Bitcoin and Crypto Have Gone Crazy. Investors Face a Hard Decision.

In the crypto market, it’s deja vu all over again.

Cryptocurrency prices are falling; investors panic; the collapse stops and prices stabilize; they try to bounce back but the bounce doesn’t really last. 

This sequence has been repeated several times but this time is different in one key regard: The price drop is much sharper and starker. Bitcoin is now trading at its lowest levels since 2020. 

The king of cryptocurrencies has erased all the gains it made in 2021. It is now trading around $23,166, according to data firm CoinGecko, a bit more than a third of its record $69,044.77, set Nov. 10.