Crypto Market Crash Leaving Bankrupt Startups in its Wake | Bloomberg

Bitcoin is at ~$3,380 this morning, after hitting a new yearly low of $3,310; on a related note, see This Is What Happens When Bitcoin Miners Take Over Your Town | Politico Magazine

"The plunge in the cryptocurrency market is weighing on the software-development community that spawned over 1,000 digital coins amid dreams of independence from traditional financial systems and instant wealth.
[...]
Many of the companies are suffering because they kept a portion of their funds in digital assets, whether in tokens they sold through initial coin offerings or in Bitcoin and Ether, which served as the preferred means of exchange in the crypto world. As prices collapsed this year by more than 90 percent in some cases, and their so-called digital wallets thinned out, many developers found they couldn’t raise additional funding."

Crypto Market Crash Leaving Bankrupt Startups in its Wake | Bloomberg