencies. Even after bouncing back a bit on Friday, bitcoin is now down almost 50 percent from its all-time high in October, and other cryptocurrencies—including well-established ones such as ethereum and solana—have fallen far further. Crypto winters are nothing new: The biggest drop in bitcoin’s history, in 2011, knocked 99 percent off its value. But this one feels especially painful, because it came at a moment when crypto enthusiasts
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