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‘Crypto Winter’ Fears Chill the Battered Bitcoin Faithful

  • Bitcoin’s slump brings back memories of 2018 doldrums
  • Fed tightening, regulation cloud the outlook for crypto
Bloomberg business news
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There are few things scarier for investors than a bear market -- unless you’re involved in crypto, in which case a winter is worse. 

The chilling term refers to a sharp slump, followed by a drop-off in trading and months of market doldrums -- a phenomenon that memorably befell the crypto market in 2018. Bitcoin’s price plunged by more than 80% to as low as $3,100 from the end of 2017 through December of the following year, a period characterized by the boom-and-bust of initial coin offerings and several big banks shelving their plans to start cryptocurrency trading desks. Bitcoin wouldn’t reach a new high until December 2020, according to data compiled by Bloomberg.