Blow To Bitcoin As CEO Warns Crypto Winter Could Turn 'Nuclear'
Bitcoin and the wider cryptocurrency market has been suffering through a year-long bear market that was branded "crypto winter" late last year for its debilitating effect on the industry. The bitcoin price has been falling steadily since it hit an all-time high of almost $20,000 in December 2017, dropping by some 80% over the last 13 months and dragging the wider market down with it. "If we break below $3,000 for bitcoin, crypto winter will become crypto nuclear winter," Vinny Lingham, the CEO of digital identity software company Civic, said via Twitter. The crypto winter has caused many bitcoin, cryptocurrency and blockchain startups to slash jobs or shut down already and a further turn for the worse could spell disaster for the burgeoning bitcoin sector.