Bitcoin Tumbles as Cryptocurrencies Join Global Asset Selloff -- Bloomberg

A timely *coin reality check

"Cryptocurrencies have wiped out more than $600 billion in value from a January peak as the boom in initial coin offerings last year fades further into memory. Mainstream adoption of digital currencies has failed to materialize this year amid a series of exchange hacks and increased regulatory scrutiny.

“It is clear by now that Bitcoin and other cryptocurrencies represent the mother of all bubbles,” Nouriel Roubini, chairman at Roubini Macro Associates and a professor at NYU Stern School of Business, said in prepared testimony for a U.S. Senate Banking Committee hearing on cryptocurrencies and blockchain scheduled Thursday in Washington. “No asset class in human history has ever experienced such a rapid boom and total utter bust and implosion.”"

Bitcoin Tumbles as Cryptocurrencies Join Global Asset Selloff -- Bloomberg