Blow To Bitcoin And Crypto As Asset Manager Makes 'Bubble' Warning

Bitcoin and the cryptocurrency sector struggled over the last year, battling through a bear market that's been branded a "crypto winter" for its debilitating effect on the burgeoning industry. The bitcoin price has lost more than 80% in value and some $400 billion has been wiped from the cryptocurrency market over the past 12 months as adoption stalls and banks put closely-watched plans to wade into bitcoin and cryptocurrencies on hold. Now, Matt Hougan, global head of research at the creator of the world’s first cryptocurrency index fund provider, Bitwise Asset Management, has warned that the bitcoin bubble has burst and 95% of the 2,000 cryptocurrencies that exist today will "die a painful and deserved death."

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