Saturday/ the crypto party is over🎈

“How did you go bankrupt?” Bill asked.
“Two ways,” Mike said.
“Gradually, then suddenly.”
-from Ernest Hemingway’s novel The Sun Also Rises (1926)

A headline in the Wall Street Journal says ‘The Crypto Party Is Over’.
It certainly seems to be.
As of Saturday night (cryptocurrencies trade 24/7), Bitcoin was at $18,450, down 30% for the week, and some 72% down from its $68,789 all-time high in Nov. 2021.
(Still up 7-fold from 5 years ago, though).

It was a bad weeks for stocks, but a worse one for all things crypto.
I see a melting Bitcoin ice sculpture and a Shiba Inu doggie, mascot of Dogecoin, in the WSJ picture.
As for the guy on the unicorn floatie in the pool— in business, unicorn has come to be the moniker given to a privately held startup company valued at over US$1 billion.

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