Cryptocurrencies have quickly gone from buzz to bust.
"The Great Crypto Crash of 2018" is now even more drastic than when the dot-com bubble burst in 2000, Bloomberg reported Wednesday. Virtual currencies have plummeted 80 percent since January, and selloffs are only poised to worsen this month.
— Camila Russo (@CamiRusso) September 12, 2018
Even during the worst of the dot-com bust, the Nasdaq Composite Index showed a decline of 78 percent. Crypto-defenders point out that the industry recovered and went on to make a revolutionary changes to society, but for now, those who bet big on Bitcoin may be swallowing their pride to accept some major losses.
The new low among top cryptocurrencies may mean that one currency may come out on top as a "winner takes all" result. Experts told Bloomberg that winner would likely be Bitcoin, which fell the least compared to its competitors. Fervor over crypto's potential to reinvent industries all over the world had early adopters racing to buy up blockchain-powered currency, but security flaws and tightened regulations reportedly sent wary buyers running.
There could be big changes coming to how Americans watch their sports. Bob Iger, the CEO of Walt Disney — the parent company of ESPN — told CNBC's Squawk Box that he sees ESPN becoming an online-only channel sold directly to customers, à la HBO Now. While Iger imagines the shift taking place in five or more years, he added that, "If we end up seeing more erosion in the so-called multichannel [cable and satellite TV] bundle, quality will win out."
Apple-TV-owning sports fans shouldn't celebrate just yet, though. Forbes calculated the hypothetical cost of such a service, and ESPN clocked in at a steep $36.30 a month. HBO Now, by comparison, only costs $15 a month — and Beta Research found that the perceived value of ESPN to its consumers is a mere $1.45 a month. And come on, is the ability to stream the World Series of Poker really worth it? Jeva Lange