WSJ: Investors are Wary of a New Round of the "Crypto Winter"

December 2 – The cryptocurrency market selloff is intensifying, with Bitcoin and other digital tokens seeing a broader downturn spanning all high-risk trade markets, per a *The Wall Street Journal* report. In recent months, unprofitable tech firms, speculative shell companies, and "meme" assets have fallen out of favor. Patrick Horsman, Chief Investment Officer at crypto asset manager BNB Plus, noted investors are cutting risk exposure as they grow more pessimistic about the market and economic outlook. “I think Bitcoin could fall all the way back to $60,000,” Horsman said. “We don’t think the pain is over yet.” Boom-and-bust volatility has defined the crypto industry since its early days. In past “crypto winters,” Bitcoin and other top digital assets shed up to 80% of their value before rebounding. Each prior cycle—including the 2022 downturn—was partly driven by investor fears of widespread fraud. The current selloff, which has calmed some and confused others, stands out because there’s no new Mt. Gox or FTX: collapses of those crypto firms have historically spurred broader market crashes.