This year has been worse for cryptocurrency than 2000 was for the dot-com bubble
![Bitcoin sign.](https://cdn.mos.cms.futurecdn.net/JHKCnV928xFqJSzkQ745tG-1280-80.jpg)
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.
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.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
![https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg](https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516-320-80.jpg)
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
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.
"It just shows what a massive, speculative bubble the whole crypto thing was — as many of us at the time warned,” Neil Wilson, a market analyst, told Bloomberg.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Summer Meza has worked at The Week since 2018, serving as a staff writer, a news writer and currently the deputy editor. As a proud news generalist, she edits everything from political punditry and science news to personal finance advice and film reviews. Summer has previously written for Newsweek and the Seattle Post-Intelligencer, covering national politics, transportation and the cannabis industry.
-
Today's political cartoons - February 15, 2025
Cartoons Saturday's cartoons - modern romance, throwback, and more
By The Week US Published
-
5 heart-stopping cartoons about Valentine's Day
Cartoons Artists take on precious gifts, potential acquisitions, and more
By The Week US Published
-
When 'a kiss is not a kiss': Spanish football on trial
Talking Point Luis Rubiales faces up to two-and-a-half years in jail if convicted of sexually assaulting footballer Jenni Hermoso
By The Week UK Published
-
Trump's China tariffs start after Canada, Mexico pauses
Speed Read The president paused his tariffs on America's closest neighbors after speaking to their leaders, but his import tax on Chinese goods has taken effect
By Peter Weber, The Week US Published
-
Chinese AI chatbot's rise slams US tech stocks
Speed Read The sudden popularity of a new AI chatbot from Chinese startup DeepSeek has sent U.S. tech stocks tumbling
By Peter Weber, The Week US Published
-
US port strike averted with tentative labor deal
Speed Read The strike could have shut down major ports from Texas to Maine
By Peter Weber, The Week US Published
-
Biden expected to block Japanese bid for US Steel
Speed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
By Peter Weber, The Week US Published
-
Judges block $25B Kroger-Albertsons merger
Speed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
By Peter Weber, The Week US Published
-
Rupert Murdoch loses 'Succession' court battle
Speed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
By Peter Weber, The Week US Published
-
Bitcoin surges above $100k in post-election rally
Speed Read Investors are betting that the incoming Trump administration will embrace crypto
By Peter Weber, The Week US Published
-
Enron mystery: 'sick joke' or serious revival?
Speed Read 23 years after its bankruptcy filing, the Texas energy firm has announced its resurrection
By Peter Weber, The Week US Published