The cryptocurrency bubble has burst. In January, the total market capitalisation of cryptocurrencies had climbed beyond $800bn from just $18bn a year earlier, according to data provider CoinMarketCap. Now the market has lost three-quarters of its value to stand at $200bn.
The shrinking market value of the novel digital assets comes alongside rising volatility in mainstream financial markets such as equities, which has offered traders other opportunities to profit on fluctuating asset prices.
“The hype has gone, the punters and trader types have gone,” said Simon Taylor, a former Barclays vice-president and co-founder at 11:FS, a financial technology consultancy.
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