Crypto has long been sold as the tradition-busting future of finance, but its collapse is following a decades-old script.
Take Coinbase. The crypto exchange went public at $250 a share in April 2021, when Bitcoin was worth more than $63,000, near its all-time high. Now Bitcoin is flirting with $20,000, and Coinbase is trading at less than $50 a share. It’s also laying off 18% of its workforce, roughly the number of people it hired this year.