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Is It The Fag End Of The Crypto Party?

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Is It The Fag End Of The Crypto Party?
Illustrations: Saahil
There has been carnage on the crypto street. The crypto market capitalisation has dipped drastically in the last six months, and all major cryptocurrencies have lost two-third of their values from their peaks. The crypto market capitalisation touched $3 trillion in November 2021, up from $620 billion in 2017, riding on a wave of popularity among investors, but went in for a sharp correction in the last six months; it is now again below the $1 trillion mark. Bitcoin (BTC), the world’s largest and oldest cryptocurrency, is down by over 70 per cent from its peak of $67,566 on August 11, 2021, to $19,017 as on June 18, 2022. Ethereum (ETH), the second-largest cryptocurrency, is moving in tandem with Bitcoin. The sharp contrast between where these cryptocurrencies were a year ago and where they are now has sent shockwaves among crypto investors who wanted to experience the thrill of investing in a new asset class that promised them quick wealth. Sample this: On June 18, 2021, the price of Bitcoin shot up to $35,787, a jump of 280 per cent from $9,411 on June 18, 2020. These...
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