The New York TimesThe New York Times

'The Music Has Stopped': Crypto Firms Quake as Prices Fall

By David Yaffe-Bellany and Erin Griffith

14 Jun 2022 · 5 min read

Editor's Note

NYT gives a complete lowdown on all the shake-up that's been happening in the crypto world in the last few days, as Bitcoin's value tanks.

No one wanted to miss out on the cryptocurrency mania.

Over the past two years, as the prices of bitcoin and other virtual currencies surged, crypto startups proliferated. Companies that market digital coins to investors flooded the airwaves with TV commercials, newfangled lending operations offered sky-high interest rates on crypto deposits and exchanges like Coinbase that allow investors to trade digital assets went on hiring sprees.

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