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Why cryptocurrencies have gone from the next hot thing to a full-on meltdown

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Bitcoin and other cryptocurrencies are plunging. Here's what to know about a market that just a few months ago was being touted as the future of finance.

"We appear to be entering a recession," Brian Armstrong wrote.

In fact, with the Fed continuing to raise interest rates aggressively and with inflation still high, there is likely to be more pain ahead across all markets, including cryptocurrencies.Fed Chair Jerome Powell speaks during a news conference at the Federal Reserve Building in Washington, D.C., on Wednesday. The central bank raised interest rates by three-quarters of a percentage point, its biggest hike since 1994.

Today, the total value of crypto market has been shaved to about $1 trillion. And if you bought Bitcoin on Feb. 14, the day after that Super Bowl ad bonanza, it is now worth about half of what you paid for it.The exterior of Crypto.com Arena is seen in Los Angeles on Jan. 26. Many cryptocurrency companies hired celebrities to pitch their products and signed sponsorship deals.

 

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