new customers on Coinbase and Square would be in the red if they bought cryptocurrencies at almost any point over the last nine months and held on to them. Two technicians at Bitfarms, a cryptocurrency mining operation in Saint-Hyacinthe, editLars Hagberg/Agence France-Presse Getty Images. Theres just so much more behind this new wave of technology and innovation that Im sure will take over our society in due time,. Get the Bits newsletter delivered to your inbox weekly for the latest from Silicon Valley and the technology industry. Read more, essential, never worry about missing out on our essential news and trusted opinion 25 off an annual subscription, myFT track the topics most important to you.
The cryptocurrency bubble has burst. Many bankers sold close to the top, piggybacking on those with fewer market smarts.
Now, eight months later, the 23,000 he invested in several digital tokens is worth about 4,000, and he is clearheaded about what happened. But by many metrics, more people put money into virtual currencies last fall and winter than in all of the preceding nine or so years. While he is essentially back to the 4,000 he put in, he has soured on the revolutionary promises that virtual currency fanatics made for the technology last year and has resumed investing his money in real estate.
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Nathaniel Popper reported from San Francisco, and Su-Hyun Lee reported from Seoul, South Korea. Discount Terms and Conditions apply. Roberts, the British investor who has seen most of his 23,000 vanish, is holding on to his coins in case they turn around. I thought that cryptocurrencies would be the one and only breakthrough for ordinary hardworking people like us, she said. I got too caught up in the fear of missing out and trying to make a quick buck, he said last week. The losses have pretty much left me financially ruined. Many who have lost money in recent months had gotten into the markets before the big run-up last year, and their holdings are still worth more than their initial investments. But this bust could have a more lasting impact on the technologys adoption because of the sheer number of ordinary people who invested in digital tokens over the last year, and who are likely to associate cryptocurrencies with financial ruin for a very long time. FT Weekend full access to the weekend content. Advertisement, image, tony Yoo, a financial analyst in Los Angeles, invested more than 100,000 of his savings last fall.
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