WHAT GOES UP MUST COME DOWN

Cryptocurrency Crash Now Worse Than Dot-Com Bust

The virtual currencies plummeted to a new low Wednesday, marking an 80 percent drop from January.

Cryptocurrency prices plummeted to a new low on Wednesday, marking an 80 percent decrease since their all-time high in January, Bloomberg reports. The MVIS CryptoCompare Digital Assets 10 Index has now dropped further than the Nasdaq Composite Index did after the dot-com crash in 2000. According to CoinMarketCap.com, the value of all cryptocurrencies totaled a 10-month low of $187 billion on Wednesday, with the second-largest cryptocurrency, Ether, dropping six percent. Due to cryptocurrencies’ loose ties to traditional financial institutions, the risk of damage to the overall global economy is slim, differing from the dot-com bust.