‘The entire crypto-currency land has now gone into a crypto-apocalypse as the mother and father of all bubbles has now gone bust. Since the peak of the bubble late last year Bitcoin has fallen by about 70% in value (depending on the week). And that is generous. Other leading crypto-currencies such as Ether, EOS, Litecoin, XRP have fallen by over 80% (or more depending on the week). While thousands of other crypto-currencies – literally scam-coins and scam-tokens – have fallen in value between 90% and 99%. No wonder as a recent study showed that 81% of all ICOs were scams in the first place, 11% of them are dead or failing while only 8% of them are traded in exchanges. And out of this 8% the top 10 coins traded – after Bitcoin – have lost between 83% and 95% of their value since peak with an average loss of over 90%.’
From Nouriel Roubini’s (Stern School of Business) US Senate testimony on the bunch of arse that is the cryptocurrency market.