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Investor enthusiasm for cryptocurrencies following the election of Donald Trump is waning after a series of scandals rocked the industry.
More than $800 billion has been wiped off the value of global crypto markets this week and the price of Bitcoin, regarded as one of the more secure digital assets, dropped to $85,500, taking losses over the last month to 15 per cent.
BlackRock, one of the largest institutional holders of Bitcoin, has dumped $441 million worth in the last week and a major hack of the Bybit exchange, in which it’s thought North Korean actors made off with $1.5 billion of ethereum, has dented confidence.
Scandals relating to several memecoin launches, including one bearing the name of the president, have also undermined the industry’s efforts to be taken seriously.
