This year has been worse for cryptocurrency than 2000 was for the dot-com bubble


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.

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.
-
5 educational cartoons about the Harvard pushback
Cartoons Artists take on academic freedom, institutional resistance, and more
By The Week US
-
One-pan black chickpeas with baharat and orange recipe
The Week Recommends This one-pan dish offers bold flavours, low effort and minimum clean up
By The Week UK
-
Merz's coalition deal: a 'betrayal' of Germany?
Talking Point With liberalism, freedom and democracy under threat globally, it's a time for 'giants' – but this is a 'coalition of the timid'
By The Week UK
-
Markets notch worst quarter in years as new tariffs loom
Speed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
By Peter Weber, The Week US
-
Tesla Cybertrucks recalled over dislodging panels
Speed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
By Justin Klawans, The Week US
-
Crafting emporium Joann is going out of business
Speed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
By Peter Weber, The Week US
-
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
-
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
-
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
-
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
-
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