The great crypto crash of 2018 has reached a new milestone: It’s deeper than the dot-com bust.
An index of key digital coins has now plunged more than 80% from a January high. That surpasses the Nasdaq Composite Index’s 78% decline after the internet stock bubble burst in 2000. It also happened a lot faster.
The virtual-currency mania of 2017 – fueled by hopes that Bitcoin would become “digital gold” – has quickly given way to concerns about excessive hype, security flaws, market manipulation and tighter regulation.
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