🕷️ Crawler Inspector

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Direct Parameter Lookup

Raw Queries and Responses

1. Shard Calculation

Query:

Response:

Calculated Shard: 152 (from laksa161)

2. Crawled Status Check

Query:

curl -X POST \
  'http://laksa152.int.ahrefs:8124/' \
  -H 'Content-Type: text/plain' \
  -H 'X-ClickHouse-Database: crawler3' \
  -H 'Authorization: Basic YXBpOg==' \
  -d 'SELECT getAhrefsURLFromUnparsed(src_unparsed) AS found_url, ifNull(toUnixTimestamp(download_stamp), 0) AS crawl_time, ifNull(toUnixTimestamp(props_url_first_seen), 0) AS first_indexed_time, download_http_code AS http_code, src_unparsed AS src_unparsed, src_root_hash AS src_root_hash, history_drop_reason AS history_drop_reason, meta_title AS meta_title, meta_descriptions AS meta_descriptions, attrs_boilerpipe_text AS attrs_boilerpipe_text, attrs_markdown AS attrs_markdown, attrs_readable_markdown AS attrs_readable_markdown, meta_canonical AS meta_canonical FROM crawler3.page_info_local FINAL PREWHERE (src_root_hash, src_unparsed) IN ((getAhrefsRootHashFromUnparsed(getAhrefsUnparsedNoserviceFromURL(\'https://en.wikipedia.org/wiki/Cryptocurrency_bubble\')), getAhrefsUnparsedNoserviceFromURL(\'https://en.wikipedia.org/wiki/Cryptocurrency_bubble\'))) FORMAT JSONEachRow'

Response:

{"found_url":"https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble","crawl_time":1775261385,"first_indexed_time":1513955272,"http_code":200,"src_unparsed":"org,wikipedia!en,\/wiki\/Cryptocurrency_bubble s443","src_root_hash":"17790707453426894952","history_drop_reason":null,"meta_title":"Cryptocurrency bubble - Wikipedia","meta_descriptions":[],"attrs_boilerpipe_text":"From Wikipedia, the free encyclopedia\nBitcoin price daily, 2015–2022\nEthereum price daily, 2017–2022\nA\ncryptocurrency bubble\nis a phenomenon where the\nmarket\nincreasingly considers the going price of\ncryptocurrency\nassets to be inflated against their hypothetical value. The\nhistory of cryptocurrency\nhas been marked by several\nspeculative bubbles\non a boom to bust cycle.\n[\n1\n]\n[\n2\n]\nSome economists and prominent investors have expressed the view that the entire cryptocurrency market constitutes a speculative bubble. Adherents of this view include\nBerkshire Hathaway\nboard member\nWarren Buffett\nand several\nlaureates of the Nobel Memorial Prize in Economic Sciences\n, central bankers, and investors.\n2011 booms and crashes\n[\nedit\n]\nIn February 2011, the price of\nBitcoin\nrose to\nUS$\n1.06, then fell to\nUS$\n0.67 that April. This spike was encouraged by several\nSlashdot\nposts about it.\n[\n1\n]\nIn June 2011, Bitcoin's price again rose, to\nUS$\n29.58. This came after attention from a\nGawker\narticle about the dark web market\nSilk Road\n. The price then fell to\nUS$\n2.14 that November.\n[\n1\n]\n2013 boom and 2014–15 crash\n[\nedit\n]\nIn November 2013, Bitcoin's price rose to\nUS$\n1,127.45. It then gradually declined, bottoming out at\nUS$\n172.15 in January 2015.\n[\n1\n]\n2017 boom and 2018 crash\n[\nedit\n]\nThe 2018 cryptocurrency crash\n[\n3\n]\n[\n4\n]\n[\n5\n]\n[\n6\n]\n[\n7\n]\n(also known as the Bitcoin crash\n[\n8\n]\nand the Great crypto crash\n[\n9\n]\n) was the sell-off of most\ncryptocurrencies\nstarting in January 2018. After an unprecedented boom in 2017, the price of Bitcoin fell by about 65% from 6 January to 6 February 2018. Subsequently, nearly all other cryptocurrencies followed Bitcoin's crash. By September 2018, cryptocurrencies collapsed 80% from their peak in January 2018, making the 2018 cryptocurrency crash worse than the\ndot-com bubble\n's 78% collapse.\n[\n9\n]\nBy 26 November, Bitcoin also fell by 80% from its peak, having lost almost one-third of its value in the previous week.\n[\n10\n]\nA January 2018 article by CBS cautioned about possible\nfraud\n, citing the case of\nBitConnect\n, a British company which received a\ncease-and-desist order\nfrom the\nTexas State Securities Board\n.\nBitConnect\nhad promised very high monthly returns but had not registered with state securities regulators or given their office address.\n[\n11\n]\nIn November 2018, the total current value for Bitcoin fell below $100 billion for the first time since October 2017,\n[\n12\n]\n[\n13\n]\nand the price of Bitcoin fell below $4,000, representing an 80 percent decline from its peak the previous January.\n[\n10\n]\nBitcoin reached a low of around $3,100 in December 2018.\n[\n14\n]\n[\n15\n]\nTimeline of the crash\n[\nedit\n]\n17 December 2017: Bitcoin's price briefly reaches a new all-time high of $19,783.06.\n[\n16\n]\n22 December 2017: Bitcoin falls below $11,000, a fall of 45% from its peak.\n[\n17\n]\n12 January 2018: Amidst rumors that South Korea could be preparing to ban trading in cryptocurrency, the price of Bitcoin depreciates by 12 percent.\n[\n18\n]\n[\n19\n]\n26 January 2018:\nCoincheck\n, Japan's largest\ncryptocurrency\nOTC\nmarket, is hacked. US$530 million of the NEM are stolen by the hacker, causing Coincheck to indefinitely suspend trading. The loss is the largest ever so far by an incident of theft.\n[\n20\n]\nLate March 2018:\nFacebook\n,\nGoogle\n, and\nTwitter\nban advertisements for\ninitial coin offerings\n(ICO) and token sales.\n[\n21\n]\n15 November 2018: Bitcoin's total current value falls below $100 billion for the first time since October 2017 and the price of Bitcoin falls to $5,500.\n[\n12\n]\n[\n13\n]\nInitial coin offerings\n[\nedit\n]\nWired\nnoted in 2017 that the bubble in\ninitial coin offerings\n(ICOs) was about to burst.\n[\n22\n]\nSome investors bought ICOs in hopes of participating in the financial gains similar to those enjoyed by early Bitcoin or Ethereum speculators.\n[\n23\n]\nIn June 2018, Ella Zhang of Binance Labs, a division of the cryptocurrency exchange\nBinance\n, stated that she was hoping to see the bubble in ICOs collapse. She promised to help \"fight scams and shit coins\".\n[\n24\n]\n2020–21 boom and 2022 crash\n[\nedit\n]\nFrom 8 to 12 March 2020, the price of Bitcoin fell by 30 percent from $8,901 to $6,206.\n[\n25\n]\nBy October 2020, Bitcoin was trading for approximately $13,200.\n[\n26\n]\nIn November 2020, Bitcoin again surpassed its previous all-time high of over $19,000.\n[\n27\n]\nIn early 2021, Bitcoin's price fluctuated wildly,\n[\n28\n]\nrising to $34,792.47 on 3 January 2021 before crashing by 17 percent the next day\n[\n29\n]\nand reaching above $40,000 for the first time on 7 January. On 11 January, the UK\nFinancial Conduct Authority\nwarned investors against lending or investments in cryptoassets, that they should be prepared \"to lose all their money\".\n[\n30\n]\nOn 16 February, Bitcoin reached $50,000 for the first time.\n[\n31\n]\nOn 13 March, Bitcoin surpassed $61,000 for the first time.\n[\n32\n]\nFollowing a smaller correction in February, Bitcoin plunged from its peak above $64,000 on 14 April to below $49,000 on 23 April, representing a 23% mini-crash in less than 10 days, dipping below the March bottom trading range and wiping half a trillion dollars from the combined crypto total current value.\n[\n33\n]\nOn 14 April,\nCoinbase\n, a much hyped crypto exchange, went public on the\nNASDAQ\n. Their shares grew by over 31% on their first day to $328.28, pushing their market cap to $85.8B.\n[\n34\n]\nOther cryptocurrencies' prices also sharply rose, then followed by losses of value during this period. In May 2021, the value of\nDogecoin\n, originally created as a joke, increased to 20,000% of value in one year.\n[\n35\n]\nIt then dropped by 93% shortly after.\n[\n36\n]\nBy 19 May, Bitcoin had dropped in value by 30% to $31,000,\nEthereum\nby 40%, and Dogecoin by 45%. Nearly all cryptocurrencies were down by double-digit percentages.\n[\n37\n]\nMajor cryptocurrency exchange Binance went down amid a market-wide price crash and traders are now seeking justice for their losses.\n[\n38\n]\nThis was partly in response to\nElon Musk\n's announcement that\nTesla\nwould suspend payments using the Bitcoin network due to environmental concerns, along with an announcement from the\nPeople's Bank of China\nreiterating that digital currencies cannot be used for payments.\n[\n37\n]\nBitcoin and other cryptocurrencies experienced a solid recovery after\nElon Musk\nmet with leading\nBitcoin mining\ncompanies to develop more sustainable and efficient Bitcoin mining.\n[\n39\n]\nAfter bottoming out on 19 July, by early September Bitcoin had reached $52,633.54 while Ethereum grew by over 100% to $3,952.13. After a short but significant fall, both cryptos peaked on 7 November 2021 at $67,566.83 and $4,812.09, respectively. The NASDAQ would peak 12 days later on 19 November at 16,057.44.\nIn September, Bitcoin officially became legal tender in\nEl Salvador\nwith many news sources wondering what countries would be next.\n[\n40\n]\nAs of October 2021, China has continued shutting down crypto trading and mining activities.\nAs of October 2024, Tesla has not yet resumed payment with Bitcoin, although they do accept payment with Dogecoin on select items.\n[\n41\n]\nAfter its peak, the crypto market began to fall with the rest of the market. By the end of 2021, Bitcoin had fallen nearly 30% from its peak down to $47,686.81, and\nEthereum\nhad fallen about 23% to $3,769.70. In December 2022,\nThe Washington Post\nreported that there was \"the sense that the crypto bubble has definitively popped, taking with it billions of dollars of investments made by regular people, pension funds, venture capitalists, and traditional companies\".\n[\n42\n]\n2022–24 timeline\nDate\nEvent\n13 February 2022\nFour crypto agencies purchase\nSuper Bowl\nads: Coinbase,\nFTX\n,\neToro\n, and\nCrypto.com\n. Coinbase becomes one of the most downloaded apps after their ad airs.\n[\n43\n]\nEarly April\nThe\nU.S. Securities and Exchange Commission\n(SEC) announce that they would begin to put regulations on the crypto agencies, setting the stage for a broad selloff.\n[\n44\n]\n4 April\nBitmex\nbecomes the first crypto agency to announce layoffs, laying off 25% of its workers.\n[\n45\n]\n3 May\nThe Federal Reserve raises interest rates by 0.5%, triggering a broad market selloff.\n[\n46\n]\nOver eight days, Bitcoin falls 27% to just over $29,000, while Ethereum falls 33.5% to around $1,960. The\nNASDAQ\nfalls 12.5% during the following five days after the announcement.\n10 May\nCoinbase, with shares down nearly 80% from their peak, announces that if they went bankrupt people would lose their funds. The CEO later announces that they were at no risk of bankruptcy.\n[\n47\n]\n5-13 May\nTerraUSD and Luna, two stablecoins run by\nTerra\n, lose their pegs to the US Dollar and collapse, with the former being worth $0.10 and the latter nearly nothing.\n[\n48\n]\n12 June\nCelsius Network\n, a crypto exchange, announces the halt of all withdrawals and transfers.\n[\n49\n]\nBitcoin falls 15% the following day to nearly $22,500, while Ethereum falls to $1,200. A wave of layoffs from other crypto agencies accompanies this, including from Crypto.com and Coinbase.\n[\n45\n]\n13 June\nTron's\nalgorithmic\nstablecoin\n, USDD, loses its peg to the US dollar.\n[\n50\n]\n17 June\nBitcoin dips below $20,000 for the first time since December 2020, and Ethereum falls below $1,000 for the first time since January 2021.\nBabel Finance, a crypto lender based in\nHong Kong\n, freezes withdrawals.\n[\n51\n]\n23 June\nCoinFlex pauses withdrawals after a counterparty, which it later named as\nRoger Ver\n, experienced liquidity issues and failed to repay a $47 million stablecoin margin call.\n[\n52\n]\n27 June\nThree Arrows Capital\n, a cryptocurrency\nhedge fund\n,\ndefaults\non a $670 million loan from\nVoyager Digital\n, a cryptocurrency broker.\n[\n53\n]\n30 June\nFTX announces they could acquire\nBlockFi\n, a crypto firm that had laid off 20% of their staff.\n[\n54\n]\nLate June\nMany crypto agencies begin to rethink their spending as their funds begin to dwindle.\n[\n55\n]\n2 July\nThree Arrows Capital\ndeclares bankruptcy, owing 27 creditors a total of US$3.5 billion.\n[\n56\n]\n4 July\nVauld, a\nSingapore\n-based crypto lender backed by Coinbase and\nPeter Thiel\n, halts withdrawals and trading on its platform.\n[\n57\n]\n5 July\neToro\nterminates their\nspecial-purpose acquisition company\n(SPAC) deal and lays off 6% of their workforce.\n[\n58\n]\nCrypto broker Voyager Digital files for\nChapter 11 bankruptcy\n.\n[\n59\n]\n6 July\nGenesis Trading\ndiscloses that it was exposed in the Three Arrows Capital bankruptcy.\n[\n60\n]\n8 July\nBlockchain.com\nannounces to its shareholders that it faces a potential $270 million loss from loans made to Three Arrows Capital.\n[\n61\n]\n[\n62\n]\n11 July\nCrypto miners in Texas temporarily shut down as an intense\nheat wave\nputs a strain on the energy grid.\n[\n63\n]\nThe\nFinancial Stability Board\n(FSB) states that crypto \"must be subject to effective regulation and oversight commensurate to the risks they pose\".\n[\n64\n]\n12 July\nA filing with the\nUnited States Bankruptcy Court for the Southern District of New York\nfrom attorneys representing Three Arrows Capital creditors states that the company founders'\ncurrent whereabouts were unknown\n.\n[\n65\n]\nThe court freezes the company's assets.\n[\n66\n]\n14 July\nCelsius Network\ndeclares bankruptcy.\n[\n67\n]\n19 July\nSkyBridge Capital\nfreezes withdrawals.\n[\n68\n]\n20 July\nVauld files for protection against creditors, the equivalent of bankruptcy in Singapore.\n[\n69\n]\nZipmex, a Southeast Asian exchange, freezes withdrawals.\n[\n70\n]\n25 July\nCoinbase comes under SEC investigation for potentially lying to their customers. This leads to a 21% drop in their stock the next day.\n[\n71\n]\n8 August\nSingapore-based cryptocurrency lender and borrower Hodlnaut suspends withdrawals.\n[\n72\n]\n7–8 November\nFTT,\nFTX's\nmain crypto coin, crashes and loses 80% of its value as the result of a\nrun\non the exchange.\n[\n73\n]\n10 November\nBlockFi halts withdrawals due to the turmoil from FTX.\n[\n74\n]\nThe largest stablecoin,\nTether\n, loses its peg to the US dollar.\n[\n75\n]\n11 November\nFTX declares bankruptcy\n.\n[\n76\n]\n16 November\nBoth Genesis Global Trading and\nGemini\nhalt withdrawals.\n[\n77\n]\n28 November\nBlockFi\ndeclares bankruptcy, citing exposure to FTX as the main cause.\n[\n78\n]\n20 January 2023\nGenesis files for Chapter 11 bankruptcy from exposure to FTX.\n[\n79\n]\n12 February 2023\nFollowing the collapse of several big exchanges, no crypto agency purchased a Super Bowl ad.\n[\n80\n]\n2 March 2023\nShares in\nSilvergate Capital\n, an influential banker to the cryptocurrency industry, plunge 57.7% after the group said in a filing with the\nSEC\nthat it would not be able to submit its annual\n10-K report\nin time.\n[\n81\n]\n[\n82\n]\n7 March 2023\nThe SEC freezes BKCoin transactions and accuses it of being a fraud after they raised $100M.\n[\n83\n]\n8–9 March 2023\nSilvergate Capital announces plans to liquidate its bank.\n[\n84\n]\n[\n85\n]\n10–12 March 2023\nShares in\nSignature Bank\n, one of the main banks to the cryptocurrency industry, drop as much as 32%, leading to its closure by the\nNew York State Department of Financial Services\nin a bid to prevent the\nspreading banking crisis\n.\n[\n86\n]\n[\n87\n]\n20 June 2023\nNew Zealand\n–based ethical travel company We Are Bamboo loses millions of dollars on cryptocurrency trading before announcing it was folding and would not be refunding hundreds of customers for their prepaid trips, according to a report from liquidators\nBDO\n.\n[\n88\n]\n15 August 2023\nAuckland\n-based cryptocurrency exchange Dasset goes into voluntary liquidation, leaving customers unable to access their funds and with the firm unresponsive to complaints.\n[\n89\n]\n22 January 2024\nTerraform, creator of\nTerraUSD\nand Luna, files for Chapter 11 bankruptcy, over one and a half years after the collapse of their coins.\n[\n90\n]\n14 February 2024\nThe liquidator of the\nKim Dotcom\n-founded Bitcache indicated the company will be yet another cryptocurrency company failure that takes some untangling.\n[\n91\n]\n2025 boom and 2026 crash\n[\nedit\n]\nAfter the partial decrease in 2022, the value of Bitcoin rose again, reaching a new all-time high in October of 2025, when it was valued at\nUS$\n125,835.92.\n[\n92\n]\nIt fell short of the US$200,000 expectation of\nStandard Chartered\nanalysts, however, leading one analyst to warn of a possible \"bitcoin winter\".\n[\n93\n]\nBy February 2026 the price of Bitcoin was lower than when President\nTrump was elected in 2024\n. with the industry concerned about a new “crypto winter\".\nThe New York Times\ncalled the slide \"one of the worst crises in the crypto industry since 2022\".\n[\n94\n]\nNobel economics laureate\nPaul Krugman\nsaid, \"It does feel like we’re seeing a real crisis of faith right now.\"\n[\n95\n]\nBloomberg Intelligence\nstrategist Mike McGlone warned that the cryptocurrency market “bubble is imploding” with Bitcoin’s price set to decrease to US$10,000.\n[\n96\n]\nCollapse of Terra-Luna\n[\nedit\n]\nIn May 2022, the\nstablecoin\nTerraUSD\nfell to US$0.10.\n[\n97\n]\nThis was supposed to be pegged to the US dollar via a complex algorithmic relationship with its support coin Luna. The loss of the peg resulted in Luna falling to almost zero, down from its high of $119.51.\n[\n98\n]\nThe collapse wiped out $45\n \nbillion of total current value in a week.\n[\n99\n]\nOn 25 May, a proposal was approved to reissue a new Luna cryptocurrency and to decouple from and abandon the devalued UST stablecoin.\n[\n100\n]\n[\n101\n]\nThe new Luna coin lost value in the opening days of being listed on exchanges.\n[\n102\n]\nIn the wake of Terra-Luna's collapse, another algorithmic stablecoin, DEI, lost its peg to the dollar and started to collapse.\n[\n103\n]\n[\n104\n]\nKwon Do-hyung\n, the founder of\nTerra-Luna\n, is wanted by\nSouth Korea\nand the\nUS\nfor his role as the creator of the cryptocurrency\nstablecoin\nwhich was guaranteed by an algorithm rather than with appropriate funds, after the loss of 40 billion dollars by investors. He has been arrested in\nMontenegro\n.\n[\n105\n]\nPrivate litigation in the United States\n[\nedit\n]\nOn 7 January 2022, a class-action lawsuit was filed against EthereumMax alleging it to be a\npump and dump\nscheme with media personality\nKim Kardashian\n, former professional boxer\nFloyd Mayweather Jr.\n, former\nNBA\nplayer\nPaul Pierce\n, and other celebrities also being named in the lawsuit for\npromoting\nthe Ether cryptocurrency on their\nsocial media accounts\n.\n[\n106\n]\n[\n107\n]\nOn 18 February, the\nUnited States Court of Appeals for the Eleventh Circuit\nruled in a lawsuit against\nBitconnect\nthat the\nSecurities Act of 1933\nextends to\ntargeted solicitation\nusing social media.\n[\n108\n]\nOn the same day, a class-action lawsuit was filed against\nSafeMoon\nalleging it to also be a pump and dump scheme with professional boxer\nJake Paul\n, musician\nNick Carter\n, rappers\nSoulja Boy\nand\nLil Yachty\n, and social media personality Ben Phillips also being named in the lawsuit for promoting the SafeMoon cryptocurrency with misleading information on their social media accounts.\n[\n109\n]\n[\n110\n]\nOn 1 April, a class-action lawsuit was filed in Florida against the\nLGBcoin\ncryptocurrency company,\nNASCAR\n, professional\nstock car racing\ndriver\nBrandon Brown\n, and political commentator\nCandace Owens\nalleging that the defendants made\nfalse\nor misleading statements about the LGBcoin and that the founders of the company had engaged in a pump and dump scheme.\n[\n111\n]\nOn 13 April,\nCoinbase\nreceived a class-action\nsecurities fraud\nlawsuit from its shareholders for including false and misleading statements and\nomissions\nin the\nregistration statement\nand\nprospectus\nof its\ninitial public offering\n.\n[\n112\n]\nOn 13 June,\nBinance\nreceived a class-action lawsuit from more than 2,000 investors accusing the company of false advertising in promoting TerraUSD.\n[\n113\n]\nOn 17 June,\nTerraForm Labs\nreceived a class-action lawsuit in the United States alleging the company misled investors in violation of federal and California securities laws in marketing its cryptocurrencies in a manner that resembled\nsecurities\n.\n[\n114\n]\nOn 7 July,\nCelsius Network\nreceived a lawsuit from a former cryptocurrency investment manager alleging the company failed to implement adequate\nrisk management\nstrategies or accounting practices to\nhedge\nthe firm against cryptocurrency price fluctuations and protect its ability to repay its\ndepositors\n, and that the company was operating an effective\nPonzi scheme\n.\n[\n115\n]\nOn 21 July, an ex-\nCoinbase\nemployee and 2 other men were charged with\nwire fraud\nand conspiracy to commit wire fraud. This marked the first time charges were brought to people involving crypto assets.\n[\n116\n]\nIn early November 2022,\nBinance\n, one of the largest crypto exchanges in the world, announced it would be dissolving its holdings in FTX Token (FTT) with reports that most of\nFTX\nliquidity\nwas based in this coin and was very unstable. This announcement came shortly after article surfaced stating that Alameda Research, a trading firm affiliated with FTX held a significant amount of FTT. This resulted in a\nrun\non FTX resulting in 90% of all FTT being withdrawn. The price of FTT fell from $22 on 7 November to under $5.00 on 8 November, an 80% drop.\n[\n73\n]\nAbracadabra.com's stablecoin \"magic internet money\" (MIM) also briefly lost its peg to the\nUS dollar\nfor the first time since May 2022.\n[\n117\n]\nThis all resulted in a\nliquidity crisis\nwith the company unable to pay off the withdrawals. On 8 November, rival Binance announced plans to buy the company to save it from collapse. This sent shockwaves through the crypto market and led to a 10% drop in\nBitcoin\nprice and a 15% drop in Ether price. The following day, however, Binance immediately withdrew its offer causing Bitcoin and Ether to plummet another 14% and 16%, respectively, to their lowest levels since November 2020.\n[\n118\n]\nThe same day, the SEC and Justice Department launched an investigation into the company.\n[\n119\n]\nFTX filed for bankruptcy protection on 11 November.\n[\n76\n]\nCharacterization as a bubble\n[\nedit\n]\nBitcoin\nhas been characterized as a\nspeculative bubble\nby eight\nwinners of the Nobel Memorial Prize in Economic Sciences\n:\nPaul Krugman\n,\n[\n120\n]\n[\n121\n]\nRobert J. Shiller\n,\n[\n122\n]\nJoseph Stiglitz\n,\n[\n123\n]\nRichard Thaler\n,\n[\n124\n]\nJames Heckman\n,\n[\n125\n]\nThomas Sargent\n,\n[\n125\n]\nAngus Deaton\n,\n[\n125\n]\nand\nOliver Hart\n;\n[\n125\n]\nand by central bank officials including\nAlan Greenspan\n,\n[\n126\n]\nAgustín Carstens\n,\n[\n127\n]\nVítor Constâncio\n,\n[\n128\n]\nand\nNout Wellink\n.\n[\n129\n]\nThe investors\nWarren Buffett\nand\nGeorge Soros\nhave respectively characterized it as a \"mirage\"\n[\n130\n]\nand a \"bubble\",\n[\n131\n]\nwhile the business executives\nJack Ma\nand J.P. Morgan Chase CEO\nJamie Dimon\nhave called it a \"bubble\"\n[\n132\n]\nand a \"fraud\",\n[\n133\n]\nrespectively. However, Dimon said later he regrets calling Bitcoin a fraud.\n[\n134\n]\nOther notable skeptics are\nBill Gates\n,\nMicrosoft\nco-founder and philanthropist;\n[\n135\n]\nBruce Schneier\n, cryptographer, computer security expert, and public policy lecturer at\nHarvard University\n;\n[\n136\n]\nand\nMolly White\n, author of the\nWeb3 Is Going Just Great\nwebsite.\n[\n137\n]\n[\n138\n]\n[\n139\n]\nEconomic analysis of these market cycles suggests that cryptocurrency price dynamics are characteristic of speculative bubbles, driven more by market sentiment than by traditional economic fundamentals.\n[\n140\n]\nThe increasing integration of crypto with the financial system means these shocks do not occur in isolation. Studies find significant spillover effects, where volatility in cryptocurrency markets transmits to traditional asset classes like equities and commodities.\n[\n141\n]\nMore recent structural models confirm this transmission occurs by affecting overall investor risk appetite and that it extends to the broader macroeconomy, with a notable impact on long-term inflation. This demonstrates a concrete channel through which cryptocurrency bubbles and crashes can have broader economic consequences.\n[\n142\n]\nIt has been suggested by Lee Reiners, a former\nFederal Reserve\neconomist, that \"when this crypto bubble bursts — and it will burst — it will end up impacting people across the economy even if they don’t have direct investment in crypto”.\n[\n143\n]\nBlockchain § History\n, a broader overview of the history of blockchain technology\nCryptocurrency § History\nCryptocurrency and crime\nCrypto Ponzi scheme\n^\na\nb\nc\nd\nMorris, David Z. (2 January 2021).\n\"A brief history of Bitcoin bubbles\"\n.\nFortune\n. Retrieved\n23 May\n2022\n.\n^\nStewart, Emily (6 March 2024).\n\"Bitcoin's all-time high reveals the true nature of crypto\"\n.\nBusiness Insider\n. Retrieved\n21 December\n2024\n.\n^\nPopken, Ben (2 February 2018).\n\"Bitcoin loses more than half its value amid crypto crash\"\n.\nNBC News\n.\nArchived\nfrom the original on 21 October 2018.\n^\nSilcoff, Sean (13 February 2018).\n\"OMERS-affiliated Ethereum Capital offering pinched, but not pulled, following choppy markets and cryptocrash\"\n.\nThe Globe and Mail\n.\nThe Woodbridge Company\n.\nArchived\nfrom the original on 20 October 2018.\n^\n\"Crypto crash: bitcoin drops to lowest point since November\"\n.\nThe Week\n. 2 February 2018.\nArchived\nfrom the original on 5 July 2018.\n^\nSmith, Noah (8 February 2018).\n\"Crypto Cynics Stand to Profit the Most\"\n.\nBloomberg\n.\nArchived\nfrom the original on 15 June 2018.\n^\nChaparro, Frank (2 February 2018).\n\"ROUBINI: 'The Mother Of All Bubbles And Biggest Bubble in Human History Comes Down Crashing'\n\"\n.\nBusiness Insider\n.\nArchived\nfrom the original on 23 October 2018.\n^\nKaplan, Michael (11 September 2018).\n\"Bitcoin crash: This man lost his savings when cryptocurrencies plunged\"\n.\nCNN\n.\nArchived\nfrom the original on 12 October 2018.\n^\na\nb\nPatterson, Michael (12 September 2018).\n\"Crypto's 80% Plunge Is Now Worse Than the Dot-Com Crash\"\n.\nBloomberg\n.\nArchived\nfrom the original on 11 October 2018.\n^\na\nb\nRussolillo, Steven (26 November 2018).\n\"Bitcoin Continues Steep Fall as Cryptocurrency Collapse Worsens\"\n.\nWall Street Journal\n.\nISSN\n \n0099-9660\n.\nArchived\nfrom the original on 27 November 2018\n. Retrieved\n1 December\n2018\n.\n^\nKristof, Kathy (5 January 2018).\n\"5 reasons to tread carefully in cryptocurrencies\"\n.\nCBS\n.\nArchived\nfrom the original on 14 January 2018.\n^\na\nb\nHuang, Eustance (14 November 2018).\n\"Bitcoin market cap falls below $100 billion for first time since October 2017\"\n.\nCNBC\n.\nArchived\nfrom the original on 16 November 2018.\n^\na\nb\nMeyer, David (15 November 2018).\n\"The Entire Cryptocurrency Scene—Including Bitcoin—Is Plummeting Again. These Might Be the Reasons Why\"\n.\nFortune\n.\nArchived\nfrom the original on 15 November 2018.\n^\nKharpal, Arjun (9 May 2019).\n\"Bitcoin hits $6,000 for the first time since November\"\n.\nCNBC\n. Retrieved\n16 March\n2021\n.\n^\nLee, Timothy B. (9 May 2019).\n\"Bitcoin is worth $6,000 for the first time this year\"\n.\nArs Technica\n. Retrieved\n16 March\n2021\n.\n^\nMorris, David Z. (17 December 2017).\n\"Bitcoin Hits a New Record High, But Stops Short of $20,000\"\n.\nFortune\n.\nArchived\nfrom the original on 14 November 2018.\n^\nMartin, Will (22 December 2017).\n\"Bitcoin swings wildly as its price plunges\"\n.\nBusiness Insider\n.\nArchived\nfrom the original on 18 October 2018.\n^\nChoudhury, Saheli Roy (11 January 2018).\n\"South Korea is talking down the idea a cryptocurrency trading ban is imminent\"\n.\nCNBC\n.\nArchived\nfrom the original on 15 June 2018.\n^\nKharpal, Arjun (11 January 2018).\n\"Over $100 billion wiped off global cryptocurrency market following talk of South Korea trading ban\"\n.\nCNBC\n.\nArchived\nfrom the original on 15 October 2018.\n^\nMochizuki, Takashi; Vigna, Paul (26 January 2018).\n\"Cryptocurrency Worth $530 Million Missing From Japanese Exchange\"\n.\nWall Street Journal\n.\nISSN\n \n0099-9660\n. Archived from\nthe original\non 15 June 2018\n. Retrieved\n11 April\n2018\n.\n^\nRusso, Camila (26 March 2018).\n\"Twitter Joins Facebook, Google in Banning Crypto Coin Sale Ads\"\n.\nBloomberg\n.\nArchived\nfrom the original on 15 June 2018.\n^\nBurton, Charlie (12 December 2017).\n\"The ICO bubble is about to burst... but that's a good thing\"\n. Wired.\nArchived\nfrom the original on 20 January 2018.\n^\nLee, Timothy B. (5 October 2017).\n\"Explaining the new cryptocurrency bubble—and why it might not be all bad Investors are pouring tens of millions of dollars into new cryptocurrencies\"\n. Arstechnica.\nArchived\nfrom the original on 22 December 2017.\n^\nRusso, Camila (4 June 2018).\n\"Binance's Venture Fund Head Is Waiting for ICO Bubble to Burst\"\n.\nBloomberg\n.\nArchived\nfrom the original on 12 June 2018.\n^\nWilson, Tom (12 March 2020).\n\"Bitcoin plummets as cryptocurrencies suffer in market turmoil\"\n.\nReuters\n. Retrieved\n12 March\n2020\n.\n^\nNagarajan, Shalini (31 October 2020).\n\"Bitcoin doesn't care who wins the US election - it will rise in value regardless of the outcome, a cryptocurrency fund chief says\"\n.\nBusiness Insider\n. Retrieved\n3 November\n2020\n.\n^\nHajric, Vildana (30 November 2020).\n\"Bitcoin Jumps to Record High as Bulls Say This Time Is Different\"\n.\nBloomberg\n. Retrieved\n29 December\n2020\n.\n^\nPartington, Richard (9 January 2021).\n\"Bitcoin boom threatens to turn it into pure gold\"\n.\nThe Guardian\n.\nISSN\n \n0261-3077\n. Retrieved\n11 January\n2021\n.\n^\nCooper, Amanda (4 January 2021).\n\"Bitcoin plummets 17% for its biggest drop since March as its record-shattering rally stumbles\"\n.\nBusiness Insider\n. Retrieved\n5 January\n2021\n.\n^\nBrowne, Ryan (11 January 2021).\n\"Crypto investors 'should be prepared to lose all their money,' top UK regulator warns\"\n.\nCNBC\n. Retrieved\n11 January\n2021\n.\n^\nBrowne, Ryan (16 February 2021).\n\"Bitcoin surpasses $50,000 for first time as major companies jump into crypto\"\n.\nCNBC\n. Retrieved\n16 February\n2021\n.\n^\nStrauss, Lawrence C. (13 March 2021).\n\"Bitcoin Hits a New High. What to Know\"\n.\nBarrons\n. Retrieved\n13 March\n2021\n.\n^\n\"Another crypto bubble burst on the way?\"\n.\nInternational Finance\n. 28 November 2022\n. Retrieved\n28 October\n2025\n.\n^\nLevy, Ari (14 April 2021).\n\"Coinbase closes at $328.28 per share in Nasdaq debut, valuing crypto exchange at $85.8 billion\"\n.\nCNBC\n. Retrieved\n3 July\n2022\n.\n^\nPound, Jesse (4 May 2021).\n\"Dogecoin surges 30% to a record above 50 cents as speculative crypto trading continues\"\n.\nCNBC\n. Retrieved\n15 May\n2021\n.\n^\nRoush, Ty (13 November 2024).\n\"Dogecoin Jumps Toward Three-Year High After Trump Announces 'Department Of Government Efficiency'\n\"\n.\nForbes\n. Retrieved\n16 November\n2024\n.\n^\na\nb\n\"Crypto in free fall: Bitcoin tanks 30% to $31,000, Ethereum loses 40%, Dogecoin down 45%\"\n.\nBusiness Today (India)\n. 19 May 2021 [last updated 25 May].\nArchived\nfrom the original on 18 October 2021.\n^\nBrowne, Ryan (19 August 2021).\n\"Cryptocurrency traders seek damages from Binance after a major outage cost them millions\"\n.\nCNBC\n. Retrieved\n5 April\n2023\n.\n^\nDe Lea, Brittany (24 May 2021).\n\"Bitcoin miners agree to form council amid meeting with Elon Musk\"\n.\nFox Business\n. Retrieved\n24 May\n2021\n.\n^\nGerard, David (17 September 2021).\n\"El Salvador's Bitcoin Law Is a Farce\"\n.\nForeign Policy\n. Retrieved\n3 July\n2022\n.\n^\nPok, Caden (9 May 2024).\n\"Elon Musk's Tesla Enables Dogecoin (DOGE) Payment, Price Surges Over 20%\"\n.\nyahoo!finance\n. Retrieved\n16 November\n2024\n.\n^\nJulian, Gerrit, Mark, De Vynck (17 December 2022).\n\"\n'Crypto winter' has come. And it's looking more like an ice age\"\n.\nWashington Post\n.\nArchived\nfrom the original on 29 December 2022\n. Retrieved\n18 December\n2022\n.\n{{\ncite news\n}}\n:  CS1 maint: multiple names: authors list (\nlink\n)\n^\nArkin, Daniel (14 February 2022).\n\"Why were there so many crypto ads during the Super Bowl?\"\n.\nNBC News\n. Retrieved\n13 July\n2022\n.\n^\n\"The SEC Announced New Crypto Regulation Initiatives This Week. Here's What Investors Should Know\"\n.\nTime\n. 5 April 2022.\nISSN\n \n0040-781X\n. Retrieved\n3 July\n2022\n.\n^\na\nb\nRamaswamy, Anita (4 April 2022).\n\"Crypto exchange BitMEX laid off 75 employees\"\n.\nTechCrunch\n. Retrieved\n10 July\n2023\n.\n^\nCox, Jeff (4 May 2022).\n\"Fed raises rates by half a percentage point – the biggest hike in two decades – to fight inflation\"\n.\nCNBC\n. Retrieved\n3 July\n2022\n.\n^\n\"Coinbase new disclosure does not mean firm faces bankruptcy risk, says CEO\"\n.\nReuters\n. 11 May 2022\n. Retrieved\n3 July\n2022\n.\n^\nBadev, Anton; Watsky, Cy (June 2023).\n\"Interconnected DeFi: Ripple Effects from the Terra Collapse\"\n.\nFinance and Economics Discussion Series\n(\n2023–\n044):\n1–\n39.\ndoi\n:\n10.17016\/feds.2023.044\n.\nISSN\n \n1936-2854\n.\n^\nKharpal, Arjun; Browne, Ryan (13 June 2022).\n\"Crypto lender Celsius pauses withdrawals due to 'extreme market conditions'\n\"\n.\nCNBC\n. Retrieved\n10 July\n2023\n.\n^\nSandor, Krisztian (14 June 2022).\n\"Another algorithmic stablecoin loses its peg as Tron's USDD falls, with founder Justin Sun vowing to deploy $2 billion\"\n.\nFortune\n.\nArchived\nfrom the original on 15 June 2022\n. Retrieved\n14 June\n2022\n.\n^\nCanales, Katie (17 June 2022).\n\"Another crypto lending platform is freezing withdrawals as the industry's downward spiral continues\"\n.\nBusiness Insider\n. Retrieved\n4 July\n2022\n.\n^\nYang, Yueqi (30 June 2022).\n\"Crypto Exchange CoinFlex Won't Resume Withdrawals as Planned\"\n.\nBloomberg News\n. Retrieved\n4 July\n2022\n.\n{{\ncite news\n}}\n:  CS1 maint: deprecated archival service (\nlink\n)\n^\nSigalos, MacKenzie; Kharpal, Arjun (27 June 2022).\n\"One of the most prominent crypto hedge funds just defaulted on a $670 million loan\"\n. CNBC\n. Retrieved\n10 July\n2022\n.\n^\nRooney, Kate (1 July 2022).\n\"FTX signs a deal giving it the option to buy crypto lender BlockFi\"\n.\nCNBC\n. Retrieved\n3 July\n2022\n.\n^\nWayt, Theo; Kosman, Josh (20 June 2022).\n\"FTX and other crypto firms ditch sports deals as market collapses\"\n.\nNew York Post\n. Retrieved\n10 July\n2022\n.\n^\nChipolina, Scott (2 July 2022).\n\"Crypto hedge fund Three Arrows files for US bankruptcy\"\n.\nFinancial Times\n. Retrieved\n6 July\n2022\n.\n{{\ncite news\n}}\n:  CS1 maint: deprecated archival service (\nlink\n)\n^\nSamson, Adam (4 July 2022).\n\"Coinbase-backed Vauld halts withdrawals as crypto credit crisis intensifies\"\n.\nFinancial Times\n. Retrieved\n4 July\n2022\n.\n{{\ncite news\n}}\n:  CS1 maint: deprecated archival service (\nlink\n)\n^\nShulman, Sophie (5 July 2022).\n\"eToro laying off 100 employees, officially announces termination of SPAC\"\n.\nctech\n. Retrieved\n5 July\n2022\n.\n^\nBambysheva, Nina (6 July 2022).\n\"Crypto Broker Voyager Digital Files For Chapter 11 Bankruptcy\"\n.\nForbes\n.\nArchived\nfrom the original on 6 July 2022\n. Retrieved\n6 July\n2022\n.\n^\n\"Crypto exchange Genesis discloses exposure to bankrupt Three Arrows Capital\"\n.\nReuters\n. 6 July 2022.\nArchived\nfrom the original on 6 January 2023\n. Retrieved\n12 July\n2022\n.\n^\nAllison, Ian (8 July 2022).\n\"Crypto exchange Blockchain.com set to lose $270 million from lending to Three Arrows Capital\"\n.\nFortune\n. Retrieved\n11 July\n2022\n.\n^\nSaini, Manya; Hu, Krystal (8 July 2022). Kuber, Shailesh (ed.).\n\"Blockchain.com faces $270 million hit on loans to bankrupt Three Arrows\"\n.\nReuters\n.\nThomson Reuters\n.\nArchived\nfrom the original on 6 April 2023\n. Retrieved\n11 July\n2022\n.\n^\nPan, David (11 July 2022).\n\"Bitcoin Miners Shut Off Rigs as Texas Power Grid Nears Brink\"\n.\nBloomberg\n. Retrieved\n13 July\n2022\n.\n^\n\"FSB issues statement on the international regulation and supervision of crypto-asset activities\"\n.\nwww.fsb.org\n. 11 July 2022\n. Retrieved\n12 July\n2022\n.\n^\nSigalos, MacKenzie (12 July 2022).\n\"Founders of bankrupt crypto hedge fund 3AC go missing, as investors try to recoup assets\"\n. CNBC\n. Retrieved\n12 July\n2022\n.\n^\nSigalos, MazKenzie (12 July 2022).\n\"New York judge freezes assets of Three Arrows Capital as crypto firm's founders remain underground\"\n. CNBC\n. Retrieved\n12 July\n2022\n.\n^\nPonnezhath, Maria; Wilson, Tom (14 July 2022).\n\"Major crypto lender Celsius files for bankruptcy\"\n.\nReuters\n. Retrieved\n14 July\n2022\n.\n{{\ncite web\n}}\n:  CS1 maint: deprecated archival service (\nlink\n)\n^\nTayeb, Zahra.\n\"Anthony Scaramucci's SkyBridge has halted withdrawals from one of its funds as the stock market deteriorates\"\n.\nMarkets Insider\n. Retrieved\n20 July\n2022\n.\n^\nHuang, Vicky Ge (20 July 2022).\n\"Peter Thiel-Backed Crypto Lender Vauld Files for Protection Against Creditors\"\n.\nWall Street Journal\n.\nISSN\n \n0099-9660\n. Retrieved\n21 July\n2022\n.\n^\n\"Southeast Asian crypto exchange Zipmex suspends withdrawals amid crypto turmoil\"\n.\nReuters\n. 21 July 2022.\nArchived\nfrom the original on 22 July 2022\n. Retrieved\n21 July\n2022\n.\n^\n\"Crypto exchange Coinbase faces SEC probe over securities – Bloomberg News\"\n.\nReuters\n. 26 July 2022.\nArchived\nfrom the original on 23 January 2023\n. Retrieved\n27 July\n2022\n.\n^\n\"Singapore-based crypto lender Hodlnaut suspends withdrawals\"\n.\nReuters\n. 9 August 2022.\nArchived\nfrom the original on 5 April 2023\n. Retrieved\n9 August\n2022\n.\n^\na\nb\nSigalos, MacKenzie (8 November 2022).\n\"FTX's token plunges 80% on liquidity concerns, wiping out over $2 billion in value\"\n.\nCNBC\n. Retrieved\n11 November\n2022\n.\n^\nMurphy, Mike.\n\"Crypto lender BlockFi pauses withdrawals in wake of FTX's collapse\"\n.\nMarketWatch\n. Retrieved\n11 November\n2022\n.\n^\n\"Crypto Stablecoin Tether Edges Further Below $1 Peg Level\"\n.\nWSJ\n. Retrieved\n12 November\n2022\n.\n^\na\nb\nOstroff, Caitlin; Huang, Vicky Ge; Gladstone, Alexander (11 November 2022).\n\"FTX Files for Bankruptcy, CEO Sam Bankman-Fried Resigns\"\n.\nWall Street Journal\n.\nISSN\n \n0099-9660\n. Retrieved\n11 November\n2022\n.\n^\nCapoot, MacKenzie Sigalos, Ashley (16 November 2022).\n\"Gemini, BlockFi, Genesis announcing new restrictions as FTX contagion spreads\"\n.\nCNBC\n. Retrieved\n16 November\n2022\n.\n{{\ncite web\n}}\n:  CS1 maint: multiple names: authors list (\nlink\n)\n^\nLang, Hannah; Nishant, Niket; Saini, Manya (29 November 2022).\n\"Crypto lender BlockFi files for bankruptcy, cites FTX exposure\"\n.\nReuters\n. Retrieved\n7 December\n2022\n.\n^\nSigalos, Rohan Goswami, MacKenzie (20 January 2023).\n\"Crypto lender Genesis files for bankruptcy in latest blow to Barry Silbert's DCG empire\"\n.\nCNBC\n. Retrieved\n20 January\n2023\n.\n{{\ncite web\n}}\n:  CS1 maint: multiple names: authors list (\nlink\n)\n^\nKelley, Lora (12 February 2023).\n\"Crypto ads are so last year\"\n.\nThe New York Times\n.\nISSN\n \n0362-4331\n. Retrieved\n13 February\n2023\n.\n^\nDenton, Jack.\n\"Silvergate Stock in Free Fall as Bank Faces Crisis with Implications Across Crypto\"\n.\nMarketWatch\n. Retrieved\n2 March\n2023\n.\n^\nMacheel, Tanaya (2 March 2023).\n\"Silvergate Capital shares drop 57% after the crypto bank delays its annual report\"\n.\nCNBC\n. Retrieved\n3 March\n2023\n.\n^\n\"SEC.gov | SEC Files Emergency Action Against Miami Investment Adviser BKCoin and Principal Kevin Kang for Orchestrating $100 Million Crypto Fraud Scheme\"\n.\nwww.sec.gov\n. Retrieved\n7 March\n2023\n.\n^\nSigalos, MacKenzie (8 March 2023).\n\"Silvergate shutting down operations and liquidating bank\"\n.\nCNBC\n. Retrieved\n8 March\n2023\n.\n^\n\"Crypto-focused bank Silvergate plans to wind down following blow from FTX\"\n. reuters.com. reuters.com. 9 March 2023\n. Retrieved\n10 March\n2023\n.\n^\nMacheel, Tanaya (10 March 2023).\n\"Crypto bank Signature slides on Friday amid troubles at Silicon Valley Bank, Silvergate\"\n.\nCNBC\n. Retrieved\n13 March\n2023\n.\n^\nYun, Li (12 March 2023).\n\"Regulators close New York's Signature Bank, citing systemic risk\"\n.\nCNBC\n. Retrieved\n12 March\n2023\n.\n^\nNightingale, Melissa (26 June 2023).\n\"Eco-travel company We Are Bamboo lost millions in customer funds in cryptocurrency trading\"\n.\nNew Zealand Herald\n. Retrieved\n26 June\n2023\n.\n^\nKeall, Chris (15 August 2023).\n\"Customers desperate as Auckland-based crypto exchange Dasset denies access to their funds\"\n.\nNew Zealand Herald\n. Retrieved\n15 August\n2023\n.\n^\n\"Crypto firm Terraform Labs files for Chapter 11 bankruptcy protection\"\n.\nABC News\n. Retrieved\n23 January\n2024\n.\n^\n\"Liquidator updates on Bitcache, the failed crypto firm set up by Kim Dotcom\"\n.\nNew Zealand Herald\n. Retrieved\n14 February\n2024\n.\n^\n\"Bitcoin hits new all-time record high\"\n.\nReuters\n. 6 October 2025\n. Retrieved\n12 January\n2026\n.\nBitcoin rose as high as $125,835.92 after climbing above $125,000 for the first time on Sunday.\n^\nLang, Hannah (9 December 2025).\n\"Bitcoin's 2025 rollercoaster may end on a low\"\n.\nReuters\n. Retrieved\n16 February\n2026\n.\n^\nYaffe-Bellany, David (5 February 2026).\n\"Crypto Takes a Deep Slide Despite Trump's Support\"\n.\nNew York Times\n. Retrieved\n5 February\n2026\n.\n^\nVenuto, Damien (11 February 2026).\n\"Bitcoin's $7 billion reckoning. The 'crisis of faith' rocking hundreds of thousands of Kiwi investors\"\n.\nStuff\n. Retrieved\n11 February\n2026\n.\n^\nDatskoluo, Lance (16 February 2026).\n\"Bitcoin price will fall to $10,000 as crypto 'bubble is imploding,' warns Bloomberg analyst\"\n.\nBloomberg\n. Retrieved\n16 February\n2026\n.\n^\n\"The crypto crash rivals both the internet bubble burst and the Great Financial Crisis, Bank of America says\"\n.\nFortune\n. Archived from\nthe original\non 16 May 2022\n. Retrieved\n16 May\n2022\n.\n^\n\"Terraform Again Halts Blockchain Behind UST Stablecoin, Luna\"\n.\nBloomberg News\n. 13 May 2022\n. Retrieved\n13 May\n2022\n.\n^\nMiller, Hannah (14 May 2022).\n\"Terra $45 Billion Face Plant Creates Crowd of Crypto Losers\"\n.\nBloomberg News\n. Retrieved\n15 May\n2022\n.\n^\nShukla, Sidhartha; Nicolle, Emily (25 May 2022).\n\"Terra Averts Total Collapse With Plan to Split Blockchain, Abandon UST Stablecoin\"\n.\nBloomberg\n. Archived from\nthe original\non 25 May 2022\n. Retrieved\n31 May\n2022\n.\nA proposal by the founder of the troubled Terra ecosystem to salvage the project was approved ... The process means Terraform Labs is effectively abandoning the stablecoin TerraUSD, or UST, which from now on will only trade on the Terra Classic blockchain.\n^\nShen, Muyao (25 May 2022).\n\"Luna token relaunch kicks crypto hype machine back into gear\"\n.\nThe Boston Globe\n. Archived from\nthe original\non 26 May 2022\n. Retrieved\n31 May\n2022\n.\nUnder the approved measure, the original blockchain will split off and be known as Terra Classic, while Luna, which plunged close to zero this month, will be renamed Luna Classic with the ticker LUNC. The new Terra blockchain will start running a coin under the existing Luna name and ticker, and won't include the UST stablecoin.\n^\nBrowne, Ryan (30 May 2022).\n\"The luna cryptocurrency has been resurrected after its $40 billion collapse. It's already crashing\"\n.\nCNBC\n. Archived from\nthe original\non 31 May 2022\n. Retrieved\n31 May\n2022\n.\nNow, luna has a new iteration, which investors are calling Terra 2.0. It is already trading on exchanges including Bybit, Kucoin and Huobi. Binance, the world's largest crypto exchange, says it will list luna on Tuesday.\n^\nKharif, Olga (16 May 2022).\n\"Another Stablecoin Loses Peg as Algorithm Fails to Keep Pace\"\n.\nBloomberg News\n. Retrieved\n17 May\n2022\n.\n^\nClark, Mitchell (16 May 2022).\n\"More stablecoins are destabilizing, sparking even more shenanigans\"\n.\nThe Verge\n. Retrieved\n17 May\n2022\n.\n^\n\"Do Kwon, le fondateur de la blockchain Terra Luna, en détention prolongée\"\n.\nBFM TV\n(in French). 12 December 2023\n. Retrieved\n16 December\n2023\n.\n^\nAnsari, Talal (11 January 2022).\n\"Kim Kardashian, Floyd Mayweather Jr., Others Sued Over Cryptocurrency Promotion\"\n.\nThe Wall Street Journal\n. News Corp\n. Retrieved\n13 July\n2022\n.\n^\nGonzalez, Oscar (11 January 2022).\n\"Kim Kardashian, Floyd Mayweather Jr. sued for alleged crypto pump and dump\"\n.\nCNET\n.\nRed Ventures\n. Retrieved\n13 July\n2022\n.\n^\nLawler, Richard (18 February 2022).\n\"Influencers beware: promoting the wrong crypto could mean facing a class-action lawsuit\"\n.\nThe Verge\n. Vox Media\n. Retrieved\n13 July\n2022\n.\n^\nGermain, Atahabih (24 February 2022).\n\"Soulja Boy and Lil Yachty Named in Suit Accused of Misleading Crypto Buyers in 'Pump and Dump' Scheme\"\n.\nAtlanta Black Star\n. Diamond Diaspora Media\n. Retrieved\n13 July\n2022\n.\n^\nCole, Ty (24 February 2022).\n\"Soulja Boy and Lil Yachty Faces Class-Action Lawsuit In Alleged Cryptocurrency Scheme\"\n.\nBET\n. Retrieved\n13 July\n2022\n.\n^\nSeitz, Jacob (8 April 2022).\n\"\n'Let's Go Brandon' Coin: NASCAR, Brandon Brown, Candace Owens sued for promoting failed crypto in pump-and-dump scheme\"\n.\nThe Daily Dot\n. Retrieved\n12 July\n2022\n.\n^\n\"Lifshitz Law Firm, P.C. Announces Investigations of Cassava Sciences, Inc. (NASDAQCM: SAVA), Coinbase Global, Inc. (NASDAQGS: COIN), HyreCar, Inc. (NASDAQCM: HYRE), and Longeveron Inc. (NASDAQCM: LGVN)\"\n.\nGlobeNewswire\n.\nIntrado\n. 13 April 2022\n. Retrieved\n11 July\n2022\n.\n^\nFrankel, Alison (14 June 2022).\n\"New Binance class action likely clears one hurdle but faces plenty of others\"\n.\nReuters\n. Thomson Reuters\n. Retrieved\n11 July\n2022\n.\n^\n\"TerraForm Class Action Notice: Scott+Scott Attorneys at Law LLP Files Securities Class Action Against Terraform Labs PTE. Ltd, its Executive Officers, and Insiders\"\n.\nBusiness Wire\n.\nBerkshire Hathaway\n. 2 February 2022\n. Retrieved\n12 July\n2022\n.\n^\nKharpal, Arjun (8 July 2022).\n\"Embattled crypto lender Celsius is a 'fraud' and 'Ponzi scheme', lawsuit alleges\"\n. CNBC\n. Retrieved\n8 July\n2022\n.\n^\nGoldstein, Matthew; Yaffe-Bellany, David (21 July 2022).\n\"Ex-Coinbase Employee and 2 Others Charged With Insider Trading of Crypto Assets\"\n.\nThe New York Times\n.\nISSN\n \n0362-4331\n. Retrieved\n22 July\n2022\n.\n^\n\"Abracadabra's MIM Stablecoin Briefly Lost Dollar Peg as FTX's FTT Token Tanked\"\n.\nBusiness Insider\n. Retrieved\n9 November\n2022\n.\n^\nSigalos, MacKenzie; Rooney, Kate (9 November 2022).\n\"Binance backs out of FTX rescue, leaving the crypto exchange on the brink of collapse\"\n.\nCNBC\n. Retrieved\n9 November\n2022\n.\n^\nKiernan, Paul (9 November 2022).\n\"SEC, Justice Department investigating beleaguered crypto platform FTX\"\n.\nMarketWatch\n. Retrieved\n10 November\n2022\n.\n^\nKrugman, Paul (29 January 2018).\n\"Bubble, Bubble, Fraud and Trouble\"\n.\nThe New York Times\n.\nArchived\nfrom the original on 4 June 2018.\n^\nBrowne, Ryan (28 January 2022).\n\"Nobel laureate Paul Krugman says crypto has 'disturbing' parallels with subprime mortgage meltdown\"\n.\nCNBC\n. Retrieved\n13 June\n2022\n.\n^\nShiller, Robert (1 March 2014).\n\"In Search of a Stable Electronic Currency\"\n.\nThe New York Times\n.\nArchived\nfrom the original on 24 October 2014.\n^\nCostelloe, Kevin (29 November 2017).\n\"Bitcoin 'Ought to Be Outlawed,' Nobel Prize Winner Stiglitz Says\"\n. Bloomberg.\nArchived\nfrom the original on 12 June 2018.\nIt doesn't serve any socially useful function.\n^\n\"Economics Nobel prize winner, Richard Thaler: 'The market that looks most like a bubble to me is Bitcoin and its brethren'\n\"\n. ECO Portuguese Economy. 22 January 2018.\nArchived\nfrom the original on 12 June 2018.\n^\na\nb\nc\nd\nWolff-Mann, Ethan (27 April 2018).\n\"\n'Only good for drug dealers': More Nobel prize winners snub bitcoin\"\n.\nYahoo Finance\n.\nArchived\nfrom the original on 12 June 2018.\n^\nKearns, Jeff (4 December 2013).\n\"Greenspan Says Bitcoin a Bubble Without Intrinsic Currency Value\"\n.\nbloomberg.com\n. Bloomberg LP.\nArchived\nfrom the original on 29 December 2013.\n^\n\"Central banker takes stab at bitcoin 'bubble'\n\"\n. Phys.org. AFP. 6 February 2018.\nArchived\nfrom the original on 12 June 2018.\n^\n\"Bitcoin is like Tulipmania, says ECB vice-president\"\n. The Financial Times. 22 September 2017.\nArchived\nfrom the original on 30 September 2017.\n^\nHern, Alex (4 December 2013).\n\"Bitcoin hype worse than 'tulip mania', says Dutch central banker\"\n.\nThe Guardian\n.\nISSN\n \n0261-3077\n. Archived from\nthe original\non 20 March 2017\n. Retrieved\n17 December\n2017\n.\n^\nCrippen, Alex (14 March 2014).\n\"Bitcoin? Here's what Warren Buffett is saying\"\n.\nCNBC\n.\nArchived\nfrom the original on 13 January 2017\n. Retrieved\n11 January\n2017\n.\n^\nPorzecanski, Katia (25 January 2018).\n\"George Soros: Bitcoin is a bubble, Trump is a 'danger to the world'\n\"\n. Globe and Mail. Bloomberg News.\nArchived\nfrom the original on 9 June 2018\n. Retrieved\n7 June\n2018\n.\n^\nYang, Yingzhi (18 May 2018).\n\"There's a bitcoin bubble, says Alibaba executive chairman Jack Ma\"\n. South China Morning Post.\nArchived\nfrom the original on 10 June 2018\n. Retrieved\n10 June\n2018\n.\n^\nCheng, Evelyn (7 June 2018).\n\"Warren Buffett and Jamie Dimon on bitcoin: Beware\"\n. CNBC.\nArchived\nfrom the original on 9 June 2018\n. Retrieved\n7 June\n2018\n.\n^\nKim, Tae (9 January 2018).\n\"Jamie Dimon says he regrets calling bitcoin a fraud and believes in the technology behind it\"\n.\nCNBC\n. Retrieved\n31 December\n2020\n.\n^\nBrowne, Ryan (15 June 2022).\n\"Bill Gates says crypto and NFTs are '100% based on greater fool theory'\n\"\n.\nCNBC\n. Retrieved\n15 June\n2022\n.\n^\nAvery, Dan (1 June 2022).\n\"Tech Experts Call on Lawmakers to Push Back Against Cryptocurrency Industry\"\n.\nCNET\n. Archived from\nthe original\non 2 June 2022\n. Retrieved\n2 June\n2022\n.\nIn an open letter on Wednesday, 26 computer scientists, software engineers and academics – including Harvard computer security expert Bruce Schneier and Google Cloud principal engineer Kelsey Hightower – urged Congress to 'resist pressure from digital asset industry financiers, lobbyists and boosters to create a regulatory safe haven for these risky, flawed and unproven digital financial instruments' ... The letter also cautioned that crypto assets are being used to promote 'unsound and highly volatile speculative investment schemes' to investors who may not understand the real risks. 'The claims that the blockchain advocates make are not true,' Schneier told the\nFinancial Times\n. 'It's not secure, it's not decentralized. Any system where you forget your password and you lose your life savings is not a safe system.'\n^\nDe Vynck, Gerrit (29 May 2022).\n\"First she documented the alt-right. Now she's coming for crypto\"\n.\nThe Washington Post\n. Archived from\nthe original\non 31 May 2022\n. Retrieved\n31 May\n2022\n.\nA 28-year-old software engineer who writes Wikipedia articles for fun, White is an odd figure to make the crypto industry cower. On her website, 'Web3 is Going Just Great', White documents case after case of crypto malfeasance: investments that turn out to be scams, poorly-run projects that collapse under mismanagement and hacks that drain supporters' money. As much of the financial and tech elite has rallied around crypto, White has led a small but scrappy group of skeptics pushing the other way whose warnings have seemed vindicated by the cratering in recent weeks of cryptocurrency prices.\n^\nPahwa, Nitish (12 May 2022).\n\"To Be Clear, Web3 Is Not Going Great\"\n.\nSlate\n. Archived from\nthe original\non 28 May 2022\n. Retrieved\n31 May\n2022\n.\nOne of the most prominent skeptics these days is Molly White, a software developer who started the blog Web3 Is Going Just Great last December ... The site has gotten quite popular among fellow doubters, and White herself has become a go-to voice countering the hype coming from crypto companies and maxis—even collaborating with other crypto watchers on a project fact-checking mainstream publications' praise of crypto.\n^\nBernard, Zoe (29 April 2022).\n\"Crypto's CSI: How Molly White Became an 'Absolute Nightmare' for Web3 Evangelists\"\n.\nThe Information\n. Archived from\nthe original\non 12 May 2022\n. Retrieved\n31 May\n2022\n.\nOver the course of one week in April, Molly White's internet crime blotter Web3 Is Going Just Great documented 15 crypto-related offenses, each of which alone would hobble—or at least humiliate—most other industries ... White is in a unique position to catalog Web3's never-ending highlight reel of disasters. A software engineer who has worked in front-end development at enterprise software company HubSpot for the past six years, the 28-year-old has a sophisticated understanding of the blockchain's underlying technology.\n^\nCheah, E. T.; Fry, J. (2015). \"Speculative bubbles in Bitcoin markets? An empirical investigation into the fundamental value of Bitcoin\".\nEconomics Letters\n.\n130\n:\n32–\n36.\ndoi\n:\n10.1016\/j.econlet.2015.02.029\n.\nhdl\n:\n10454\/18101\n.\n^\nCorbet, Shaen; Meegan, Andrew; Larkin, Charles; Lucey, Brian; Yarovaya, Larisa (2018).\n\"Exploring the dynamic relationships between cryptocurrencies and other financial assets\"\n.\nEconomics Letters\n.\n165\n:\n28–\n34.\ndoi\n:\n10.1016\/j.econlet.2018.01.004\n.\n^\nChen, Zhengyang (2025).\n\"From Disruption to Integration: Cryptocurrency Prices, Financial Fluctuations, and Macroeconomy\"\n.\nJournal of Risk and Financial Management\n.\n18\n(7): 360.\ndoi\n:\n10.3390\/jrfm18070360\n.\n^\nLipton, Eric; Yaffe-Bellany, David (21 January 2025).\n\"Trump's Cryptocurrency Surges to Become One of the World's Most Valuable\"\n.\nThe New York Times\n.\nISSN\n \n0362-4331\n. Retrieved\n21 January\n2025\n.\n\"Bitcoin Bulls and Bears\"\n. Bloomberg. 8 June 2018.","attrs_markdown":"[Jump to content](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#bodyContent)\n\nMain menu\n\nMain menu\n\nmove to sidebar\n\nhide\n\nNavigation\n\n- [Main page](https:\/\/en.wikipedia.org\/wiki\/Main_Page \"Visit the main page [z]\")\n- [Contents](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Contents \"Guides to browsing Wikipedia\")\n- [Current events](https:\/\/en.wikipedia.org\/wiki\/Portal:Current_events \"Articles related to current events\")\n- [Random article](https:\/\/en.wikipedia.org\/wiki\/Special:Random \"Visit a randomly selected article [x]\")\n- [About Wikipedia](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:About \"Learn about Wikipedia and how it works\")\n- [Contact us](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Contact_us \"How to contact Wikipedia\")\n\nContribute\n\n- [Help](https:\/\/en.wikipedia.org\/wiki\/Help:Contents \"Guidance on how to use and edit Wikipedia\")\n- [Learn to edit](https:\/\/en.wikipedia.org\/wiki\/Help:Introduction \"Learn how to edit Wikipedia\")\n- [Community portal](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Community_portal \"The hub for editors\")\n- [Recent changes](https:\/\/en.wikipedia.org\/wiki\/Special:RecentChanges \"A list of recent changes to Wikipedia [r]\")\n- [Upload file](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:File_upload_wizard \"Add images or other media for use on Wikipedia\")\n- [Special pages](https:\/\/en.wikipedia.org\/wiki\/Special:SpecialPages \"A list of all special pages [q]\")\n\n[![](https:\/\/en.wikipedia.org\/static\/images\/icons\/enwiki-25.svg) ![Wikipedia](https:\/\/en.wikipedia.org\/static\/images\/mobile\/copyright\/wikipedia-wordmark-en-25.svg) ![The Free Encyclopedia](https:\/\/en.wikipedia.org\/static\/images\/mobile\/copyright\/wikipedia-tagline-en-25.svg)](https:\/\/en.wikipedia.org\/wiki\/Main_Page)\n\n[Search](https:\/\/en.wikipedia.org\/wiki\/Special:Search \"Search Wikipedia [f]\")\n\nAppearance\n\n- [Donate](https:\/\/donate.wikimedia.org\/?wmf_source=donate&wmf_medium=sidebar&wmf_campaign=en.wikipedia.org&uselang=en)\n- [Create account](https:\/\/en.wikipedia.org\/w\/index.php?title=Special:CreateAccount&returnto=Cryptocurrency+bubble \"You are encouraged to create an account and log in; however, it is not mandatory\")\n- [Log in](https:\/\/en.wikipedia.org\/w\/index.php?title=Special:UserLogin&returnto=Cryptocurrency+bubble \"You're encouraged to log in; however, it's not mandatory. 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[o]\")\n\n## Contents\nmove to sidebar\n\nhide\n\n- [(Top)](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble)\n- [1 History](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#History)\n  Toggle History subsection\n  - [1\\.1 2011 booms and crashes](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#2011_booms_and_crashes)\n  - [1\\.2 2013 boom and 2014–15 crash](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#2013_boom_and_2014%E2%80%9315_crash)\n  - [1\\.3 2017 boom and 2018 crash](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#2017_boom_and_2018_crash)\n    - [1\\.3.1 Timeline of the crash](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#Timeline_of_the_crash)\n    - [1\\.3.2 Initial coin offerings](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#Initial_coin_offerings)\n  - [1\\.4 2020–21 boom and 2022 crash](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#2020%E2%80%9321_boom_and_2022_crash)\n    - [1\\.4.1 2020–2021 booms](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#2020%E2%80%932021_booms)\n    - [1\\.4.2 2022 crash](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#2022_crash)\n  - [1\\.5 2025 boom and 2026 crash](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#2025_boom_and_2026_crash)\n  - [1\\.6 Associated effects](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#Associated_effects)\n    - [1\\.6.1 Collapse of Terra-Luna](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#Collapse_of_Terra-Luna)\n    - [1\\.6.2 Private litigation in the United States](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#Private_litigation_in_the_United_States)\n    - [1\\.6.3 Collapse of FTX](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#Collapse_of_FTX)\n- [2 Characterization as a bubble](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#Characterization_as_a_bubble)\n- [3 See also](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#See_also)\n- [4 References](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#References)\n- [5 Further reading](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#Further_reading)\n\nToggle the table of contents\n\n# Cryptocurrency bubble\n10 languages\n\n- [العربية](https:\/\/ar.wikipedia.org\/wiki\/%D9%81%D9%82%D8%A7%D8%B9%D8%A9_%D8%A7%D9%84%D8%B9%D9%85%D9%84%D8%A7%D8%AA_%D8%A7%D9%84%D9%85%D8%B9%D9%85%D8%A7%D8%A9 \"فقاعة العملات المعماة – Arabic\")\n- [Español](https:\/\/es.wikipedia.org\/wiki\/Burbuja_de_las_criptomonedas \"Burbuja de las criptomonedas – Spanish\")\n- [Français](https:\/\/fr.wikipedia.org\/wiki\/Bulles_des_crypto-monnaies \"Bulles des crypto-monnaies – French\")\n- [Hausa](https:\/\/ha.wikipedia.org\/wiki\/Yankin_cryptocurrency \"Yankin cryptocurrency – Hausa\")\n- [हिन्दी](https:\/\/hi.wikipedia.org\/wiki\/%E0%A4%95%E0%A5%8D%E0%A4%B0%E0%A4%BF%E0%A4%AA%E0%A5%8D%E0%A4%9F%E0%A5%8B%E0%A4%95%E0%A4%B0%E0%A5%87%E0%A4%82%E0%A4%B8%E0%A5%80_%E0%A4%AC%E0%A5%81%E0%A4%B2%E0%A4%AC%E0%A5%81%E0%A4%B2%E0%A4%BE \"क्रिप्टोकरेंसी बुलबुला – Hindi\")\n- [Հայերեն](https:\/\/hy.wikipedia.org\/wiki\/%D4%BF%D6%80%D5%AB%D5%BA%D5%BF%D5%B8%D5%A1%D6%80%D5%AA%D5%B8%D6%82%D5%B5%D5%A9%D5%A1%D5%B5%D5%AB%D5%B6_%D5%BA%D5%B2%D5%BA%D5%BB%D5%A1%D5%AF \"Կրիպտոարժույթային պղպջակ – Armenian\")\n- [Bahasa Indonesia](https:\/\/id.wikipedia.org\/wiki\/Gelembung_uang_kripto \"Gelembung uang kripto – Indonesian\")\n- [پښتو](https:\/\/ps.wikipedia.org\/wiki\/%D8%AF_%DA%89%DB%8C%D8%AC%DB%8C%D9%BC%D9%84%D9%8A_%D8%A7%D8%B3%D8%B9%D8%A7%D8%B1%D9%88_\$%DA%A9%D8%B1%DB%8C%D9%BE%D9%BC%D9%88_%DA%A9%D8%B1%D9%86%D8%B3%D9%8A\$_%DA%81%DA%AB\/%D8%AD%D8%A8%D8%A7%D8%A8 \"د ډیجیټلي اسعارو (کریپټو کرنسي) ځګ\/حباب – Pashto\")\n- [Русский](https:\/\/ru.wikipedia.org\/wiki\/%D0%9F%D1%83%D0%B7%D1%8B%D1%80%D1%8C_%D0%BA%D1%80%D0%B8%D0%BF%D1%82%D0%BE%D0%B2%D0%B0%D0%BB%D1%8E%D1%82 \"Пузырь криптовалют – Russian\")\n- [Slovenščina](https:\/\/sl.wikipedia.org\/wiki\/Kriptovalutni_mehur%C4%8Dek \"Kriptovalutni mehurček – Slovenian\")\n\n[Edit links](https:\/\/www.wikidata.org\/wiki\/Special:EntityPage\/Q47493764#sitelinks-wikipedia \"Edit interlanguage links\")\n\n- [Article](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble \"View the content page [c]\")\n- [Talk](https:\/\/en.wikipedia.org\/wiki\/Talk:Cryptocurrency_bubble \"Discuss improvements to the content page [t]\")\n\nEnglish\n\n- [Read](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble)\n- [Edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Cryptocurrency_bubble&action=edit \"Edit this page [e]\")\n- [View history](https:\/\/en.wikipedia.org\/w\/index.php?title=Cryptocurrency_bubble&action=history \"Past revisions of this page 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[g]\")\n\nAppearance\n\nmove to sidebar\n\nhide\n\nFrom Wikipedia, the free encyclopedia\n\nSpeculative bubble involving cryptocurrency prices\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/7\/75\/Bitcoin_price_daily.webp\/250px-Bitcoin_price_daily.webp.png)](https:\/\/en.wikipedia.org\/wiki\/File:Bitcoin_price_daily.webp)\n\nBitcoin price daily, 2015–2022\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/8\/81\/Ethereum_price_daily.webp\/250px-Ethereum_price_daily.webp.png)](https:\/\/en.wikipedia.org\/wiki\/File:Ethereum_price_daily.webp)\n\nEthereum price daily, 2017–2022\n\nA **cryptocurrency bubble** is a phenomenon where the [market](https:\/\/en.wikipedia.org\/wiki\/Market_\$economics\$ \"Market (economics)\") increasingly considers the going price of [cryptocurrency](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency \"Cryptocurrency\") assets to be inflated against their hypothetical value. The [history of cryptocurrency](https:\/\/en.wikipedia.org\/wiki\/History_of_cryptocurrency \"History of cryptocurrency\") has been marked by several [speculative bubbles](https:\/\/en.wikipedia.org\/wiki\/Speculative_bubble \"Speculative bubble\") on a boom to bust cycle.[\\[1\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-FortuneMorris-1)[\\[2\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-2)\n\nSome economists and prominent investors have expressed the view that the entire cryptocurrency market constitutes a speculative bubble. Adherents of this view include [Berkshire Hathaway](https:\/\/en.wikipedia.org\/wiki\/Berkshire_Hathaway \"Berkshire Hathaway\") board member [Warren Buffett](https:\/\/en.wikipedia.org\/wiki\/Warren_Buffett \"Warren Buffett\") and several [laureates of the Nobel Memorial Prize in Economic Sciences](https:\/\/en.wikipedia.org\/wiki\/List_of_Nobel_Memorial_Prize_laureates_in_Economics \"List of Nobel Memorial Prize laureates in Economics\"), central bankers, and investors.\n\n## History\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Cryptocurrency_bubble&action=edit&section=1 \"Edit section: History\")\\]\n\n### 2011 booms and crashes\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Cryptocurrency_bubble&action=edit&section=2 \"Edit section: 2011 booms and crashes\")\\]\n\nIn February 2011, the price of [Bitcoin](https:\/\/en.wikipedia.org\/wiki\/Bitcoin \"Bitcoin\") rose to [US\\$](https:\/\/en.wikipedia.org\/wiki\/United_States_dollar \"United States dollar\")1\\.06, then fell to [US\\$](https:\/\/en.wikipedia.org\/wiki\/United_States_dollar \"United States dollar\")0\\.67 that April. This spike was encouraged by several *[Slashdot](https:\/\/en.wikipedia.org\/wiki\/Slashdot \"Slashdot\")* posts about it.[\\[1\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-FortuneMorris-1) In June 2011, Bitcoin's price again rose, to [US\\$](https:\/\/en.wikipedia.org\/wiki\/United_States_dollar \"United States dollar\")29\\.58. This came after attention from a *[Gawker](https:\/\/en.wikipedia.org\/wiki\/Gawker \"Gawker\")* article about the dark web market [Silk Road](https:\/\/en.wikipedia.org\/wiki\/Silk_Road_\$marketplace\$ \"Silk Road (marketplace)\"). The price then fell to [US\\$](https:\/\/en.wikipedia.org\/wiki\/United_States_dollar \"United States dollar\")2\\.14 that November.[\\[1\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-FortuneMorris-1)\n\n### 2013 boom and 2014–15 crash\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Cryptocurrency_bubble&action=edit&section=3 \"Edit section: 2013 boom and 2014–15 crash\")\\]\n\nIn November 2013, Bitcoin's price rose to [US\\$](https:\/\/en.wikipedia.org\/wiki\/United_States_dollar \"United States dollar\")1,127.45. It then gradually declined, bottoming out at [US\\$](https:\/\/en.wikipedia.org\/wiki\/United_States_dollar \"United States dollar\")172\\.15 in January 2015.[\\[1\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-FortuneMorris-1)\n\n### 2017 boom and 2018 crash\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Cryptocurrency_bubble&action=edit&section=4 \"Edit section: 2017 boom and 2018 crash\")\\]\n\nThe 2018 cryptocurrency crash[\\[3\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-Popken-3)[\\[4\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-4)[\\[5\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-5)[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-6)[\\[7\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-7) (also known as the Bitcoin crash[\\[8\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-8) and the Great crypto crash[\\[9\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-BloombergCrash-9)) was the sell-off of most [cryptocurrencies](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency \"Cryptocurrency\") starting in January 2018. After an unprecedented boom in 2017, the price of Bitcoin fell by about 65% from 6 January to 6 February 2018. Subsequently, nearly all other cryptocurrencies followed Bitcoin's crash. By September 2018, cryptocurrencies collapsed 80% from their peak in January 2018, making the 2018 cryptocurrency crash worse than the [dot-com bubble](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble \"Dot-com bubble\")'s 78% collapse.[\\[9\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-BloombergCrash-9) By 26 November, Bitcoin also fell by 80% from its peak, having lost almost one-third of its value in the previous week.[\\[10\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-CryptoCollapse-10)\n\nA January 2018 article by CBS cautioned about possible [fraud](https:\/\/en.wikipedia.org\/wiki\/Fraud \"Fraud\"), citing the case of [BitConnect](https:\/\/en.wikipedia.org\/wiki\/BitConnect \"BitConnect\"), a British company which received a [cease-and-desist order](https:\/\/en.wikipedia.org\/wiki\/Cease-and-desist_order \"Cease-and-desist order\") from the [Texas State Securities Board](https:\/\/en.wikipedia.org\/wiki\/Texas_State_Securities_Board \"Texas State Securities Board\"). [BitConnect](https:\/\/en.wikipedia.org\/wiki\/Bitconnect \"Bitconnect\") had promised very high monthly returns but had not registered with state securities regulators or given their office address.[\\[11\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-11)\n\nIn November 2018, the total current value for Bitcoin fell below \\$100 billion for the first time since October 2017,[\\[12\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-Huang-2018-12)[\\[13\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-FortuneMeyer-13) and the price of Bitcoin fell below \\$4,000, representing an 80 percent decline from its peak the previous January.[\\[10\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-CryptoCollapse-10) Bitcoin reached a low of around \\$3,100 in December 2018.[\\[14\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-14)[\\[15\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-15)\n\n#### Timeline of the crash\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Cryptocurrency_bubble&action=edit&section=5 \"Edit section: Timeline of the crash\")\\]\n\n- 17 December 2017: Bitcoin's price briefly reaches a new all-time high of \\$19,783.06.[\\[16\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-16)\n- 22 December 2017: Bitcoin falls below \\$11,000, a fall of 45% from its peak.[\\[17\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-17)\n- 12 January 2018: Amidst rumors that South Korea could be preparing to ban trading in cryptocurrency, the price of Bitcoin depreciates by 12 percent.[\\[18\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-18)[\\[19\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-19)\n- 26 January 2018: [Coincheck](https:\/\/en.wikipedia.org\/wiki\/Coincheck \"Coincheck\"), Japan's largest [cryptocurrency](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency \"Cryptocurrency\") [OTC](https:\/\/en.wikipedia.org\/wiki\/Over-the-counter_\$finance\$ \"Over-the-counter (finance)\") market, is hacked. US\\$530 million of the NEM are stolen by the hacker, causing Coincheck to indefinitely suspend trading. The loss is the largest ever so far by an incident of theft.[\\[20\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-20)\n- Late March 2018: [Facebook](https:\/\/en.wikipedia.org\/wiki\/Facebook \"Facebook\"), [Google](https:\/\/en.wikipedia.org\/wiki\/Google \"Google\"), and [Twitter](https:\/\/en.wikipedia.org\/wiki\/Twitter \"Twitter\") ban advertisements for [initial coin offerings](https:\/\/en.wikipedia.org\/wiki\/Initial_coin_offering \"Initial coin offering\") (ICO) and token sales.[\\[21\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-21)\n- 15 November 2018: Bitcoin's total current value falls below \\$100 billion for the first time since October 2017 and the price of Bitcoin falls to \\$5,500.[\\[12\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-Huang-2018-12)[\\[13\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-FortuneMeyer-13)\n\n#### Initial coin offerings\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Cryptocurrency_bubble&action=edit&section=6 \"Edit section: Initial coin offerings\")\\]\n\n*[Wired](https:\/\/en.wikipedia.org\/wiki\/Wired_\$magazine\$ \"Wired (magazine)\")* noted in 2017 that the bubble in [initial coin offerings](https:\/\/en.wikipedia.org\/wiki\/Initial_coin_offering \"Initial coin offering\") (ICOs) was about to burst.[\\[22\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-22) Some investors bought ICOs in hopes of participating in the financial gains similar to those enjoyed by early Bitcoin or Ethereum speculators.[\\[23\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-23)\n\nIn June 2018, Ella Zhang of Binance Labs, a division of the cryptocurrency exchange [Binance](https:\/\/en.wikipedia.org\/wiki\/Binance \"Binance\"), stated that she was hoping to see the bubble in ICOs collapse. She promised to help \"fight scams and shit coins\".[\\[24\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-Zhang-24)\n\n### 2020–21 boom and 2022 crash\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Cryptocurrency_bubble&action=edit&section=7 \"Edit section: 2020–21 boom and 2022 crash\")\\]\n\n#### 2020–2021 booms\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Cryptocurrency_bubble&action=edit&section=8 \"Edit section: 2020–2021 booms\")\\]\n\nFrom 8 to 12 March 2020, the price of Bitcoin fell by 30 percent from \\$8,901 to \\$6,206.[\\[25\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-25) By October 2020, Bitcoin was trading for approximately \\$13,200.[\\[26\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-26) In November 2020, Bitcoin again surpassed its previous all-time high of over \\$19,000.[\\[27\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-27)\n\nIn early 2021, Bitcoin's price fluctuated wildly,[\\[28\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-28) rising to \\$34,792.47 on 3 January 2021 before crashing by 17 percent the next day[\\[29\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-BICooper-29) and reaching above \\$40,000 for the first time on 7 January. On 11 January, the UK [Financial Conduct Authority](https:\/\/en.wikipedia.org\/wiki\/Financial_Conduct_Authority \"Financial Conduct Authority\") warned investors against lending or investments in cryptoassets, that they should be prepared \"to lose all their money\".[\\[30\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-30) On 16 February, Bitcoin reached \\$50,000 for the first time.[\\[31\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-31) On 13 March, Bitcoin surpassed \\$61,000 for the first time.[\\[32\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-32) Following a smaller correction in February, Bitcoin plunged from its peak above \\$64,000 on 14 April to below \\$49,000 on 23 April, representing a 23% mini-crash in less than 10 days, dipping below the March bottom trading range and wiping half a trillion dollars from the combined crypto total current value.[\\[33\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-33)\n\nOn 14 April, [Coinbase](https:\/\/en.wikipedia.org\/wiki\/Coinbase \"Coinbase\"), a much hyped crypto exchange, went public on the [NASDAQ](https:\/\/en.wikipedia.org\/wiki\/Nasdaq \"Nasdaq\"). Their shares grew by over 31% on their first day to \\$328.28, pushing their market cap to \\$85.8B.[\\[34\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-34)\n\nOther cryptocurrencies' prices also sharply rose, then followed by losses of value during this period. In May 2021, the value of [Dogecoin](https:\/\/en.wikipedia.org\/wiki\/Dogecoin \"Dogecoin\"), originally created as a joke, increased to 20,000% of value in one year.[\\[35\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-35) It then dropped by 93% shortly after.[\\[36\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-36)\n\nBy 19 May, Bitcoin had dropped in value by 30% to \\$31,000, [Ethereum](https:\/\/en.wikipedia.org\/wiki\/Ethereum \"Ethereum\") by 40%, and Dogecoin by 45%. Nearly all cryptocurrencies were down by double-digit percentages.[\\[37\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-BusinessToday-37) Major cryptocurrency exchange Binance went down amid a market-wide price crash and traders are now seeking justice for their losses.[\\[38\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-38) This was partly in response to [Elon Musk](https:\/\/en.wikipedia.org\/wiki\/Elon_Musk \"Elon Musk\")'s announcement that [Tesla](https:\/\/en.wikipedia.org\/wiki\/Tesla,_Inc. \"Tesla, Inc.\") would suspend payments using the Bitcoin network due to environmental concerns, along with an announcement from the [People's Bank of China](https:\/\/en.wikipedia.org\/wiki\/People%27s_Bank_of_China \"People's Bank of China\") reiterating that digital currencies cannot be used for payments.[\\[37\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-BusinessToday-37)\n\nBitcoin and other cryptocurrencies experienced a solid recovery after [Elon Musk](https:\/\/en.wikipedia.org\/wiki\/Elon_Musk \"Elon Musk\") met with leading [Bitcoin mining](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_mining \"Bitcoin mining\") companies to develop more sustainable and efficient Bitcoin mining.[\\[39\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-39) After bottoming out on 19 July, by early September Bitcoin had reached \\$52,633.54 while Ethereum grew by over 100% to \\$3,952.13. After a short but significant fall, both cryptos peaked on 7 November 2021 at \\$67,566.83 and \\$4,812.09, respectively. The NASDAQ would peak 12 days later on 19 November at 16,057.44.\n\nIn September, Bitcoin officially became legal tender in [El Salvador](https:\/\/en.wikipedia.org\/wiki\/El_Salvador \"El Salvador\") with many news sources wondering what countries would be next.[\\[40\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-40)\n\nAs of October 2021, China has continued shutting down crypto trading and mining activities.\n\nAs of October 2024, Tesla has not yet resumed payment with Bitcoin, although they do accept payment with Dogecoin on select items.[\\[41\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-41)\n\n#### 2022 crash\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Cryptocurrency_bubble&action=edit&section=9 \"Edit section: 2022 crash\")\\]\n\nAfter its peak, the crypto market began to fall with the rest of the market. By the end of 2021, Bitcoin had fallen nearly 30% from its peak down to \\$47,686.81, and [Ethereum](https:\/\/en.wikipedia.org\/wiki\/Ethereum \"Ethereum\") had fallen about 23% to \\$3,769.70. In December 2022, *[The Washington Post](https:\/\/en.wikipedia.org\/wiki\/The_Washington_Post \"The Washington Post\")* reported that there was \"the sense that the crypto bubble has definitively popped, taking with it billions of dollars of investments made by regular people, pension funds, venture capitalists, and traditional companies\".[\\[42\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-42)\n\n| Date | Event |\n|---|---|\n| 13 February 2022 | Four crypto agencies purchase [Super Bowl](https:\/\/en.wikipedia.org\/wiki\/Super_Bowl \"Super Bowl\") ads: Coinbase, [FTX](https:\/\/en.wikipedia.org\/wiki\/FTX_\$company\$ \"FTX (company)\"), [eToro](https:\/\/en.wikipedia.org\/wiki\/EToro \"EToro\"), and [Crypto.com](https:\/\/en.wikipedia.org\/wiki\/Crypto.com \"Crypto.com\"). Coinbase becomes one of the most downloaded apps after their ad airs.[\\[43\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-43) |\n| Early April | The [U.S. Securities and Exchange Commission](https:\/\/en.wikipedia.org\/wiki\/U.S._Securities_and_Exchange_Commission \"U.S. Securities and Exchange Commission\") (SEC) announce that they would begin to put regulations on the crypto agencies, setting the stage for a broad selloff.[\\[44\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-44) |\n| 4 April | [Bitmex](https:\/\/en.wikipedia.org\/wiki\/BitMEX \"BitMEX\") becomes the first crypto agency to announce layoffs, laying off 25% of its workers.[\\[45\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-TechCrunch-45) |\n| 3 May | The Federal Reserve raises interest rates by 0.5%, triggering a broad market selloff.[\\[46\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-46) Over eight days, Bitcoin falls 27% to just over \\$29,000, while Ethereum falls 33.5% to around \\$1,960. The [NASDAQ](https:\/\/en.wikipedia.org\/wiki\/Nasdaq \"Nasdaq\") falls 12.5% during the following five days after the announcement. |\n| 10 May | Coinbase, with shares down nearly 80% from their peak, announces that if they went bankrupt people would lose their funds. The CEO later announces that they were at no risk of bankruptcy.[\\[47\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-47) |\n| 5-13 May | TerraUSD and Luna, two stablecoins run by [Terra](https:\/\/en.wikipedia.org\/wiki\/Terra_\$blockchain\$ \"Terra (blockchain)\"), lose their pegs to the US Dollar and collapse, with the former being worth \\$0.10 and the latter nearly nothing.[\\[48\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-48) |\n| 12 June | [Celsius Network](https:\/\/en.wikipedia.org\/wiki\/Celsius_Network \"Celsius Network\"), a crypto exchange, announces the halt of all withdrawals and transfers.[\\[49\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-49) Bitcoin falls 15% the following day to nearly \\$22,500, while Ethereum falls to \\$1,200. A wave of layoffs from other crypto agencies accompanies this, including from Crypto.com and Coinbase.[\\[45\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-TechCrunch-45) |\n| 13 June | [Tron's](https:\/\/en.wikipedia.org\/wiki\/Tron_\$cryptocurrency\$ \"Tron (cryptocurrency)\") algorithmic [stablecoin](https:\/\/en.wikipedia.org\/wiki\/Stablecoin \"Stablecoin\"), USDD, loses its peg to the US dollar.[\\[50\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-50) |\n| 17 June | Bitcoin dips below \\$20,000 for the first time since December 2020, and Ethereum falls below \\$1,000 for the first time since January 2021. Babel Finance, a crypto lender based in [Hong Kong](https:\/\/en.wikipedia.org\/wiki\/Hong_Kong \"Hong Kong\"), freezes withdrawals.[\\[51\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-51) |\n| 23 June | CoinFlex pauses withdrawals after a counterparty, which it later named as [Roger Ver](https:\/\/en.wikipedia.org\/wiki\/Roger_Ver \"Roger Ver\"), experienced liquidity issues and failed to repay a \\$47 million stablecoin margin call.[\\[52\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-52) |\n| 27 June | [Three Arrows Capital](https:\/\/en.wikipedia.org\/wiki\/Three_Arrows_Capital \"Three Arrows Capital\"), a cryptocurrency [hedge fund](https:\/\/en.wikipedia.org\/wiki\/Hedge_fund \"Hedge fund\"), [defaults](https:\/\/en.wikipedia.org\/wiki\/Default_\$finance\$ \"Default (finance)\") on a \\$670 million loan from [Voyager Digital](https:\/\/en.wikipedia.org\/wiki\/Voyager_Digital \"Voyager Digital\"), a cryptocurrency broker.[\\[53\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-53) |\n| 30 June | FTX announces they could acquire [BlockFi](https:\/\/en.wikipedia.org\/wiki\/BlockFi \"BlockFi\"), a crypto firm that had laid off 20% of their staff.[\\[54\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-54) |\n| Late June | Many crypto agencies begin to rethink their spending as their funds begin to dwindle.[\\[55\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-55) |\n| 2 July | [Three Arrows Capital](https:\/\/en.wikipedia.org\/wiki\/Three_Arrows_Capital \"Three Arrows Capital\") declares bankruptcy, owing 27 creditors a total of US\\$3.5 billion.[\\[56\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-56) |\n| 4 July | Vauld, a [Singapore](https:\/\/en.wikipedia.org\/wiki\/Singapore \"Singapore\")\\-based crypto lender backed by Coinbase and [Peter Thiel](https:\/\/en.wikipedia.org\/wiki\/Peter_Thiel \"Peter Thiel\"), halts withdrawals and trading on its platform.[\\[57\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-57) |\n| 5 July | [eToro](https:\/\/en.wikipedia.org\/wiki\/EToro \"EToro\") terminates their [special-purpose acquisition company](https:\/\/en.wikipedia.org\/wiki\/Special-purpose_acquisition_company \"Special-purpose acquisition company\") (SPAC) deal and lays off 6% of their workforce.[\\[58\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-58) Crypto broker Voyager Digital files for [Chapter 11 bankruptcy](https:\/\/en.wikipedia.org\/wiki\/Chapter_11,_Title_11,_United_States_Code \"Chapter 11, Title 11, United States Code\").[\\[59\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-59) |\n| 6 July | [Genesis Trading](https:\/\/en.wikipedia.org\/wiki\/Digital_Currency_Group \"Digital Currency Group\") discloses that it was exposed in the Three Arrows Capital bankruptcy.[\\[60\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-60) |\n| 8 July | [Blockchain.com](https:\/\/en.wikipedia.org\/wiki\/Blockchain.com \"Blockchain.com\") announces to its shareholders that it faces a potential \\$270 million loss from loans made to Three Arrows Capital.[\\[61\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-61)[\\[62\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-62) |\n| 11 July | Crypto miners in Texas temporarily shut down as an intense [heat wave](https:\/\/en.wikipedia.org\/wiki\/Heat_wave \"Heat wave\") puts a strain on the energy grid.[\\[63\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-63) The [Financial Stability Board](https:\/\/en.wikipedia.org\/wiki\/Financial_Stability_Board \"Financial Stability Board\") (FSB) states that crypto \"must be subject to effective regulation and oversight commensurate to the risks they pose\".[\\[64\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-64) |\n| 12 July | A filing with the [United States Bankruptcy Court for the Southern District of New York](https:\/\/en.wikipedia.org\/wiki\/United_States_Bankruptcy_Court_for_the_Southern_District_of_New_York \"United States Bankruptcy Court for the Southern District of New York\") from attorneys representing Three Arrows Capital creditors states that the company founders' [current whereabouts were unknown](https:\/\/en.wikipedia.org\/wiki\/Fugitive \"Fugitive\").[\\[65\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-65) The court freezes the company's assets.[\\[66\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-66) |\n| 14 July | [Celsius Network](https:\/\/en.wikipedia.org\/wiki\/Celsius_Network \"Celsius Network\") declares bankruptcy.[\\[67\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-Reuters-67) |\n| 19 July | [SkyBridge Capital](https:\/\/en.wikipedia.org\/wiki\/SkyBridge_Capital \"SkyBridge Capital\") freezes withdrawals.[\\[68\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-68) |\n| 20 July | Vauld files for protection against creditors, the equivalent of bankruptcy in Singapore.[\\[69\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-69) Zipmex, a Southeast Asian exchange, freezes withdrawals.[\\[70\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-70) |\n| 25 July | Coinbase comes under SEC investigation for potentially lying to their customers. This leads to a 21% drop in their stock the next day.[\\[71\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-71) |\n| 8 August | Singapore-based cryptocurrency lender and borrower Hodlnaut suspends withdrawals.[\\[72\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-72) |\n| 7–8 November | FTT, [FTX's](https:\/\/en.wikipedia.org\/wiki\/FTX \"FTX\") main crypto coin, crashes and loses 80% of its value as the result of a [run](https:\/\/en.wikipedia.org\/wiki\/Bank_run \"Bank run\") on the exchange.[\\[73\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-Sigalos-73) |\n| 10 November | BlockFi halts withdrawals due to the turmoil from FTX.[\\[74\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-74) The largest stablecoin, [Tether](https:\/\/en.wikipedia.org\/wiki\/Tether_\$cryptocurrency\$ \"Tether (cryptocurrency)\"), loses its peg to the US dollar.[\\[75\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-75) |\n| 11 November | [FTX declares bankruptcy](https:\/\/en.wikipedia.org\/wiki\/Bankruptcy_of_FTX \"Bankruptcy of FTX\").[\\[76\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-Bankruptcy-76) |\n| 16 November | Both Genesis Global Trading and [Gemini](https:\/\/en.wikipedia.org\/wiki\/Gemini_\$company\$ \"Gemini (company)\") halt withdrawals.[\\[77\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-77) |\n| 28 November | [BlockFi](https:\/\/en.wikipedia.org\/wiki\/BlockFi \"BlockFi\") declares bankruptcy, citing exposure to FTX as the main cause.[\\[78\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-78) |\n| 20 January 2023 | Genesis files for Chapter 11 bankruptcy from exposure to FTX.[\\[79\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-79) |\n| 12 February 2023 | Following the collapse of several big exchanges, no crypto agency purchased a Super Bowl ad.[\\[80\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-80) |\n| 2 March 2023 | Shares in [Silvergate Capital](https:\/\/en.wikipedia.org\/wiki\/Silvergate_Bank \"Silvergate Bank\"), an influential banker to the cryptocurrency industry, plunge 57.7% after the group said in a filing with the [SEC](https:\/\/en.wikipedia.org\/wiki\/U.S._Securities_and_Exchange_Commission \"U.S. Securities and Exchange Commission\") that it would not be able to submit its annual [10-K report](https:\/\/en.wikipedia.org\/wiki\/Form_10-K \"Form 10-K\") in time.[\\[81\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-81)[\\[82\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-82) |\n| 7 March 2023 | The SEC freezes BKCoin transactions and accuses it of being a fraud after they raised \\$100M.[\\[83\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-83) |\n| 8–9 March 2023 | Silvergate Capital announces plans to liquidate its bank.[\\[84\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-84)[\\[85\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-85) |\n| 10–12 March 2023 | Shares in [Signature Bank](https:\/\/en.wikipedia.org\/wiki\/Signature_Bank \"Signature Bank\"), one of the main banks to the cryptocurrency industry, drop as much as 32%, leading to its closure by the [New York State Department of Financial Services](https:\/\/en.wikipedia.org\/wiki\/New_York_State_Department_of_Financial_Services \"New York State Department of Financial Services\") in a bid to prevent the [spreading banking crisis](https:\/\/en.wikipedia.org\/wiki\/2023_United_States_banking_crisis \"2023 United States banking crisis\").[\\[86\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-86)[\\[87\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-Li2023-87) |\n| 20 June 2023 | [New Zealand](https:\/\/en.wikipedia.org\/wiki\/New_Zealand \"New Zealand\")–based ethical travel company We Are Bamboo loses millions of dollars on cryptocurrency trading before announcing it was folding and would not be refunding hundreds of customers for their prepaid trips, according to a report from liquidators [BDO](https:\/\/en.wikipedia.org\/wiki\/BDO_Global \"BDO Global\").[\\[88\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-88) |\n| 15 August 2023 | [Auckland](https:\/\/en.wikipedia.org\/wiki\/Auckland \"Auckland\")\\-based cryptocurrency exchange Dasset goes into voluntary liquidation, leaving customers unable to access their funds and with the firm unresponsive to complaints.[\\[89\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-89) |\n| 22 January 2024 | Terraform, creator of [TerraUSD](https:\/\/en.wikipedia.org\/wiki\/Terra_\$blockchain\$ \"Terra (blockchain)\") and Luna, files for Chapter 11 bankruptcy, over one and a half years after the collapse of their coins.[\\[90\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-90) |\n| 14 February 2024 | The liquidator of the [Kim Dotcom](https:\/\/en.wikipedia.org\/wiki\/Kim_Dotcom \"Kim Dotcom\")\\-founded Bitcache indicated the company will be yet another cryptocurrency company failure that takes some untangling.[\\[91\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-91) |\n\n### 2025 boom and 2026 crash\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Cryptocurrency_bubble&action=edit&section=10 \"Edit section: 2025 boom and 2026 crash\")\\]\n\nAfter the partial decrease in 2022, the value of Bitcoin rose again, reaching a new all-time high in October of 2025, when it was valued at [US\\$](https:\/\/en.wikipedia.org\/wiki\/United_States_dollar \"United States dollar\")125,835.92.[\\[92\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-92) It fell short of the US\\$200,000 expectation of [Standard Chartered](https:\/\/en.wikipedia.org\/wiki\/Standard_Chartered \"Standard Chartered\") analysts, however, leading one analyst to warn of a possible \"bitcoin winter\".[\\[93\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-93)\n\nBy February 2026 the price of Bitcoin was lower than when President [Trump was elected in 2024](https:\/\/en.wikipedia.org\/wiki\/2024_United_States_presidential_election \"2024 United States presidential election\"). with the industry concerned about a new “crypto winter\". *[The New York Times](https:\/\/en.wikipedia.org\/wiki\/The_New_York_Times \"The New York Times\")* called the slide \"one of the worst crises in the crypto industry since 2022\".[\\[94\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-94) Nobel economics laureate [Paul Krugman](https:\/\/en.wikipedia.org\/wiki\/Paul_Krugman \"Paul Krugman\") said, \"It does feel like we’re seeing a real crisis of faith right now.\"[\\[95\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-95) [Bloomberg Intelligence](https:\/\/en.wikipedia.org\/wiki\/Bloomberg_L.P. \"Bloomberg L.P.\") strategist Mike McGlone warned that the cryptocurrency market “bubble is imploding” with Bitcoin’s price set to decrease to US\\$10,000.[\\[96\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-96)\n\n### Associated effects\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Cryptocurrency_bubble&action=edit&section=11 \"Edit section: Associated effects\")\\]\n\n#### Collapse of Terra-Luna\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Cryptocurrency_bubble&action=edit&section=12 \"Edit section: Collapse of Terra-Luna\")\\]\n\nMain article: [Terra (blockchain) § Collapse](https:\/\/en.wikipedia.org\/wiki\/Terra_\$blockchain\$#Collapse \"Terra (blockchain)\")\n\nIn May 2022, the [stablecoin](https:\/\/en.wikipedia.org\/wiki\/Stablecoin \"Stablecoin\") [TerraUSD](https:\/\/en.wikipedia.org\/wiki\/TerraUSD \"TerraUSD\") fell to US\\$0.10.[\\[97\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-97) This was supposed to be pegged to the US dollar via a complex algorithmic relationship with its support coin Luna. The loss of the peg resulted in Luna falling to almost zero, down from its high of \\$119.51.[\\[98\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-98) The collapse wiped out \\$45 billion of total current value in a week.[\\[99\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-99) On 25 May, a proposal was approved to reissue a new Luna cryptocurrency and to decouple from and abandon the devalued UST stablecoin.[\\[100\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-100)[\\[101\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-101) The new Luna coin lost value in the opening days of being listed on exchanges.[\\[102\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-102)\n\nIn the wake of Terra-Luna's collapse, another algorithmic stablecoin, DEI, lost its peg to the dollar and started to collapse.[\\[103\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-103)[\\[104\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-104)\n\n[Kwon Do-hyung](https:\/\/en.wikipedia.org\/wiki\/Kwon_Do-hyung \"Kwon Do-hyung\"), the founder of [Terra-Luna](https:\/\/en.wikipedia.org\/wiki\/Terra-Luna \"Terra-Luna\"), is wanted by [South Korea](https:\/\/en.wikipedia.org\/wiki\/South_Korea \"South Korea\") and the [US](https:\/\/en.wikipedia.org\/wiki\/US \"US\") for his role as the creator of the cryptocurrency [stablecoin](https:\/\/en.wikipedia.org\/wiki\/Stablecoin \"Stablecoin\") which was guaranteed by an algorithm rather than with appropriate funds, after the loss of 40 billion dollars by investors. He has been arrested in [Montenegro](https:\/\/en.wikipedia.org\/wiki\/Montenegro \"Montenegro\").[\\[105\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-105)\n\n#### Private litigation in the United States\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Cryptocurrency_bubble&action=edit&section=13 \"Edit section: Private litigation in the United States\")\\]\n\nSee also: [Cryptocurrency and crime](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_and_crime \"Cryptocurrency and crime\"), [Economic policy of the Joe Biden administration § Cryptocurrency](https:\/\/en.wikipedia.org\/wiki\/Economic_policy_of_the_Joe_Biden_administration#Cryptocurrency \"Economic policy of the Joe Biden administration\"), and [Gary Gensler § Cryptocurrency](https:\/\/en.wikipedia.org\/wiki\/Gary_Gensler#Cryptocurrency \"Gary Gensler\")\n\nOn 7 January 2022, a class-action lawsuit was filed against EthereumMax alleging it to be a [pump and dump](https:\/\/en.wikipedia.org\/wiki\/Pump_and_dump \"Pump and dump\") scheme with media personality [Kim Kardashian](https:\/\/en.wikipedia.org\/wiki\/Kim_Kardashian \"Kim Kardashian\"), former professional boxer [Floyd Mayweather Jr.](https:\/\/en.wikipedia.org\/wiki\/Floyd_Mayweather_Jr. \"Floyd Mayweather Jr.\"), former [NBA](https:\/\/en.wikipedia.org\/wiki\/National_Basketball_Association \"National Basketball Association\") player [Paul Pierce](https:\/\/en.wikipedia.org\/wiki\/Paul_Pierce \"Paul Pierce\"), and other celebrities also being named in the lawsuit for [promoting](https:\/\/en.wikipedia.org\/wiki\/False_advertising \"False advertising\") the Ether cryptocurrency on their [social media accounts](https:\/\/en.wikipedia.org\/wiki\/Influencer_marketing \"Influencer marketing\").[\\[106\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-106)[\\[107\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-107)\n\nOn 18 February, the [United States Court of Appeals for the Eleventh Circuit](https:\/\/en.wikipedia.org\/wiki\/United_States_Court_of_Appeals_for_the_Eleventh_Circuit \"United States Court of Appeals for the Eleventh Circuit\") ruled in a lawsuit against [Bitconnect](https:\/\/en.wikipedia.org\/wiki\/Bitconnect \"Bitconnect\") that the [Securities Act of 1933](https:\/\/en.wikipedia.org\/wiki\/Securities_Act_of_1933 \"Securities Act of 1933\") extends to [targeted solicitation](https:\/\/en.wikipedia.org\/wiki\/Targeted_advertising \"Targeted advertising\") using social media.[\\[108\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-108)\n\nOn the same day, a class-action lawsuit was filed against [SafeMoon](https:\/\/en.wikipedia.org\/wiki\/SafeMoon \"SafeMoon\") alleging it to also be a pump and dump scheme with professional boxer [Jake Paul](https:\/\/en.wikipedia.org\/wiki\/Jake_Paul \"Jake Paul\"), musician [Nick Carter](https:\/\/en.wikipedia.org\/wiki\/Nick_Carter \"Nick Carter\"), rappers [Soulja Boy](https:\/\/en.wikipedia.org\/wiki\/Soulja_Boy \"Soulja Boy\") and [Lil Yachty](https:\/\/en.wikipedia.org\/wiki\/Lil_Yachty \"Lil Yachty\"), and social media personality Ben Phillips also being named in the lawsuit for promoting the SafeMoon cryptocurrency with misleading information on their social media accounts.[\\[109\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-109)[\\[110\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-110)\n\nOn 1 April, a class-action lawsuit was filed in Florida against the [LGBcoin](https:\/\/en.wikipedia.org\/wiki\/Let%27s_Go_Brandon#Brandon_Brown_sponsorship \"Let's Go Brandon\") cryptocurrency company, [NASCAR](https:\/\/en.wikipedia.org\/wiki\/NASCAR \"NASCAR\"), professional [stock car racing](https:\/\/en.wikipedia.org\/wiki\/Stock_car_racing \"Stock car racing\") driver [Brandon Brown](https:\/\/en.wikipedia.org\/wiki\/Brandon_Brown_\$racing_driver\$ \"Brandon Brown (racing driver)\"), and political commentator [Candace Owens](https:\/\/en.wikipedia.org\/wiki\/Candace_Owens \"Candace Owens\") alleging that the defendants made [false](https:\/\/en.wikipedia.org\/wiki\/False_statements_of_fact \"False statements of fact\") or misleading statements about the LGBcoin and that the founders of the company had engaged in a pump and dump scheme.[\\[111\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-111)\n\nOn 13 April, [Coinbase](https:\/\/en.wikipedia.org\/wiki\/Coinbase \"Coinbase\") received a class-action [securities fraud](https:\/\/en.wikipedia.org\/wiki\/Securities_fraud \"Securities fraud\") lawsuit from its shareholders for including false and misleading statements and [omissions](https:\/\/en.wikipedia.org\/wiki\/Omission_\$law\$ \"Omission (law)\") in the [registration statement](https:\/\/en.wikipedia.org\/wiki\/Registration_statement \"Registration statement\") and [prospectus](https:\/\/en.wikipedia.org\/wiki\/Prospectus_\$finance\$ \"Prospectus (finance)\") of its [initial public offering](https:\/\/en.wikipedia.org\/wiki\/Initial_public_offering \"Initial public offering\").[\\[112\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-112)\n\nOn 13 June, [Binance](https:\/\/en.wikipedia.org\/wiki\/Binance \"Binance\") received a class-action lawsuit from more than 2,000 investors accusing the company of false advertising in promoting TerraUSD.[\\[113\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-113)\n\nOn 17 June, [TerraForm Labs](https:\/\/en.wikipedia.org\/wiki\/Terra_\$blockchain\$ \"Terra (blockchain)\") received a class-action lawsuit in the United States alleging the company misled investors in violation of federal and California securities laws in marketing its cryptocurrencies in a manner that resembled [securities](https:\/\/en.wikipedia.org\/wiki\/Security_\$finance\$ \"Security (finance)\").[\\[114\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-114)\n\nOn 7 July, [Celsius Network](https:\/\/en.wikipedia.org\/wiki\/Celsius_Network \"Celsius Network\") received a lawsuit from a former cryptocurrency investment manager alleging the company failed to implement adequate [risk management](https:\/\/en.wikipedia.org\/wiki\/Risk_management \"Risk management\") strategies or accounting practices to [hedge](https:\/\/en.wikipedia.org\/wiki\/Hedge_\$finance\$ \"Hedge (finance)\") the firm against cryptocurrency price fluctuations and protect its ability to repay its [depositors](https:\/\/en.wikipedia.org\/wiki\/Deposit_account \"Deposit account\"), and that the company was operating an effective [Ponzi scheme](https:\/\/en.wikipedia.org\/wiki\/Ponzi_scheme \"Ponzi scheme\").[\\[115\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-115)\n\nOn 21 July, an ex-[Coinbase](https:\/\/en.wikipedia.org\/wiki\/Coinbase \"Coinbase\") employee and 2 other men were charged with [wire fraud](https:\/\/en.wikipedia.org\/wiki\/Mail_and_wire_fraud \"Mail and wire fraud\") and conspiracy to commit wire fraud. This marked the first time charges were brought to people involving crypto assets.[\\[116\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-116)\n\n#### Collapse of FTX\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Cryptocurrency_bubble&action=edit&section=14 \"Edit section: Collapse of FTX\")\\]\n\nMain article: [Bankruptcy of FTX](https:\/\/en.wikipedia.org\/wiki\/Bankruptcy_of_FTX \"Bankruptcy of FTX\")\n\nIn early November 2022, [Binance](https:\/\/en.wikipedia.org\/wiki\/Binance \"Binance\"), one of the largest crypto exchanges in the world, announced it would be dissolving its holdings in FTX Token (FTT) with reports that most of [FTX](https:\/\/en.wikipedia.org\/wiki\/FTX_\$company\$ \"FTX (company)\") [liquidity](https:\/\/en.wikipedia.org\/wiki\/Liquidity \"Liquidity\") was based in this coin and was very unstable. This announcement came shortly after article surfaced stating that Alameda Research, a trading firm affiliated with FTX held a significant amount of FTT. This resulted in a [run](https:\/\/en.wikipedia.org\/wiki\/Bank_run \"Bank run\") on FTX resulting in 90% of all FTT being withdrawn. The price of FTT fell from \\$22 on 7 November to under \\$5.00 on 8 November, an 80% drop.[\\[73\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-Sigalos-73) Abracadabra.com's stablecoin \"magic internet money\" (MIM) also briefly lost its peg to the [US dollar](https:\/\/en.wikipedia.org\/wiki\/United_States_dollar \"United States dollar\") for the first time since May 2022.[\\[117\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-117) This all resulted in a [liquidity crisis](https:\/\/en.wikipedia.org\/wiki\/Liquidity_crisis \"Liquidity crisis\") with the company unable to pay off the withdrawals. On 8 November, rival Binance announced plans to buy the company to save it from collapse. This sent shockwaves through the crypto market and led to a 10% drop in [Bitcoin](https:\/\/en.wikipedia.org\/wiki\/Bitcoin \"Bitcoin\") price and a 15% drop in Ether price. The following day, however, Binance immediately withdrew its offer causing Bitcoin and Ether to plummet another 14% and 16%, respectively, to their lowest levels since November 2020.[\\[118\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-118) The same day, the SEC and Justice Department launched an investigation into the company.[\\[119\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-119) FTX filed for bankruptcy protection on 11 November.[\\[76\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-Bankruptcy-76)\n\n## Characterization as a bubble\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Cryptocurrency_bubble&action=edit&section=15 \"Edit section: Characterization as a bubble\")\\]\n\nFurther information: [Economics of bitcoin](https:\/\/en.wikipedia.org\/wiki\/Economics_of_bitcoin \"Economics of bitcoin\")\n\n[Bitcoin](https:\/\/en.wikipedia.org\/wiki\/Bitcoin \"Bitcoin\") has been characterized as a [speculative bubble](https:\/\/en.wikipedia.org\/wiki\/Speculative_bubble \"Speculative bubble\") by eight [winners of the Nobel Memorial Prize in Economic Sciences](https:\/\/en.wikipedia.org\/wiki\/List_of_Nobel_Memorial_Prize_laureates_in_Economics \"List of Nobel Memorial Prize laureates in Economics\"): [Paul Krugman](https:\/\/en.wikipedia.org\/wiki\/Paul_Krugman \"Paul Krugman\"),[\\[120\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-Krugman-120)[\\[121\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-121) [Robert J. Shiller](https:\/\/en.wikipedia.org\/wiki\/Robert_J._Shiller \"Robert J. Shiller\"),[\\[122\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-Shiller_2014-122) [Joseph Stiglitz](https:\/\/en.wikipedia.org\/wiki\/Joseph_Stiglitz \"Joseph Stiglitz\"),[\\[123\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-Stiglitz-123) [Richard Thaler](https:\/\/en.wikipedia.org\/wiki\/Richard_Thaler \"Richard Thaler\"),[\\[124\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-Thaler-124) [James Heckman](https:\/\/en.wikipedia.org\/wiki\/James_Heckman \"James Heckman\"),[\\[125\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-4Nobels-125) [Thomas Sargent](https:\/\/en.wikipedia.org\/wiki\/Thomas_Sargent \"Thomas Sargent\"),[\\[125\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-4Nobels-125) [Angus Deaton](https:\/\/en.wikipedia.org\/wiki\/Angus_Deaton \"Angus Deaton\"),[\\[125\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-4Nobels-125) and [Oliver Hart](https:\/\/en.wikipedia.org\/wiki\/Oliver_Hart_\$economist\$ \"Oliver Hart (economist)\");[\\[125\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-4Nobels-125) and by central bank officials including [Alan Greenspan](https:\/\/en.wikipedia.org\/wiki\/Alan_Greenspan \"Alan Greenspan\"),[\\[126\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-Kearns-126) [Agustín Carstens](https:\/\/en.wikipedia.org\/wiki\/Agust%C3%ADn_Carstens \"Agustín Carstens\"),[\\[127\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-Carstens-127) [Vítor Constâncio](https:\/\/en.wikipedia.org\/wiki\/V%C3%ADtor_Const%C3%A2ncio \"Vítor Constâncio\"),[\\[128\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-Constancio-128) and [Nout Wellink](https:\/\/en.wikipedia.org\/wiki\/Nout_Wellink \"Nout Wellink\").[\\[129\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-129)\n\nThe investors [Warren Buffett](https:\/\/en.wikipedia.org\/wiki\/Warren_Buffett \"Warren Buffett\") and [George Soros](https:\/\/en.wikipedia.org\/wiki\/George_Soros \"George Soros\") have respectively characterized it as a \"mirage\"[\\[130\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-130) and a \"bubble\",[\\[131\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-GnMSoros-131) while the business executives [Jack Ma](https:\/\/en.wikipedia.org\/wiki\/Jack_Ma \"Jack Ma\") and J.P. Morgan Chase CEO [Jamie Dimon](https:\/\/en.wikipedia.org\/wiki\/Jamie_Dimon \"Jamie Dimon\") have called it a \"bubble\"[\\[132\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-Yang_Ma-132) and a \"fraud\",[\\[133\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-Buffet_and_Dimon-133) respectively. However, Dimon said later he regrets calling Bitcoin a fraud.[\\[134\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-134)\n\nOther notable skeptics are [Bill Gates](https:\/\/en.wikipedia.org\/wiki\/Bill_Gates \"Bill Gates\"), [Microsoft](https:\/\/en.wikipedia.org\/wiki\/Microsoft \"Microsoft\") co-founder and philanthropist;[\\[135\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-CNBC-135) [Bruce Schneier](https:\/\/en.wikipedia.org\/wiki\/Bruce_Schneier \"Bruce Schneier\"), cryptographer, computer security expert, and public policy lecturer at [Harvard University](https:\/\/en.wikipedia.org\/wiki\/Harvard_University \"Harvard University\");[\\[136\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-136) and [Molly White](https:\/\/en.wikipedia.org\/wiki\/Molly_White \"Molly White\"), author of the *Web3 Is Going Just Great* website.[\\[137\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-137)[\\[138\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-138)[\\[139\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-139)\n\nEconomic analysis of these market cycles suggests that cryptocurrency price dynamics are characteristic of speculative bubbles, driven more by market sentiment than by traditional economic fundamentals.[\\[140\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-140) The increasing integration of crypto with the financial system means these shocks do not occur in isolation. Studies find significant spillover effects, where volatility in cryptocurrency markets transmits to traditional asset classes like equities and commodities.[\\[141\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-141) More recent structural models confirm this transmission occurs by affecting overall investor risk appetite and that it extends to the broader macroeconomy, with a notable impact on long-term inflation. This demonstrates a concrete channel through which cryptocurrency bubbles and crashes can have broader economic consequences.[\\[142\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-142)\n\nIt has been suggested by Lee Reiners, a former [Federal Reserve](https:\/\/en.wikipedia.org\/wiki\/Federal_Reserve \"Federal Reserve\") economist, that \"when this crypto bubble bursts — and it will burst — it will end up impacting people across the economy even if they don’t have direct investment in crypto”.[\\[143\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-143)\n\n## See also\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Cryptocurrency_bubble&action=edit&section=16 \"Edit section: See also\")\\]\n\n- [Blockchain § History](https:\/\/en.wikipedia.org\/wiki\/Blockchain#History \"Blockchain\"), a broader overview of the history of blockchain technology\n  - [Cryptocurrency § History](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency#History \"Cryptocurrency\")\n- [Cryptocurrency and crime](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_and_crime \"Cryptocurrency and crime\")\n- [Crypto Ponzi scheme](https:\/\/en.wikipedia.org\/wiki\/Ponzi_scheme#Cryptocurrency_Ponzi \"Ponzi scheme\")\n\n## References\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Cryptocurrency_bubble&action=edit&section=17 \"Edit section: References\")\\]\n\n1. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-FortuneMorris_1-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-FortuneMorris_1-1) [***c***](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-FortuneMorris_1-2) [***d***](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-FortuneMorris_1-3)\n   Morris, David Z. (2 January 2021). [\"A brief history of Bitcoin bubbles\"](https:\/\/fortune.com\/crypto\/2021\/01\/02\/is-bitcoin-a-bubble-will-it-crash-again-history\/). *Fortune*. Retrieved 23 May 2022.\n2. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-2)**\n   Stewart, Emily (6 March 2024). [\"Bitcoin's all-time high reveals the true nature of crypto\"](https:\/\/www.businessinsider.com\/bitcoin-all-time-high-etfs-crypto-price-crash-boom-bust-2024-3). *Business Insider*. Retrieved 21 December 2024.\n3. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-Popken_3-0)**\n   Popken, Ben (2 February 2018). [\"Bitcoin loses more than half its value amid crypto crash\"](https:\/\/www.nbcnews.com\/tech\/internet\/bitcoin-loses-more-half-its-value-amid-crypto-crash-n844056). *[NBC News](https:\/\/en.wikipedia.org\/wiki\/NBC_News \"NBC News\")*. [Archived](https:\/\/web.archive.org\/web\/20181021073955\/https:\/\/www.nbcnews.com\/tech\/internet\/bitcoin-loses-more-half-its-value-amid-crypto-crash-n844056) from the original on 21 October 2018.\n4. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-4)**\n   Silcoff, Sean (13 February 2018). [\"OMERS-affiliated Ethereum Capital offering pinched, but not pulled, following choppy markets and cryptocrash\"](https:\/\/www.theglobeandmail.com\/report-on-business\/ethereum-capital-financing-pinched-but-not-pulled-following-choppy-markets-and-cryptocrash\/article37958224\/). *[The Globe and Mail](https:\/\/en.wikipedia.org\/wiki\/The_Globe_and_Mail \"The Globe and Mail\")*. [The Woodbridge Company](https:\/\/en.wikipedia.org\/wiki\/The_Woodbridge_Company \"The Woodbridge Company\"). [Archived](https:\/\/web.archive.org\/web\/20181020091150\/https:\/\/www.theglobeandmail.com\/report-on-business\/ethereum-capital-financing-pinched-but-not-pulled-following-choppy-markets-and-cryptocrash\/article37958224\/) from the original on 20 October 2018.\n5. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-5)**\n   [\"Crypto crash: bitcoin drops to lowest point since November\"](http:\/\/www.theweek.co.uk\/cryptocurrencies\/91014\/crypto-crash-bitcoin-and-ethereum-plummet-in-value). *[The Week](https:\/\/en.wikipedia.org\/wiki\/The_Week \"The Week\")*. 2 February 2018. [Archived](https:\/\/web.archive.org\/web\/20180705114343\/http:\/\/www.theweek.co.uk\/cryptocurrencies\/91014\/crypto-crash-bitcoin-and-ethereum-plummet-in-value) from the original on 5 July 2018.\n6. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-6)**\n   Smith, Noah (8 February 2018). 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[Archived](https:\/\/web.archive.org\/web\/20180610214759\/http:\/\/www.scmp.com\/tech\/enterprises\/article\/2146648\/theres-bitcoin-bubble-says-alibaba-executive-chairman-jack-ma) from the original on 10 June 2018. Retrieved 10 June 2018.\n133. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-Buffet_and_Dimon_133-0)**\n     Cheng, Evelyn (7 June 2018). [\"Warren Buffett and Jamie Dimon on bitcoin: Beware\"](https:\/\/www.cnbc.com\/2018\/06\/07\/warren-buffett-and-jamie-dimon-on-bitcoin-beware.html). CNBC. [Archived](https:\/\/web.archive.org\/web\/20180609122312\/https:\/\/www.cnbc.com\/2018\/06\/07\/warren-buffett-and-jamie-dimon-on-bitcoin-beware.html) from the original on 9 June 2018. Retrieved 7 June 2018.\n134. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-134)**\n     Kim, Tae (9 January 2018). [\"Jamie Dimon says he regrets calling bitcoin a fraud and believes in the technology behind it\"](https:\/\/www.cnbc.com\/2018\/01\/09\/jamie-dimon-says-he-regrets-calling-bitcoin-a-fraud.html). *CNBC*. Retrieved 31 December 2020.\n135. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-CNBC_135-0)**\n     Browne, Ryan (15 June 2022). [\"Bill Gates says crypto and NFTs are '100% based on greater fool theory'\"](https:\/\/www.cnbc.com\/2022\/06\/15\/bill-gates-says-crypto-and-nfts-are-based-on-greater-fool-theory.html). *[CNBC](https:\/\/en.wikipedia.org\/wiki\/CNBC \"CNBC\")*. Retrieved 15 June 2022.\n136. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-136)**\n     Avery, Dan (1 June 2022). [\"Tech Experts Call on Lawmakers to Push Back Against Cryptocurrency Industry\"](https:\/\/web.archive.org\/web\/20220602025804\/https:\/\/www.cnet.com\/personal-finance\/crypto\/tech-experts-call-on-lawmakers-to-push-back-against-cryptocurrency-industry\/). *CNET*. Archived from [the original](https:\/\/www.cnet.com\/personal-finance\/crypto\/tech-experts-call-on-lawmakers-to-push-back-against-cryptocurrency-industry\/) on 2 June 2022. Retrieved 2 June 2022. \"In an open letter on Wednesday, 26 computer scientists, software engineers and academics – including Harvard computer security expert Bruce Schneier and Google Cloud principal engineer Kelsey Hightower – urged Congress to 'resist pressure from digital asset industry financiers, lobbyists and boosters to create a regulatory safe haven for these risky, flawed and unproven digital financial instruments' ... The letter also cautioned that crypto assets are being used to promote 'unsound and highly volatile speculative investment schemes' to investors who may not understand the real risks. 'The claims that the blockchain advocates make are not true,' Schneier told the *Financial Times*. 'It's not secure, it's not decentralized. Any system where you forget your password and you lose your life savings is not a safe system.'\"\n137. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-137)**\n     De Vynck, Gerrit (29 May 2022). [\"First she documented the alt-right. Now she's coming for crypto\"](https:\/\/web.archive.org\/web\/20220531021347\/https:\/\/www.washingtonpost.com\/technology\/2022\/05\/29\/molly-white-crypto\/). *The Washington Post*. Archived from [the original](https:\/\/www.washingtonpost.com\/technology\/2022\/05\/29\/molly-white-crypto\/) on 31 May 2022. Retrieved 31 May 2022. \"A 28-year-old software engineer who writes Wikipedia articles for fun, White is an odd figure to make the crypto industry cower. On her website, 'Web3 is Going Just Great', White documents case after case of crypto malfeasance: investments that turn out to be scams, poorly-run projects that collapse under mismanagement and hacks that drain supporters' money. As much of the financial and tech elite has rallied around crypto, White has led a small but scrappy group of skeptics pushing the other way whose warnings have seemed vindicated by the cratering in recent weeks of cryptocurrency prices.\"\n138. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-138)**\n     Pahwa, Nitish (12 May 2022). [\"To Be Clear, Web3 Is Not Going Great\"](https:\/\/web.archive.org\/web\/20220528020034\/https:\/\/slate.com\/technology\/2022\/05\/crypto-crash-molly-white-web3-going-just-great.html). *Slate*. Archived from [the original](https:\/\/slate.com\/technology\/2022\/05\/crypto-crash-molly-white-web3-going-just-great.html) on 28 May 2022. Retrieved 31 May 2022. \"One of the most prominent skeptics these days is Molly White, a software developer who started the blog Web3 Is Going Just Great last December ... The site has gotten quite popular among fellow doubters, and White herself has become a go-to voice countering the hype coming from crypto companies and maxis—even collaborating with other crypto watchers on a project fact-checking mainstream publications' praise of crypto.\"\n139. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-139)**\n     Bernard, Zoe (29 April 2022). [\"Crypto's CSI: How Molly White Became an 'Absolute Nightmare' for Web3 Evangelists\"](https:\/\/web.archive.org\/web\/20220512215358\/https:\/\/www.theinformation.com\/articles\/cryptos-csi-how-molly-white-became-an-absolute-nightmare-for-web3-evangelists). *The Information*. Archived from [the original](https:\/\/www.theinformation.com\/articles\/cryptos-csi-how-molly-white-became-an-absolute-nightmare-for-web3-evangelists) on 12 May 2022. Retrieved 31 May 2022. \"Over the course of one week in April, Molly White's internet crime blotter Web3 Is Going Just Great documented 15 crypto-related offenses, each of which alone would hobble—or at least humiliate—most other industries ... White is in a unique position to catalog Web3's never-ending highlight reel of disasters. A software engineer who has worked in front-end development at enterprise software company HubSpot for the past six years, the 28-year-old has a sophisticated understanding of the blockchain's underlying technology.\"\n140. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-140)**\n     Cheah, E. T.; Fry, J. (2015). \"Speculative bubbles in Bitcoin markets? An empirical investigation into the fundamental value of Bitcoin\". *Economics Letters*. **130**: 32–36\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1016\/j.econlet.2015.02.029](https:\/\/doi.org\/10.1016%2Fj.econlet.2015.02.029). [hdl](https:\/\/en.wikipedia.org\/wiki\/Hdl_\$identifier\$ \"Hdl (identifier)\"):[10454\/18101](https:\/\/hdl.handle.net\/10454%2F18101).\n141. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-141)**\n     Corbet, Shaen; Meegan, Andrew; Larkin, Charles; Lucey, Brian; Yarovaya, Larisa (2018). [\"Exploring the dynamic relationships between cryptocurrencies and other financial assets\"](https:\/\/figshare.com\/articles\/journal_contribution\/23759697). *Economics Letters*. **165**: 28–34\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1016\/j.econlet.2018.01.004](https:\/\/doi.org\/10.1016%2Fj.econlet.2018.01.004).\n142. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-142)**\n     Chen, Zhengyang (2025). [\"From Disruption to Integration: Cryptocurrency Prices, Financial Fluctuations, and Macroeconomy\"](https:\/\/doi.org\/10.3390%2Fjrfm18070360). *Journal of Risk and Financial Management*. **18** (7): 360. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.3390\/jrfm18070360](https:\/\/doi.org\/10.3390%2Fjrfm18070360).\n143. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-143)**\n     Lipton, Eric; Yaffe-Bellany, David (21 January 2025). [\"Trump's Cryptocurrency Surges to Become One of the World's Most Valuable\"](https:\/\/www.nytimes.com\/2025\/01\/19\/us\/politics\/trump-cryptocurrency-surges.html). *The New York Times*. [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [0362-4331](https:\/\/search.worldcat.org\/issn\/0362-4331). Retrieved 21 January 2025.\n\n## Further reading\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Cryptocurrency_bubble&action=edit&section=18 \"Edit section: Further reading\")\\]\n\n- [\"Bitcoin Bulls and Bears\"](https:\/\/www.bloomberg.com\/features\/bitcoin-bulls-bears\/). Bloomberg. 8 June 2018.\n\n| [v](https:\/\/en.wikipedia.org\/wiki\/Template:Financial_bubbles \"Template:Financial bubbles\") [t](https:\/\/en.wikipedia.org\/wiki\/Template_talk:Financial_bubbles \"Template talk:Financial bubbles\") [e](https:\/\/en.wikipedia.org\/wiki\/Special:EditPage\/Template:Financial_bubbles \"Special:EditPage\/Template:Financial bubbles\")[Financial bubbles](https:\/\/en.wikipedia.org\/wiki\/Economic_bubble \"Economic bubble\") |   |\n|---|---|\n| [Market trend](https:\/\/en.wikipedia.org\/wiki\/Market_trend \"Market trend\") [Credit cycle](https:\/\/en.wikipedia.org\/wiki\/Credit_cycle \"Credit cycle\") [Irrational exuberance](https:\/\/en.wikipedia.org\/wiki\/Irrational_exuberance \"Irrational exuberance\") [Social contagion](https:\/\/en.wikipedia.org\/wiki\/Social_contagion \"Social contagion\") [Real-estate bubble](https:\/\/en.wikipedia.org\/wiki\/Real-estate_bubble \"Real-estate bubble\") [Stock market bubble](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble \"Stock market bubble\") |   |\n| [Commercial revolution](https:\/\/en.wikipedia.org\/wiki\/Commercial_revolution \"Commercial revolution\") (1000–1760) | [Tulip mania](https:\/\/en.wikipedia.org\/wiki\/Tulip_mania \"Tulip mania\") (1634–1637) [Mississippi bubble](https:\/\/en.wikipedia.org\/wiki\/John_Law%27s_Company \"John Law's Company\") (1684–1720) [South Sea bubble](https:\/\/en.wikipedia.org\/wiki\/South_Sea_Company \"South Sea Company\") (1711–1720) [Bengal Bubble of 1769](https:\/\/en.wikipedia.org\/wiki\/Bengal_Bubble_of_1769 \"Bengal Bubble of 1769\") (1757–1769) |\n| [1st Industrial Revolution](https:\/\/en.wikipedia.org\/wiki\/Industrial_Revolution \"Industrial Revolution\") (1760–1840) | [Canal Mania](https:\/\/en.wikipedia.org\/wiki\/Canal_Mania \"Canal Mania\") (c. 1790–c. 1810) [Carolina gold rush](https:\/\/en.wikipedia.org\/wiki\/Carolina_gold_rush \"Carolina gold rush\") (1802–1825) [1810s Alabama real estate bubble](https:\/\/en.wikipedia.org\/wiki\/Alabama_real_estate_bubble_of_the_1810s \"Alabama real estate bubble of the 1810s\") [Georgia Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Georgia_Gold_Rush \"Georgia Gold Rush\") (1828–c. 1840) [1830s Chicago real estate bubble](https:\/\/en.wikipedia.org\/wiki\/Chicago_real_estate_bubble_of_the_1830s \"Chicago real estate bubble of the 1830s\") [Chilean silver rush](https:\/\/en.wikipedia.org\/wiki\/Chilean_silver_rush \"Chilean silver rush\") (1832–1850) |\n| 1840–1870 | [Railway Mania](https:\/\/en.wikipedia.org\/wiki\/Railway_Mania \"Railway Mania\") (c. 1840–c. 1850) [California gold rush](https:\/\/en.wikipedia.org\/wiki\/California_gold_rush \"California gold rush\") (1848–1855) [Queen Charlottes Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Queen_Charlottes_Gold_Rush \"Queen Charlottes Gold Rush\") (1851) [Victorian gold rush](https:\/\/en.wikipedia.org\/wiki\/Victorian_gold_rush \"Victorian gold rush\") (1851–c. 1870) [New South Wales gold rush](https:\/\/en.wikipedia.org\/wiki\/New_South_Wales_gold_rush \"New South Wales gold rush\") (1851–1880) [Australian gold rushes](https:\/\/en.wikipedia.org\/wiki\/Australian_gold_rushes \"Australian gold rushes\") (1851–1914) [Fraser Canyon Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Fraser_Canyon_Gold_Rush \"Fraser Canyon Gold Rush\") (1858) [Pike's Peak gold rush](https:\/\/en.wikipedia.org\/wiki\/Pike%27s_Peak_gold_rush \"Pike's Peak gold rush\") (1858–1861) [Rock Creek Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Rock_Creek_Gold_Rush \"Rock Creek Gold Rush\") (1859) [Pennsylvania oil rush](https:\/\/en.wikipedia.org\/wiki\/Pennsylvania_oil_rush \"Pennsylvania oil rush\") (1859–1891) [Similkameen Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Similkameen_Gold_Rush \"Similkameen Gold Rush\") (1860) [Stikine Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Stikine_Gold_Rush \"Stikine Gold Rush\") (1861) [Colorado River mining boom](https:\/\/en.wikipedia.org\/wiki\/Steamboats_of_the_Colorado_River \"Steamboats of the Colorado River\") (1861–1864) [Otago gold rush](https:\/\/en.wikipedia.org\/wiki\/Otago_gold_rush \"Otago gold rush\") (1861–1864) [Cariboo Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Cariboo_Gold_Rush \"Cariboo Gold Rush\") (1861–1867) [First Nova Scotia Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Gold_mining_in_Nova_Scotia \"Gold mining in Nova Scotia\") (1861–1874) [West Coast gold rush](https:\/\/en.wikipedia.org\/wiki\/West_Coast_gold_rush \"West Coast gold rush\") (1864–1867) [Big Bend Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Big_Bend_Gold_Rush \"Big Bend Gold Rush\") (c. 1865) [Vermilion Lake gold rush](https:\/\/en.wikipedia.org\/wiki\/Vermilion_Lake_gold_rush \"Vermilion Lake gold rush\") (1865–1867) [Kildonan Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Kildonan_Gold_Rush \"Kildonan Gold Rush\") (1869) [Omineca Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Omineca_Gold_Rush \"Omineca Gold Rush\") (1869) |\n| [2nd Industrial Revolution](https:\/\/en.wikipedia.org\/wiki\/Second_Industrial_Revolution \"Second Industrial Revolution\") (1870–1914) | [1870s Lapland gold rush](https:\/\/en.wikipedia.org\/wiki\/Lapland_gold_rush \"Lapland gold rush\") [Coromandel Gold Rushes](https:\/\/en.wikipedia.org\/wiki\/Coromandel_Gold_Rushes \"Coromandel Gold Rushes\") (c. 1870–c. 1890) [Cassiar Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Cassiar_Country \"Cassiar Country\") (c. 1870–c. 1890) [Black Hills gold rush](https:\/\/en.wikipedia.org\/wiki\/Black_Hills_gold_rush \"Black Hills gold rush\") (1874–1880) [Colorado Silver Boom](https:\/\/en.wikipedia.org\/wiki\/Colorado_Silver_Boom \"Colorado Silver Boom\") (1879–1893) [Western Australian gold rushes](https:\/\/en.wikipedia.org\/wiki\/Western_Australian_gold_rushes \"Western Australian gold rushes\") (c. 1880–c. 1900) [Indiana gas boom](https:\/\/en.wikipedia.org\/wiki\/Indiana_gas_boom \"Indiana gas boom\") (c. 1880–1903) [Ohio oil rush](https:\/\/en.wikipedia.org\/wiki\/Petroleum_industry_in_Ohio \"Petroleum industry in Ohio\") (c. 1880–c. 1930) [Tierra del Fuego gold rush](https:\/\/en.wikipedia.org\/wiki\/Tierra_del_Fuego_gold_rush \"Tierra del Fuego gold rush\") (1883–1906) [Cayoosh Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Cayoosh_Gold_Rush \"Cayoosh Gold Rush\") (1884) [Witwatersrand Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Witwatersrand_Gold_Rush \"Witwatersrand Gold Rush\") (1886) [Encilhamento](https:\/\/en.wikipedia.org\/wiki\/Encilhamento \"Encilhamento\") (1886–1890) [Cripple Creek Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Cripple_Creek_Gold_Rush \"Cripple Creek Gold Rush\") (c. 1890–c. 1910) [Klondike Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Klondike_Gold_Rush \"Klondike Gold Rush\") (1896–1899) [Second Nova Scotia Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Gold_mining_in_Nova_Scotia \"Gold mining in Nova Scotia\") (1896–1903) [Kobuk River Stampede](https:\/\/en.wikipedia.org\/wiki\/Kobuk_River_Stampede \"Kobuk River Stampede\") (1897–1899) [Mount Baker gold rush](https:\/\/en.wikipedia.org\/wiki\/Mount_Baker_gold_rush \"Mount Baker gold rush\") (1897–c. 1925) [Nome Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Nome_Gold_Rush \"Nome Gold Rush\") (1899–1909) [Fairbanks Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Fairbanks_Gold_Rush \"Fairbanks Gold Rush\") (c. 1900–1918) [Texas oil boom](https:\/\/en.wikipedia.org\/wiki\/Texas_oil_boom \"Texas oil boom\") (1901–1918) [Cobalt silver rush](https:\/\/en.wikipedia.org\/wiki\/Cobalt_silver_rush \"Cobalt silver rush\") (1903–1918) [Porcupine Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Porcupine_Gold_Rush \"Porcupine Gold Rush\") (1909–1918) |\n| [Interwar period](https:\/\/en.wikipedia.org\/wiki\/Interwar_period \"Interwar period\") (1918–1939) | [1920s Florida land boom](https:\/\/en.wikipedia.org\/wiki\/Florida_land_boom_of_the_1920s \"Florida land boom of the 1920s\") (c. 1920–1925) [Fairbanks Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Fairbanks_Gold_Rush \"Fairbanks Gold Rush\") (1918–c. 1930) [Texas oil boom](https:\/\/en.wikipedia.org\/wiki\/Texas_oil_boom \"Texas oil boom\") (1918–1945) [Cobalt silver rush](https:\/\/en.wikipedia.org\/wiki\/Cobalt_silver_rush \"Cobalt silver rush\") (1918–c. 1930) [Porcupine Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Porcupine_Gold_Rush \"Porcupine Gold Rush\") (1918–1945) [1930s Kakamega gold rush](https:\/\/en.wikipedia.org\/wiki\/Kakamega_gold_rush \"Kakamega gold rush\") [Third Nova Scotia Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Gold_mining_in_Nova_Scotia \"Gold mining in Nova Scotia\") (1932–1942) |\n| [Post–WWII expansion](https:\/\/en.wikipedia.org\/wiki\/Post%E2%80%93World_War_II_economic_expansion \"Post–World War II economic expansion\") (1945–1973) | [Texas oil boom](https:\/\/en.wikipedia.org\/wiki\/Texas_oil_boom \"Texas oil boom\") (1945–c. 1950) [Porcupine Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Porcupine_Gold_Rush \"Porcupine Gold Rush\") (1945–c. 1960) [Poseidon bubble](https:\/\/en.wikipedia.org\/wiki\/Poseidon_bubble \"Poseidon bubble\") (1969–1970) |\n| [The Great Inflation](https:\/\/en.wikipedia.org\/wiki\/Stagflation \"Stagflation\") (1973–1982) | [1970s commodities boom](https:\/\/en.wikipedia.org\/wiki\/1970s_commodities_boom \"1970s commodities boom\") [Mexican oil boom](https:\/\/en.wikipedia.org\/wiki\/Mexican_oil_boom \"Mexican oil boom\") (1977–1981) [Silver Thursday](https:\/\/en.wikipedia.org\/wiki\/Silver_Thursday \"Silver Thursday\") (1980) [New Zealand property bubble](https:\/\/en.wikipedia.org\/wiki\/New_Zealand_property_bubble \"New Zealand property bubble\") (c. 1980–1982) |\n| [Great Moderation](https:\/\/en.wikipedia.org\/wiki\/Great_Moderation \"Great Moderation\")\/ Great Regression (1982–2007) | [1980s oil glut](https:\/\/en.wikipedia.org\/wiki\/1980s_oil_glut \"1980s oil glut\") [New Zealand property bubble](https:\/\/en.wikipedia.org\/wiki\/New_Zealand_property_bubble \"New Zealand property bubble\") (1982–) [Spanish property bubble](https:\/\/en.wikipedia.org\/wiki\/Spanish_property_bubble \"Spanish property bubble\") (1985–2008) [Japanese asset price bubble](https:\/\/en.wikipedia.org\/wiki\/Japanese_asset_price_bubble \"Japanese asset price bubble\") (1986–1990) [Dot-com bubble](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble \"Dot-com bubble\") (1995–2000) [Baltic states housing bubble](https:\/\/en.wikipedia.org\/wiki\/Baltic_states_housing_bubble \"Baltic states housing bubble\") (2000–2006) [Irish property bubble](https:\/\/en.wikipedia.org\/wiki\/Irish_property_bubble \"Irish property bubble\") (c. 2000–2007) [2000s commodities boom](https:\/\/en.wikipedia.org\/wiki\/2000s_commodities_boom \"2000s commodities boom\") (2000–2008) [2000s Danish property bubble](https:\/\/en.wikipedia.org\/wiki\/Danish_property_bubble_of_2000s \"Danish property bubble of 2000s\") (2001–2006) [United States housing bubble](https:\/\/en.wikipedia.org\/wiki\/2000s_United_States_housing_bubble \"2000s United States housing bubble\") (2002–2006) [Romanian property bubble](https:\/\/en.wikipedia.org\/wiki\/Romanian_property_bubble \"Romanian property bubble\") (2002–2007) [Polish property bubble](https:\/\/en.wikipedia.org\/wiki\/Polish_property_bubble \"Polish property bubble\") (2002–2008) [Canadian property bubble](https:\/\/en.wikipedia.org\/wiki\/Canadian_property_bubble \"Canadian property bubble\") (2002–) [Chinese property bubble](https:\/\/en.wikipedia.org\/wiki\/Chinese_property_bubble_\$2005%E2%80%932011\$ \"Chinese property bubble (2005–2011)\") (2005–2011) [Lebanese housing bubble](https:\/\/en.wikipedia.org\/wiki\/Lebanese_housing_bubble \"Lebanese housing bubble\") (2005–2008) [Chinese stock bubble of 2007](https:\/\/en.wikipedia.org\/wiki\/Chinese_stock_bubble_of_2007 \"Chinese stock bubble of 2007\") [Uranium bubble of 2007](https:\/\/en.wikipedia.org\/wiki\/Uranium_bubble_of_2007 \"Uranium bubble of 2007\") |\n| [Information Age](https:\/\/en.wikipedia.org\/wiki\/Information_Age \"Information Age\") (2007–present) | [2000s commodities boom](https:\/\/en.wikipedia.org\/wiki\/2000s_commodities_boom \"2000s commodities boom\") (2008–2014) [Lebanese housing bubble](https:\/\/en.wikipedia.org\/wiki\/Lebanese_housing_bubble \"Lebanese housing bubble\") (2008–) [Corporate debt bubble](https:\/\/en.wikipedia.org\/wiki\/Corporate_debt_bubble \"Corporate debt bubble\") (2008–) [Australian property bubble](https:\/\/en.wikipedia.org\/wiki\/Australian_property_bubble \"Australian property bubble\") (2010–) [Cryptocurrency bubble]() (2011–) [Everything bubble](https:\/\/en.wikipedia.org\/wiki\/Everything_bubble \"Everything bubble\") (2020–21) [AI bubble](https:\/\/en.wikipedia.org\/wiki\/AI_bubble \"AI bubble\") (2022–) |\n| [Carbon bubble](https:\/\/en.wikipedia.org\/wiki\/Carbon_bubble \"Carbon bubble\") [Green bubble](https:\/\/en.wikipedia.org\/wiki\/Green_bubble \"Green bubble\") [Social media stock bubble](https:\/\/en.wikipedia.org\/wiki\/Social_media_stock_bubble \"Social media stock bubble\") [Unicorn bubble](https:\/\/en.wikipedia.org\/wiki\/Unicorn_bubble \"Unicorn bubble\") [U.S. higher education bubble](https:\/\/en.wikipedia.org\/wiki\/Higher_education_bubble_in_the_United_States \"Higher education bubble in the United States\") |   |\n\n| [v](https:\/\/en.wikipedia.org\/wiki\/Template:United_States_%E2%80%93_Commonwealth_of_Nations_recessions \"Template:United States – Commonwealth of Nations recessions\") [t](https:\/\/en.wikipedia.org\/wiki\/Template_talk:United_States_%E2%80%93_Commonwealth_of_Nations_recessions \"Template talk:United States – Commonwealth of Nations recessions\") [e](https:\/\/en.wikipedia.org\/wiki\/Special:EditPage\/Template:United_States_%E2%80%93_Commonwealth_of_Nations_recessions \"Special:EditPage\/Template:United States – Commonwealth of Nations recessions\")[Economic history of the United States](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_the_United_States \"Economic history of the United States\") and Commonwealth of Nations countries |   |\n|---|---|\n| [Commercial revolution](https:\/\/en.wikipedia.org\/wiki\/Commercial_revolution \"Commercial revolution\") (1000–1760) | [Great Bullion Famine](https:\/\/en.wikipedia.org\/wiki\/Great_Bullion_Famine \"Great Bullion Famine\") (c. 1400–c. 1500) [Great Slump](https:\/\/en.wikipedia.org\/wiki\/Great_Slump_\$15th_century\$ \"Great Slump (15th century)\") (1430–1490) [The Great Debasement](https:\/\/en.wikipedia.org\/wiki\/The_Great_Debasement \"The Great Debasement\") (1544–1551) [Financial Revolution](https:\/\/en.wikipedia.org\/wiki\/Financial_Revolution \"Financial Revolution\") (1690–1800) [Slump of 1706](https:\/\/en.wikipedia.org\/wiki\/War_of_the_Spanish_Succession \"War of the Spanish Succession\") [Great Frost of 1709](https:\/\/en.wikipedia.org\/wiki\/Great_Frost_of_1709 \"Great Frost of 1709\") [South Sea bubble](https:\/\/en.wikipedia.org\/wiki\/South_Sea_Company \"South Sea Company\") (1713–1720) [Mississippi bubble](https:\/\/en.wikipedia.org\/wiki\/John_Law%27s_Company \"John Law's Company\") (1717–1720) [Economic impact of the Seven Years' War](https:\/\/en.wikipedia.org\/wiki\/Financial_costs_of_the_Seven_Years%27_War \"Financial costs of the Seven Years' War\") (1754–1763) |\n| [1st Industrial Revolution](https:\/\/en.wikipedia.org\/wiki\/Industrial_Revolution \"Industrial Revolution\")\/ [Market Revolution](https:\/\/en.wikipedia.org\/wiki\/Market_Revolution \"Market Revolution\") (1760–1870) | Industrial Revolution [Scotland](https:\/\/en.wikipedia.org\/wiki\/Industrial_Revolution_in_Scotland \"Industrial Revolution in Scotland\") [United States](https:\/\/en.wikipedia.org\/wiki\/Industrial_Revolution_in_the_United_States \"Industrial Revolution in the United States\") [Wales](https:\/\/en.wikipedia.org\/wiki\/Industrial_Revolution_in_Wales \"Industrial Revolution in Wales\") [Bengal Bubble of 1769](https:\/\/en.wikipedia.org\/wiki\/Bengal_Bubble_of_1769 \"Bengal Bubble of 1769\") (1769–1784) [British credit crisis of 1772–1773](https:\/\/en.wikipedia.org\/wiki\/British_credit_crisis_of_1772%E2%80%931773 \"British credit crisis of 1772–1773\") [American Revolutionary War inflation](https:\/\/en.wikipedia.org\/wiki\/Financial_costs_of_the_American_Revolutionary_War \"Financial costs of the American Revolutionary War\") (1775–1783) [Panic of 1785](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Early_recessions_and_crises_\$1785%E2%80%931836\$ \"List of recessions in the United States\") (1785–1788) [Copper Panic of 1789](https:\/\/en.wikipedia.org\/wiki\/Copper_Panic_of_1789 \"Copper Panic of 1789\")\/[Panic of 1792](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1792 \"Panic of 1792\") (1789–1793) [Canal Mania](https:\/\/en.wikipedia.org\/wiki\/Canal_Mania \"Canal Mania\") (c. 1790–c. 1810) [Panic of 1796–1797](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1796%E2%80%931797 \"Panic of 1796–1797\") (1796–1799) [1802–1804 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Early_recessions_and_crises_\$1785%E2%80%931836\$ \"List of recessions in the United States\") [Carolina gold rush](https:\/\/en.wikipedia.org\/wiki\/Carolina_gold_rush \"Carolina gold rush\") (1802–1825) [Depression of 1807](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Early_recessions_and_crises_\$1785%E2%80%931836\$ \"List of recessions in the United States\") (1807–1810) [1810s Alabama real estate bubble](https:\/\/en.wikipedia.org\/wiki\/Alabama_real_estate_bubble_of_the_1810s \"Alabama real estate bubble of the 1810s\") [Alabama Fever](https:\/\/en.wikipedia.org\/wiki\/Alabama_Fever \"Alabama Fever\") [1812 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Early_recessions_and_crises_\$1785%E2%80%931836\$ \"List of recessions in the United States\") [Post-Napoleonic Depression](https:\/\/en.wikipedia.org\/wiki\/Post-Napoleonic_Depression \"Post-Napoleonic Depression\") (1815–1821) [1822–23 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Early_recessions_and_crises_\$1785%E2%80%931836\$ \"List of recessions in the United States\") [Panic of 1825](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1825 \"Panic of 1825\") [Panic of 1826](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1826 \"Panic of 1826\") [1828–29 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Early_recessions_and_crises_\$1785%E2%80%931836\$ \"List of recessions in the United States\") [Georgia Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Georgia_Gold_Rush \"Georgia Gold Rush\") (1828–c. 1840) [1830s Chicago real estate bubble](https:\/\/en.wikipedia.org\/wiki\/Chicago_real_estate_bubble_of_the_1830s \"Chicago real estate bubble of the 1830s\") [1833–34 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Early_recessions_and_crises_\$1785%E2%80%931836\$ \"List of recessions in the United States\") [Panic of 1837](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1837 \"Panic of 1837\") (1836–1838 and 1839–1843) [U.S. state defaults in the 1840s](https:\/\/en.wikipedia.org\/wiki\/U.S._state_defaults_in_the_1840s \"U.S. state defaults in the 1840s\") [Railway Mania](https:\/\/en.wikipedia.org\/wiki\/Railway_Mania \"Railway Mania\") (c. 1840–c. 1850) [Plank Road Boom](https:\/\/en.wikipedia.org\/wiki\/Plank_Road_Boom \"Plank Road Boom\") (1844–c. 1855) [1845–46 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_\$1836%E2%80%931929\$ \"List of recessions in the United States\") [Panic of 1847](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1847 \"Panic of 1847\") (1847–1848) [California gold rush](https:\/\/en.wikipedia.org\/wiki\/California_gold_rush \"California gold rush\") (1848–1855) [British Columbia gold rushes](https:\/\/en.wikipedia.org\/wiki\/British_Columbia_gold_rushes \"British Columbia gold rushes\") [Queen Charlottes Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Queen_Charlottes_Gold_Rush \"Queen Charlottes Gold Rush\"), 1851 [Fraser Canyon Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Fraser_Canyon_Gold_Rush \"Fraser Canyon Gold Rush\"), 1858 [Rock Creek Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Rock_Creek_Gold_Rush \"Rock Creek Gold Rush\"), 1859 [Similkameen Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Similkameen_Gold_Rush \"Similkameen Gold Rush\"), 1860 [Stikine Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Stikine_Gold_Rush \"Stikine Gold Rush\"), 1861 [Cariboo Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Cariboo_Gold_Rush \"Cariboo Gold Rush\"), 1861–1867 [Wild Horse Creek Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Fisherville,_British_Columbia \"Fisherville, British Columbia\"), 1863–1870 [Leechtown Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Leechtown,_British_Columbia \"Leechtown, British Columbia\"), 1864–1865 [Big Bend Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Big_Bend_Gold_Rush \"Big Bend Gold Rush\"), c. 1865 [Omineca Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Omineca_Gold_Rush \"Omineca Gold Rush\"), 1869 [Victorian gold rush](https:\/\/en.wikipedia.org\/wiki\/Victorian_gold_rush \"Victorian gold rush\") (1851–c. 1870) [New South Wales gold rush](https:\/\/en.wikipedia.org\/wiki\/New_South_Wales_gold_rush \"New South Wales gold rush\") (1851–1880) [Australian gold rushes](https:\/\/en.wikipedia.org\/wiki\/Australian_gold_rushes \"Australian gold rushes\") (1851–1914) [1853–54 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_\$1836%E2%80%931929\$ \"List of recessions in the United States\") [Panic of 1857](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1857 \"Panic of 1857\") (1857–1858) [Pike's Peak gold rush](https:\/\/en.wikipedia.org\/wiki\/Pike%27s_Peak_gold_rush \"Pike's Peak gold rush\") (1858–1861) [Pennsylvania oil rush](https:\/\/en.wikipedia.org\/wiki\/Pennsylvania_oil_rush \"Pennsylvania oil rush\") (1859–1891) [1860–61 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_\$1836%E2%80%931929\$ \"List of recessions in the United States\") [Colorado River mining boom](https:\/\/en.wikipedia.org\/wiki\/Steamboats_of_the_Colorado_River \"Steamboats of the Colorado River\") (1861–1864) [Otago gold rush](https:\/\/en.wikipedia.org\/wiki\/Otago_gold_rush \"Otago gold rush\") (1861–1864) [U.S. Civil War economy](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_the_American_Civil_War \"Economic history of the American Civil War\") (1861–1865) [First Nova Scotia Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Gold_mining_in_Nova_Scotia \"Gold mining in Nova Scotia\") (1861–1874) [West Coast gold rush](https:\/\/en.wikipedia.org\/wiki\/West_Coast_gold_rush \"West Coast gold rush\") (1864–1867) [Panic of 1866](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1866 \"Panic of 1866\") (1865–1867) [Vermilion Lake gold rush](https:\/\/en.wikipedia.org\/wiki\/Vermilion_Lake_gold_rush \"Vermilion Lake gold rush\") (1865–1867) [Kildonan Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Kildonan_Gold_Rush \"Kildonan Gold Rush\") (1869) [Black Friday](https:\/\/en.wikipedia.org\/wiki\/Black_Friday_\$1869\$ \"Black Friday (1869)\") (1869–1870) |\n| [Gilded Age](https:\/\/en.wikipedia.org\/wiki\/Gilded_Age \"Gilded Age\")\/ [2nd Industrial Revolution](https:\/\/en.wikipedia.org\/wiki\/Second_Industrial_Revolution \"Second Industrial Revolution\") (1870–1914) | [Coromandel Gold Rushes](https:\/\/en.wikipedia.org\/wiki\/Coromandel_Gold_Rushes \"Coromandel Gold Rushes\") (c. 1870–c. 1890) [Cassiar Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Cassiar_Country \"Cassiar Country\") (c. 1870–c. 1890) [Long Depression](https:\/\/en.wikipedia.org\/wiki\/Long_Depression \"Long Depression\") 1873–1879; [Panic of 1873](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1873 \"Panic of 1873\") [Black Hills gold rush](https:\/\/en.wikipedia.org\/wiki\/Black_Hills_gold_rush \"Black Hills gold rush\") (1874–1880) [Colorado Silver Boom](https:\/\/en.wikipedia.org\/wiki\/Colorado_Silver_Boom \"Colorado Silver Boom\") (1879–1893) [Western Australian gold rushes](https:\/\/en.wikipedia.org\/wiki\/Western_Australian_gold_rushes \"Western Australian gold rushes\") (c. 1880–c. 1900) [Indiana gas boom](https:\/\/en.wikipedia.org\/wiki\/Indiana_gas_boom \"Indiana gas boom\") (c. 1880–1903) [Ohio oil rush](https:\/\/en.wikipedia.org\/wiki\/Petroleum_industry_in_Ohio \"Petroleum industry in Ohio\") (c. 1880–c. 1930) [Depression of 1882–1885](https:\/\/en.wikipedia.org\/wiki\/Depression_of_1882%E2%80%931885 \"Depression of 1882–1885\") [Panic of 1884](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1884 \"Panic of 1884\") [Cayoosh Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Cayoosh_Gold_Rush \"Cayoosh Gold Rush\") (1884) [Witwatersrand Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Witwatersrand_Gold_Rush \"Witwatersrand Gold Rush\") (1886) [1887–88 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_\$1836%E2%80%931929\$ \"List of recessions in the United States\") [Baring crisis](https:\/\/en.wikipedia.org\/wiki\/Baring_crisis \"Baring crisis\") (1890–1891) [Cripple Creek Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Cripple_Creek_Gold_Rush \"Cripple Creek Gold Rush\") (c. 1890–c. 1910) [Panic of 1893](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1893 \"Panic of 1893\") (1893–1897) [Australian banking crisis of 1893](https:\/\/en.wikipedia.org\/wiki\/Australian_banking_crisis_of_1893 \"Australian banking crisis of 1893\") [Black Monday](https:\/\/en.wikipedia.org\/wiki\/Black_Monday_\$1894\$ \"Black Monday (1894)\") (1894) [Panic of 1896](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1896 \"Panic of 1896\") [Klondike Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Klondike_Gold_Rush \"Klondike Gold Rush\") (1896–1899) [Second Nova Scotia Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Gold_mining_in_Nova_Scotia \"Gold mining in Nova Scotia\") (1896–1903) [Kobuk River Stampede](https:\/\/en.wikipedia.org\/wiki\/Kobuk_River_Stampede \"Kobuk River Stampede\") (1897–1899) [Mount Baker gold rush](https:\/\/en.wikipedia.org\/wiki\/Mount_Baker_gold_rush \"Mount Baker gold rush\") (1897–c. 1925) [1899–1900 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_\$1836%E2%80%931929\$ \"List of recessions in the United States\") [Nome Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Nome_Gold_Rush \"Nome Gold Rush\") (1899–1909) [Fairbanks Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Fairbanks_Gold_Rush \"Fairbanks Gold Rush\") (c. 1900–c. 1930) [Texas oil boom](https:\/\/en.wikipedia.org\/wiki\/Texas_oil_boom \"Texas oil boom\") (1901–c. 1950) [Panic of 1901](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1901 \"Panic of 1901\") (1902–1904) [Cobalt silver rush](https:\/\/en.wikipedia.org\/wiki\/Cobalt_silver_rush \"Cobalt silver rush\") (1903–c. 1930) [Panic of 1907](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1907 \"Panic of 1907\") (1907–1908) [Porcupine Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Porcupine_Gold_Rush \"Porcupine Gold Rush\") (1909–c. 1960) [Panic of 1910–11](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1910%E2%80%9311 \"Panic of 1910–11\") (1910–1912) [Financial crisis of 1914](https:\/\/en.wikipedia.org\/wiki\/Financial_crisis_of_1914 \"Financial crisis of 1914\") (1913–14) |\n| World War home fronts\/ [Interwar period](https:\/\/en.wikipedia.org\/wiki\/Interwar_period \"Interwar period\") (1914–1945) | [World War I economy](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_World_War_I \"Economic history of World War I\") and [home fronts](https:\/\/en.wikipedia.org\/wiki\/Home_front_during_World_War_I \"Home front during World War I\") [Australia](https:\/\/en.wikipedia.org\/wiki\/Australia_in_World_War_I#Home_front \"Australia in World War I\") [Canada](https:\/\/en.wikipedia.org\/wiki\/Canada_in_World_War_I#Home_Front \"Canada in World War I\") [United Kingdom](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_Kingdom_during_the_First_World_War \"History of the United Kingdom during the First World War\") [United States](https:\/\/en.wikipedia.org\/wiki\/United_States_home_front_during_World_War_I \"United States home front during World War I\") [Post–World War I recession](https:\/\/en.wikipedia.org\/wiki\/Post%E2%80%93World_War_I_recession \"Post–World War I recession\") (1918–1919) [Recession of 1920–1921](https:\/\/en.wikipedia.org\/wiki\/Recession_of_1920%E2%80%931921 \"Recession of 1920–1921\") [1920s Florida land boom](https:\/\/en.wikipedia.org\/wiki\/Florida_land_boom_of_the_1920s \"Florida land boom of the 1920s\") (c. 1920–1925) [Roaring Twenties](https:\/\/en.wikipedia.org\/wiki\/Roaring_Twenties \"Roaring Twenties\") [1923–1924 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_\$1836%E2%80%931929\$ \"List of recessions in the United States\") [1926–1927 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_\$1836%E2%80%931929\$ \"List of recessions in the United States\") [Great Depression](https:\/\/en.wikipedia.org\/wiki\/Great_Depression \"Great Depression\") 1929–1939; [Wall Street crash of 1929](https:\/\/en.wikipedia.org\/wiki\/Wall_Street_crash_of_1929 \"Wall Street crash of 1929\") [Panic of 1930](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1930 \"Panic of 1930\") [Great Contraction](https:\/\/en.wikipedia.org\/wiki\/Great_Contraction \"Great Contraction\"), 1929–1933 [Recession of 1937–1938](https:\/\/en.wikipedia.org\/wiki\/Recession_of_1937%E2%80%931938 \"Recession of 1937–1938\") [Australia](https:\/\/en.wikipedia.org\/wiki\/Great_Depression_in_Australia \"Great Depression in Australia\") [Canada](https:\/\/en.wikipedia.org\/wiki\/Great_Depression_in_Canada \"Great Depression in Canada\") [India](https:\/\/en.wikipedia.org\/wiki\/Great_Depression_in_India \"Great Depression in India\") [South Africa](https:\/\/en.wikipedia.org\/wiki\/Great_Depression_in_South_Africa \"Great Depression in South Africa\") [United Kingdom](https:\/\/en.wikipedia.org\/wiki\/Great_Depression_in_the_United_Kingdom \"Great Depression in the United Kingdom\") [United States](https:\/\/en.wikipedia.org\/wiki\/Great_Depression_in_the_United_States \"Great Depression in the United States\") [1930s Kakamega gold rush](https:\/\/en.wikipedia.org\/wiki\/Kakamega_gold_rush \"Kakamega gold rush\") [Third Nova Scotia Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Gold_mining_in_Nova_Scotia \"Gold mining in Nova Scotia\") (1932–1942) [World War II home front](https:\/\/en.wikipedia.org\/wiki\/Home_front_during_World_War_II \"Home front during World War II\") [Australia](https:\/\/en.wikipedia.org\/wiki\/Australian_home_front_during_World_War_II \"Australian home front during World War II\") [Canada](https:\/\/en.wikipedia.org\/wiki\/Canada_in_World_War_II#Home_front \"Canada in World War II\") [United Kingdom](https:\/\/en.wikipedia.org\/wiki\/British_home_front_during_World_War_II \"British home front during World War II\") [United States](https:\/\/en.wikipedia.org\/wiki\/United_States_home_front_during_World_War_II \"United States home front during World War II\") |\n| [Post–WWII expansion](https:\/\/en.wikipedia.org\/wiki\/Post%E2%80%93World_War_II_economic_expansion \"Post–World War II economic expansion\")\/ [1970s stagflation](https:\/\/en.wikipedia.org\/wiki\/Stagflation \"Stagflation\") (1945–1982) | [Great Compression](https:\/\/en.wikipedia.org\/wiki\/Great_Compression \"Great Compression\") [1945 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Great_Depression_onward_\$1929%E2%80%93present\$ \"List of recessions in the United States\") [Recession of 1949](https:\/\/en.wikipedia.org\/wiki\/Recession_of_1949 \"Recession of 1949\") (1948–1949) [Hong Kong and Singapore Asian Tiger expansions](https:\/\/en.wikipedia.org\/wiki\/Four_Asian_Tigers \"Four Asian Tigers\") (1950–1990) [1951 Canada recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_Canada \"List of recessions in Canada\") [Recession of 1953](https:\/\/en.wikipedia.org\/wiki\/Recession_of_1953 \"Recession of 1953\") (1953–1954) [Recession of 1958](https:\/\/en.wikipedia.org\/wiki\/Recession_of_1958 \"Recession of 1958\") (1957–1958) [Recession of 1960–1961](https:\/\/en.wikipedia.org\/wiki\/Recession_of_1960%E2%80%931961 \"Recession of 1960–1961\") [Kennedy Slide of 1962](https:\/\/en.wikipedia.org\/wiki\/Kennedy_Slide_of_1962 \"Kennedy Slide of 1962\") [Poseidon bubble](https:\/\/en.wikipedia.org\/wiki\/Poseidon_bubble \"Poseidon bubble\") (1969–1970) [Recession of 1969–1970](https:\/\/en.wikipedia.org\/wiki\/Recession_of_1969%E2%80%931970 \"Recession of 1969–1970\") [1970s commodities boom](https:\/\/en.wikipedia.org\/wiki\/1970s_commodities_boom \"1970s commodities boom\") [1973–1975 recession](https:\/\/en.wikipedia.org\/wiki\/1973%E2%80%931975_recession \"1973–1975 recession\") [1973–1974 stock market crash](https:\/\/en.wikipedia.org\/wiki\/1973%E2%80%931974_stock_market_crash \"1973–1974 stock market crash\") [Secondary banking crisis of 1973–1975](https:\/\/en.wikipedia.org\/wiki\/Secondary_banking_crisis_of_1973%E2%80%931975 \"Secondary banking crisis of 1973–1975\") [1970s energy crisis](https:\/\/en.wikipedia.org\/wiki\/1970s_energy_crisis \"1970s energy crisis\") 1973–1980; [1973 oil crisis](https:\/\/en.wikipedia.org\/wiki\/1973_oil_crisis \"1973 oil crisis\") [1979 oil crisis](https:\/\/en.wikipedia.org\/wiki\/1979_oil_crisis \"1979 oil crisis\") [Steel crisis](https:\/\/en.wikipedia.org\/wiki\/Steel_crisis \"Steel crisis\") (1973–1982) [1976 sterling crisis](https:\/\/en.wikipedia.org\/wiki\/1976_sterling_crisis \"1976 sterling crisis\") [Silver Thursday](https:\/\/en.wikipedia.org\/wiki\/Silver_Thursday \"Silver Thursday\") (1980) [Early 1980s recession](https:\/\/en.wikipedia.org\/wiki\/Early_1980s_recession \"Early 1980s recession\") 1980–1982; [United States](https:\/\/en.wikipedia.org\/wiki\/Early_1980s_recession_in_the_United_States \"Early 1980s recession in the United States\") |\n| [Computer Age](https:\/\/en.wikipedia.org\/wiki\/Information_Age \"Information Age\")\/ [Second Gilded Age](https:\/\/en.wikipedia.org\/wiki\/Second_Gilded_Age \"Second Gilded Age\") (1982–present) | [Great Moderation](https:\/\/en.wikipedia.org\/wiki\/Great_Moderation \"Great Moderation\") (1982–2007) [1980s oil glut](https:\/\/en.wikipedia.org\/wiki\/1980s_oil_glut \"1980s oil glut\") [Black Saturday](https:\/\/en.wikipedia.org\/wiki\/Black_Saturday_\$1983\$ \"Black Saturday (1983)\") (1983) [New Zealand property bubble](https:\/\/en.wikipedia.org\/wiki\/New_Zealand_property_bubble \"New Zealand property bubble\") (c. 1985–) [Savings and loan crisis](https:\/\/en.wikipedia.org\/wiki\/Savings_and_loan_crisis \"Savings and loan crisis\") (1986–1995) [Black Monday](https:\/\/en.wikipedia.org\/wiki\/Black_Monday_\$1987\$ \"Black Monday (1987)\") (1987) [Friday the 13th mini-crash](https:\/\/en.wikipedia.org\/wiki\/Friday_the_13th_mini-crash \"Friday the 13th mini-crash\") (1989) [Early 1990s recession](https:\/\/en.wikipedia.org\/wiki\/Early_1990s_recession \"Early 1990s recession\") 1990–1991; [Australia](https:\/\/en.wikipedia.org\/wiki\/Early_1990s_recession_in_Australia \"Early 1990s recession in Australia\") [United States](https:\/\/en.wikipedia.org\/wiki\/Early_1990s_recession_in_the_United_States \"Early 1990s recession in the United States\") [1990 oil price shock](https:\/\/en.wikipedia.org\/wiki\/1990_oil_price_shock \"1990 oil price shock\") [Rhode Island banking crisis](https:\/\/en.wikipedia.org\/wiki\/Rhode_Island_banking_crisis \"Rhode Island banking crisis\") (1990–1992) [1991 Indian economic crisis](https:\/\/en.wikipedia.org\/wiki\/1991_Indian_economic_crisis \"1991 Indian economic crisis\") [1990s United States boom](https:\/\/en.wikipedia.org\/wiki\/1990s_United_States_boom \"1990s United States boom\") (1991–2001) [1990s India economic boom](https:\/\/en.wikipedia.org\/wiki\/Economic_liberalisation_in_India \"Economic liberalisation in India\") [Hyperinflation in Zimbabwe](https:\/\/en.wikipedia.org\/wiki\/Hyperinflation_in_Zimbabwe \"Hyperinflation in Zimbabwe\") (1991–present) [Black Wednesday](https:\/\/en.wikipedia.org\/wiki\/Black_Wednesday \"Black Wednesday\") (1992) [1994 bond market crisis](https:\/\/en.wikipedia.org\/wiki\/1994_bond_market_crisis \"1994 bond market crisis\") [1994 Papua New Guinea financial crisis](https:\/\/en.wikipedia.org\/wiki\/1994_Papua_New_Guinea_financial_crisis \"1994 Papua New Guinea financial crisis\") [Dot-com bubble](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble \"Dot-com bubble\") 1995–2004; [Stock market downturn of 2002](https:\/\/en.wikipedia.org\/wiki\/Stock_market_downturn_of_2002 \"Stock market downturn of 2002\") [1997 Asian financial crisis](https:\/\/en.wikipedia.org\/wiki\/1997_Asian_financial_crisis \"1997 Asian financial crisis\") [October 27, 1997, mini-crash](https:\/\/en.wikipedia.org\/wiki\/October_27,_1997,_mini-crash \"October 27, 1997, mini-crash\") [Early 2000s recession](https:\/\/en.wikipedia.org\/wiki\/Early_2000s_recession \"Early 2000s recession\") 2001; [9\/11 stock market crash](https:\/\/en.wikipedia.org\/wiki\/Economic_effects_of_the_September_11_attacks \"Economic effects of the September 11 attacks\") [2000s commodities boom](https:\/\/en.wikipedia.org\/wiki\/2000s_commodities_boom \"2000s commodities boom\") (2000–2014) [United States housing bubble](https:\/\/en.wikipedia.org\/wiki\/2000s_United_States_housing_bubble \"2000s United States housing bubble\") (2002–2006) [Canadian property bubble](https:\/\/en.wikipedia.org\/wiki\/Canadian_property_bubble \"Canadian property bubble\") (2002–) [2003 Myanmar banking crisis](https:\/\/en.wikipedia.org\/wiki\/2003_Myanmar_banking_crisis \"2003 Myanmar banking crisis\") [2000s energy crisis](https:\/\/en.wikipedia.org\/wiki\/2000s_energy_crisis \"2000s energy crisis\") (2003–2008) [North Dakota oil boom](https:\/\/en.wikipedia.org\/wiki\/North_Dakota_oil_boom \"North Dakota oil boom\") (2006–2015) [Uranium bubble of 2007](https:\/\/en.wikipedia.org\/wiki\/Uranium_bubble_of_2007 \"Uranium bubble of 2007\") [Great Recession](https:\/\/en.wikipedia.org\/wiki\/Great_Recession \"Great Recession\") 2007–2009; [Australia and New Zealand](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_Oceania \"Great Recession in Oceania\") [Bangladesh, India, Malaysia, Pakistan, and Sri Lanka](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_Asia \"Great Recession in Asia\") [British West Indies](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_South_America \"Great Recession in South America\") [Canada](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_Americas \"Great Recession in the Americas\") [South Africa](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_Africa \"Great Recession in Africa\") [United Kingdom](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_Europe#United_Kingdom \"Great Recession in Europe\") [United States](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States \"Great Recession in the United States\") [2008 financial crisis](https:\/\/en.wikipedia.org\/wiki\/2008_financial_crisis \"2008 financial crisis\") [September](https:\/\/en.wikipedia.org\/wiki\/Global_financial_crisis_in_September_2008 \"Global financial crisis in September 2008\") [October](https:\/\/en.wikipedia.org\/wiki\/Global_financial_crisis_in_October_2008 \"Global financial crisis in October 2008\") [November](https:\/\/en.wikipedia.org\/wiki\/Global_financial_crisis_in_November_2008 \"Global financial crisis in November 2008\") [December](https:\/\/en.wikipedia.org\/wiki\/Global_financial_crisis_in_December_2008 \"Global financial crisis in December 2008\") [2009](https:\/\/en.wikipedia.org\/wiki\/Global_financial_crisis_in_2009 \"Global financial crisis in 2009\") [Subprime mortgage crisis](https:\/\/en.wikipedia.org\/wiki\/Subprime_mortgage_crisis \"Subprime mortgage crisis\") [2000s U.S. housing market correction](https:\/\/en.wikipedia.org\/wiki\/2000s_United_States_housing_market_correction \"2000s United States housing market correction\") [U.S. bear market of 2007–2009](https:\/\/en.wikipedia.org\/wiki\/United_States_bear_market_of_2007%E2%80%932009 \"United States bear market of 2007–2009\") [2007–2010 U.S. bank failures](https:\/\/en.wikipedia.org\/wiki\/List_of_banks_acquired_or_bankrupted_in_the_United_States_during_the_2008_financial_crisis \"List of banks acquired or bankrupted in the United States during the 2008 financial crisis\") [Corporate debt bubble](https:\/\/en.wikipedia.org\/wiki\/Corporate_debt_bubble \"Corporate debt bubble\") (2008–) [Blue Monday Crash 2009](https:\/\/en.wikipedia.org\/wiki\/Blue_Monday_Crash_2009 \"Blue Monday Crash 2009\") [2010 flash crash](https:\/\/en.wikipedia.org\/wiki\/2010_flash_crash \"2010 flash crash\") [Malaysia Tiger Cub expansion](https:\/\/en.wikipedia.org\/wiki\/Tiger_Cub_Economies \"Tiger Cub Economies\") (2010s) [Australian property bubble](https:\/\/en.wikipedia.org\/wiki\/Australian_property_bubble \"Australian property bubble\") (2010–) [August 2011 stock markets fall](https:\/\/en.wikipedia.org\/wiki\/August_2011_stock_markets_fall \"August 2011 stock markets fall\") [Black Monday](https:\/\/en.wikipedia.org\/wiki\/Black_Monday_\$2011\$ \"Black Monday (2011)\") [2011 Bangladesh share market scam](https:\/\/en.wikipedia.org\/wiki\/2011_Bangladesh_share_market_scam \"2011 Bangladesh share market scam\") [Cryptocurrency bubble]() (2011–) [Puerto Rican government-debt crisis](https:\/\/en.wikipedia.org\/wiki\/Puerto_Rican_government-debt_crisis \"Puerto Rican government-debt crisis\") (2014–2022) [2015–2016 stock market selloff](https:\/\/en.wikipedia.org\/wiki\/2015%E2%80%932016_stock_market_selloff \"2015–2016 stock market selloff\") [Brexit stock market crash](https:\/\/en.wikipedia.org\/wiki\/Economic_effects_of_Brexit \"Economic effects of Brexit\") (2016) [2017 Sri Lankan fuel crisis](https:\/\/en.wikipedia.org\/wiki\/2017_Sri_Lankan_fuel_crisis \"2017 Sri Lankan fuel crisis\") [Ghana banking crisis](https:\/\/en.wikipedia.org\/wiki\/Ghana_banking_crisis \"Ghana banking crisis\") (2017–2018) [Sri Lankan economic crisis](https:\/\/en.wikipedia.org\/wiki\/Sri_Lankan_economic_crisis_\$2019%E2%80%932024\$ \"Sri Lankan economic crisis (2019–2024)\") (2019–2024) [COVID-19 recession](https:\/\/en.wikipedia.org\/wiki\/COVID-19_recession \"COVID-19 recession\") 2020–2022; [2020 stock market crash](https:\/\/en.wikipedia.org\/wiki\/2020_stock_market_crash \"2020 stock market crash\") [financial market impact](https:\/\/en.wikipedia.org\/wiki\/Financial_market_impact_of_the_COVID-19_pandemic \"Financial market impact of the COVID-19 pandemic\") [sectoral impacts](https:\/\/en.wikipedia.org\/wiki\/Economic_impact_of_the_COVID-19_pandemic \"Economic impact of the COVID-19 pandemic\") [shortages](https:\/\/en.wikipedia.org\/wiki\/Shortages_related_to_the_COVID-19_pandemic \"Shortages related to the COVID-19 pandemic\") [Canada](https:\/\/en.wikipedia.org\/wiki\/Economic_impact_of_the_COVID-19_pandemic_in_Canada \"Economic impact of the COVID-19 pandemic in Canada\") [India](https:\/\/en.wikipedia.org\/wiki\/Economic_impact_of_the_COVID-19_pandemic_in_India \"Economic impact of the COVID-19 pandemic in India\") [Malaysia](https:\/\/en.wikipedia.org\/wiki\/Economic_impact_of_the_COVID-19_pandemic_in_Malaysia \"Economic impact of the COVID-19 pandemic in Malaysia\") [New Zealand](https:\/\/en.wikipedia.org\/wiki\/Economic_impact_of_the_COVID-19_pandemic_in_New_Zealand \"Economic impact of the COVID-19 pandemic in New Zealand\") [United Kingdom](https:\/\/en.wikipedia.org\/wiki\/Economic_impact_of_the_COVID-19_pandemic_in_the_United_Kingdom \"Economic impact of the COVID-19 pandemic in the United Kingdom\") [United States](https:\/\/en.wikipedia.org\/wiki\/Economic_impact_of_the_COVID-19_pandemic_in_the_United_States \"Economic impact of the COVID-19 pandemic in the United States\") [2020s commodities boom](https:\/\/en.wikipedia.org\/wiki\/2020s_commodities_boom \"2020s commodities boom\") [Global energy crisis](https:\/\/en.wikipedia.org\/wiki\/Global_energy_crisis_\$2021%E2%80%932023\$ \"Global energy crisis (2021–2023)\") 2021–2023; [2021 United Kingdom natural gas supplier crisis](https:\/\/en.wikipedia.org\/wiki\/2021_United_Kingdom_natural_gas_supplier_crisis \"2021 United Kingdom natural gas supplier crisis\") [regional effects](https:\/\/en.wikipedia.org\/wiki\/Regional_effects_of_the_2021%E2%80%932023_global_energy_crisis \"Regional effects of the 2021–2023 global energy crisis\") [2021–2023 global supply chain crisis](https:\/\/en.wikipedia.org\/wiki\/2021%E2%80%932023_global_supply_chain_crisis \"2021–2023 global supply chain crisis\") [2021–2023 inflation surge](https:\/\/en.wikipedia.org\/wiki\/2021%E2%80%932023_inflation_surge \"2021–2023 inflation surge\") [Pakistani economic crisis](https:\/\/en.wikipedia.org\/wiki\/Pakistani_economic_crisis_\$2021%E2%80%932024\$ \"Pakistani economic crisis (2021–2024)\") (2021–2024) [2022 stock market decline](https:\/\/en.wikipedia.org\/wiki\/2022_stock_market_decline \"2022 stock market decline\") [2022–2023 global food crises](https:\/\/en.wikipedia.org\/wiki\/2022%E2%80%932023_global_food_crises \"2022–2023 global food crises\") [2023 United Kingdom recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_Kingdom \"List of recessions in the United Kingdom\") [2023 United States banking crisis](https:\/\/en.wikipedia.org\/wiki\/2023_United_States_banking_crisis \"2023 United States banking crisis\") [2025 stock market crash](https:\/\/en.wikipedia.org\/wiki\/2025_stock_market_crash \"2025 stock market crash\") |\n| Countries and sectors | [Australia](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_Australia \"Economic history of Australia\") [rail transport](https:\/\/en.wikipedia.org\/wiki\/History_of_rail_transport_in_Australia \"History of rail transport in Australia\") [slavery](https:\/\/en.wikipedia.org\/wiki\/Slavery_in_Australia \"Slavery in Australia\") [whaling](https:\/\/en.wikipedia.org\/wiki\/Whaling_in_Australia \"Whaling in Australia\")\/[Western Australia](https:\/\/en.wikipedia.org\/wiki\/Whaling_in_Western_Australia \"Whaling in Western Australia\") [Canada](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_Canada \"Economic history of Canada\") [agriculture](https:\/\/en.wikipedia.org\/wiki\/History_of_agriculture_in_Canada \"History of agriculture in Canada\") [currencies](https:\/\/en.wikipedia.org\/wiki\/History_of_Canadian_currencies \"History of Canadian currencies\") [early banking system](https:\/\/en.wikipedia.org\/wiki\/Early_Canadian_banking_system \"Early Canadian banking system\") [list of recessions](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_Canada \"List of recessions in Canada\") [petroleum industry](https:\/\/en.wikipedia.org\/wiki\/History_of_the_petroleum_industry_in_Canada \"History of the petroleum industry in Canada\") [rail transport](https:\/\/en.wikipedia.org\/wiki\/History_of_rail_transport_in_Canada \"History of rail transport in Canada\") [slavery](https:\/\/en.wikipedia.org\/wiki\/Slavery_in_Canada \"Slavery in Canada\") [technological and industrial](https:\/\/en.wikipedia.org\/wiki\/Technological_and_industrial_history_of_Canada \"Technological and industrial history of Canada\") [whaling](https:\/\/en.wikipedia.org\/wiki\/Whaling_in_Canada \"Whaling in Canada\")\/[Pacific Northwest](https:\/\/en.wikipedia.org\/wiki\/Whaling_on_the_Pacific_Northwest_Coast \"Whaling on the Pacific Northwest Coast\") [Ghana](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_Ghana \"Economic history of Ghana\") [India](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_India \"Economic history of India\") [agriculture](https:\/\/en.wikipedia.org\/wiki\/History_of_agriculture_in_the_Indian_subcontinent \"History of agriculture in the Indian subcontinent\") [Company rule](https:\/\/en.wikipedia.org\/wiki\/Economy_of_India_under_Company_rule \"Economy of India under Company rule\") [maritime](https:\/\/en.wikipedia.org\/wiki\/Indian_maritime_history \"Indian maritime history\") [British Raj](https:\/\/en.wikipedia.org\/wiki\/Economy_of_India_under_the_British_Raj \"Economy of India under the British Raj\") [Deindustrialisation](https:\/\/en.wikipedia.org\/wiki\/De-industrialisation_of_India \"De-industrialisation of India\") [salt tax](https:\/\/en.wikipedia.org\/wiki\/History_of_the_salt_tax_in_British_India \"History of the salt tax in British India\") [slavery](https:\/\/en.wikipedia.org\/wiki\/Slavery_in_India \"Slavery in India\") [Malaysia](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_Malaysia \"Economic history of Malaysia\") [New Zealand](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_New_Zealand \"Economic history of New Zealand\") [whaling](https:\/\/en.wikipedia.org\/wiki\/Whaling_in_New_Zealand \"Whaling in New Zealand\") [Nigeria](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_Nigeria \"Economic history of Nigeria\") [slavery](https:\/\/en.wikipedia.org\/wiki\/Slavery_in_Nigeria \"Slavery in Nigeria\") [Pakistan](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_Pakistan \"Economic history of Pakistan\") [maritime](https:\/\/en.wikipedia.org\/wiki\/Maritime_history_of_Pakistan \"Maritime history of Pakistan\") [rail transport](https:\/\/en.wikipedia.org\/wiki\/History_of_rail_transport_in_Pakistan \"History of rail transport in Pakistan\") [South Africa](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_South_Africa \"Economic history of South Africa\") [slavery](https:\/\/en.wikipedia.org\/wiki\/Slavery_in_South_Africa \"Slavery in South Africa\") [whaling](https:\/\/en.wikipedia.org\/wiki\/Whaling_in_South_Africa \"Whaling in South Africa\") [Uganda](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_Uganda \"Economic history of Uganda\") [United Kingdom](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_the_United_Kingdom \"Economic history of the United Kingdom\") [Agricultural Revolution](https:\/\/en.wikipedia.org\/wiki\/British_Agricultural_Revolution \"British Agricultural Revolution\") [Atlantic slave trade](https:\/\/en.wikipedia.org\/wiki\/Atlantic_slave_trade \"Atlantic slave trade\") [banking](https:\/\/en.wikipedia.org\/wiki\/History_of_banking_in_the_United_Kingdom \"History of banking in the United Kingdom\") [British Empire](https:\/\/en.wikipedia.org\/wiki\/Economy_of_the_British_Empire \"Economy of the British Empire\") [English fiscal system](https:\/\/en.wikipedia.org\/wiki\/History_of_the_English_fiscal_system \"History of the English fiscal system\") [Interwar unemployment and poverty](https:\/\/en.wikipedia.org\/wiki\/Interwar_unemployment_and_poverty_in_the_United_Kingdom \"Interwar unemployment and poverty in the United Kingdom\") [list of recessions](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_Kingdom \"List of recessions in the United Kingdom\") [maritime](https:\/\/en.wikipedia.org\/wiki\/Maritime_history_of_the_United_Kingdom \"Maritime history of the United Kingdom\")\/[England](https:\/\/en.wikipedia.org\/wiki\/Maritime_history_of_England \"Maritime history of England\")\/[Scotland](https:\/\/en.wikipedia.org\/wiki\/Maritime_history_of_Scotland \"Maritime history of Scotland\") [Middle Ages England](https:\/\/en.wikipedia.org\/wiki\/Economy_of_England_in_the_Middle_Ages \"Economy of England in the Middle Ages\")\/[agriculture](https:\/\/en.wikipedia.org\/wiki\/Economics_of_English_agriculture_in_the_Middle_Ages \"Economics of English agriculture in the Middle Ages\") [national debt](https:\/\/en.wikipedia.org\/wiki\/History_of_the_British_national_debt \"History of the British national debt\") [Scotland](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_Scotland \"Economic history of Scotland\")\/[agriculture](https:\/\/en.wikipedia.org\/wiki\/History_of_agriculture_in_Scotland \"History of agriculture in Scotland\")\/[Middle Ages](https:\/\/en.wikipedia.org\/wiki\/Economy_of_Scotland_in_the_Middle_Ages \"Economy of Scotland in the Middle Ages\") [rail transport](https:\/\/en.wikipedia.org\/wiki\/History_of_rail_transport_in_Great_Britain \"History of rail transport in Great Britain\")\/[pre–1830](https:\/\/en.wikipedia.org\/wiki\/History_of_rail_transport_in_Great_Britain_to_1830 \"History of rail transport in Great Britain to 1830\")\/[1830–1922](https:\/\/en.wikipedia.org\/wiki\/History_of_rail_transport_in_Great_Britain_1830%E2%80%931922 \"History of rail transport in Great Britain 1830–1922\")\/[1923–1947](https:\/\/en.wikipedia.org\/wiki\/History_of_rail_transport_in_Great_Britain_1923%E2%80%931947 \"History of rail transport in Great Britain 1923–1947\")\/[1948–1994](https:\/\/en.wikipedia.org\/wiki\/History_of_rail_transport_in_Great_Britain_1948%E2%80%931994 \"History of rail transport in Great Britain 1948–1994\")\/[1995–present](https:\/\/en.wikipedia.org\/wiki\/History_of_rail_transport_in_Great_Britain_1995_to_date \"History of rail transport in Great Britain 1995 to date\") [slavery](https:\/\/en.wikipedia.org\/wiki\/Slavery_in_Britain \"Slavery in Britain\") [trade unions](https:\/\/en.wikipedia.org\/wiki\/History_of_trade_unions_in_the_United_Kingdom \"History of trade unions in the United Kingdom\") [Victorian era](https:\/\/en.wikipedia.org\/wiki\/Economy,_industry,_and_trade_of_the_Victorian_era \"Economy, industry, and trade of the Victorian era\") [Wales](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_Wales \"Economic history of Wales\") [whaling](https:\/\/en.wikipedia.org\/wiki\/Whaling_in_the_United_Kingdom \"Whaling in the United Kingdom\")\/[Scotland](https:\/\/en.wikipedia.org\/wiki\/Whaling_in_Scotland \"Whaling in Scotland\") [United States](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_the_United_States \"Economic history of the United States\") [agriculture](https:\/\/en.wikipedia.org\/wiki\/History_of_agriculture_in_the_United_States \"History of agriculture in the United States\") [banking](https:\/\/en.wikipedia.org\/wiki\/History_of_banking_in_the_United_States \"History of banking in the United States\")\/[colonial-era credit](https:\/\/en.wikipedia.org\/wiki\/Credit_in_the_Thirteen_Colonies \"Credit in the Thirteen Colonies\")\/[cooperatives](https:\/\/en.wikipedia.org\/wiki\/History_of_cooperatives_in_the_United_States \"History of cooperatives in the United States\")\/[investment banking](https:\/\/en.wikipedia.org\/wiki\/History_of_investment_banking_in_the_United_States \"History of investment banking in the United States\")\/[wildcat banking](https:\/\/en.wikipedia.org\/wiki\/Wildcat_banking \"Wildcat banking\") [business](https:\/\/en.wikipedia.org\/wiki\/American_business_history \"American business history\") [central banking](https:\/\/en.wikipedia.org\/wiki\/History_of_central_banking_in_the_United_States \"History of central banking in the United States\") [coal mining](https:\/\/en.wikipedia.org\/wiki\/History_of_coal_mining_in_the_United_States \"History of coal mining in the United States\") [indentured servitude](https:\/\/en.wikipedia.org\/wiki\/Indentured_servitude_in_British_America \"Indentured servitude in British America\") [iron and steel industry](https:\/\/en.wikipedia.org\/wiki\/History_of_the_iron_and_steel_industry_in_the_United_States \"History of the iron and steel industry in the United States\") [labor](https:\/\/en.wikipedia.org\/wiki\/Labor_history_of_the_United_States \"Labor history of the United States\") [list of economic expansions](https:\/\/en.wikipedia.org\/wiki\/List_of_economic_expansions_in_the_United_States \"List of economic expansions in the United States\") [list of recessions](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States \"List of recessions in the United States\") [lumber industry](https:\/\/en.wikipedia.org\/wiki\/History_of_the_lumber_industry_in_the_United_States \"History of the lumber industry in the United States\") [maritime](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_Merchant_Marine \"History of the United States Merchant Marine\")\/[colonial-era](https:\/\/en.wikipedia.org\/wiki\/Maritime_history_of_Colonial_America \"Maritime history of Colonial America\")\/[1776–1799](https:\/\/en.wikipedia.org\/wiki\/Maritime_history_of_the_United_States_\$1776%E2%80%931799\$ \"Maritime history of the United States (1776–1799)\")\/[1800–1899](https:\/\/en.wikipedia.org\/wiki\/Maritime_history_of_the_United_States_\$1800%E2%80%931899\$ \"Maritime history of the United States (1800–1899)\")\/[1900–1999](https:\/\/en.wikipedia.org\/wiki\/Maritime_history_of_the_United_States_\$1900%E2%80%931999\$ \"Maritime history of the United States (1900–1999)\")\/[2000–present](https:\/\/en.wikipedia.org\/wiki\/Maritime_history_of_the_United_States_\$2000%E2%80%93present\$ \"Maritime history of the United States (2000–present)\") [monetary policy](https:\/\/en.wikipedia.org\/wiki\/History_of_monetary_policy_in_the_United_States \"History of monetary policy in the United States\") [poverty](https:\/\/en.wikipedia.org\/wiki\/History_of_poverty_in_the_United_States \"History of poverty in the United States\") [petroleum industry](https:\/\/en.wikipedia.org\/wiki\/History_of_the_petroleum_industry_in_the_United_States \"History of the petroleum industry in the United States\")\/[oil shale](https:\/\/en.wikipedia.org\/wiki\/History_of_the_oil_shale_industry_in_the_United_States \"History of the oil shale industry in the United States\") [public debt](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_public_debt \"History of the United States public debt\") [rail transportation](https:\/\/en.wikipedia.org\/wiki\/History_of_rail_transportation_in_the_United_States \"History of rail transportation in the United States\") [slavery](https:\/\/en.wikipedia.org\/wiki\/Slavery_in_the_United_States \"Slavery in the United States\")\/[colonial-era slavery](https:\/\/en.wikipedia.org\/wiki\/Slavery_in_the_colonial_history_of_the_United_States \"Slavery in the colonial history of the United States\")\/[forced labor](https:\/\/en.wikipedia.org\/wiki\/History_of_forced_labor_in_the_United_States \"History of forced labor in the United States\")\/[slave trade](https:\/\/en.wikipedia.org\/wiki\/Slave_trade_in_the_United_States \"Slave trade in the United States\")\/[slave markets](https:\/\/en.wikipedia.org\/wiki\/Slave_markets_and_slave_jails_in_the_United_States \"Slave markets and slave jails in the United States\") [tariffs](https:\/\/en.wikipedia.org\/wiki\/History_of_tariffs_in_the_United_States \"History of tariffs in the United States\") [taxation](https:\/\/en.wikipedia.org\/wiki\/History_of_taxation_in_the_United_States \"History of taxation in the United States\") [technological and industrial](https:\/\/en.wikipedia.org\/wiki\/Technological_and_industrial_history_of_the_United_States \"Technological and industrial history of the United States\") [United States dollar](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_dollar \"History of the United States dollar\") [whaling](https:\/\/en.wikipedia.org\/wiki\/Whaling_in_the_United_States \"Whaling in the United States\") [Zimbabwe](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_Zimbabwe \"Economic history of Zimbabwe\") |\n| [Business cycle](https:\/\/en.wikipedia.org\/wiki\/Business_cycle \"Business cycle\") topics | [Aggregate demand](https:\/\/en.wikipedia.org\/wiki\/Aggregate_demand \"Aggregate demand\")\/[Supply](https:\/\/en.wikipedia.org\/wiki\/Aggregate_supply \"Aggregate supply\") [Effective demand](https:\/\/en.wikipedia.org\/wiki\/Effective_demand \"Effective demand\") [General glut](https:\/\/en.wikipedia.org\/wiki\/General_glut \"General glut\") [Model](https:\/\/en.wikipedia.org\/wiki\/AD%E2%80%93AS_model \"AD–AS model\") [Overproduction](https:\/\/en.wikipedia.org\/wiki\/Overproduction \"Overproduction\") [Paradox of thrift](https:\/\/en.wikipedia.org\/wiki\/Paradox_of_thrift \"Paradox of thrift\") [Price-and-wage stickiness](https:\/\/en.wikipedia.org\/wiki\/Nominal_rigidity \"Nominal rigidity\") [Underconsumption](https:\/\/en.wikipedia.org\/wiki\/Underconsumption \"Underconsumption\") [Inflation](https:\/\/en.wikipedia.org\/wiki\/Inflation \"Inflation\") and [unemployment](https:\/\/en.wikipedia.org\/wiki\/Unemployment \"Unemployment\") [Chronic](https:\/\/en.wikipedia.org\/wiki\/Chronic_inflation \"Chronic inflation\") [Classical dichotomy](https:\/\/en.wikipedia.org\/wiki\/Classical_dichotomy \"Classical dichotomy\") [Debasement](https:\/\/en.wikipedia.org\/wiki\/Debasement \"Debasement\") [Debt monetization](https:\/\/en.wikipedia.org\/wiki\/Debt_monetization \"Debt monetization\") [Demand-pull](https:\/\/en.wikipedia.org\/wiki\/Demand-pull_inflation \"Demand-pull inflation\")\/[cost-push](https:\/\/en.wikipedia.org\/wiki\/Cost-push_inflation \"Cost-push inflation\")\/[built-in inflation](https:\/\/en.wikipedia.org\/wiki\/Inertial_inflation \"Inertial inflation\") [Deflation](https:\/\/en.wikipedia.org\/wiki\/Deflation \"Deflation\") [Disinflation](https:\/\/en.wikipedia.org\/wiki\/Disinflation \"Disinflation\") [Full employment](https:\/\/en.wikipedia.org\/wiki\/Full_employment \"Full employment\") [Hyperinflation](https:\/\/en.wikipedia.org\/wiki\/Hyperinflation \"Hyperinflation\") [Money supply](https:\/\/en.wikipedia.org\/wiki\/Money_supply \"Money supply\")\/[demand](https:\/\/en.wikipedia.org\/wiki\/Demand_for_money \"Demand for money\") [NAIRU](https:\/\/en.wikipedia.org\/wiki\/NAIRU \"NAIRU\") [Natural rate of unemployment](https:\/\/en.wikipedia.org\/wiki\/Natural_rate_of_unemployment \"Natural rate of unemployment\") [Neutrality of money](https:\/\/en.wikipedia.org\/wiki\/Neutrality_of_money \"Neutrality of money\") [Phillips curve](https:\/\/en.wikipedia.org\/wiki\/Phillips_curve \"Phillips curve\") [Price level](https:\/\/en.wikipedia.org\/wiki\/Price_level \"Price level\") [Real and nominal value](https:\/\/en.wikipedia.org\/wiki\/Real_and_nominal_value \"Real and nominal value\") [Sahm rule](https:\/\/en.wikipedia.org\/wiki\/Sahm_rule \"Sahm rule\") [Velocity of money](https:\/\/en.wikipedia.org\/wiki\/Velocity_of_money \"Velocity of money\") [Expansion](https:\/\/en.wikipedia.org\/wiki\/Economic_expansion \"Economic expansion\") [Miracle](https:\/\/en.wikipedia.org\/wiki\/Economic_miracle \"Economic miracle\") [Recovery](https:\/\/en.wikipedia.org\/wiki\/Economic_recovery \"Economic recovery\") [Stagnation](https:\/\/en.wikipedia.org\/wiki\/Economic_stagnation \"Economic stagnation\") [Interest rate](https:\/\/en.wikipedia.org\/wiki\/Interest_rate \"Interest rate\") [Nominal interest rate](https:\/\/en.wikipedia.org\/wiki\/Nominal_interest_rate \"Nominal interest rate\") [Real interest rate](https:\/\/en.wikipedia.org\/wiki\/Real_interest_rate \"Real interest rate\") [Yield curve](https:\/\/en.wikipedia.org\/wiki\/Yield_curve \"Yield curve\")\/[Inverted](https:\/\/en.wikipedia.org\/wiki\/Inverted_yield_curve \"Inverted yield curve\") [Recession](https:\/\/en.wikipedia.org\/wiki\/Recession \"Recession\") [Balance sheet](https:\/\/en.wikipedia.org\/wiki\/Balance_sheet_recession \"Balance sheet recession\") [Depression](https:\/\/en.wikipedia.org\/wiki\/Economic_depression \"Economic depression\") [Global](https:\/\/en.wikipedia.org\/wiki\/Global_recession \"Global recession\") [Rolling](https:\/\/en.wikipedia.org\/wiki\/Rolling_recession \"Rolling recession\") [Shapes](https:\/\/en.wikipedia.org\/wiki\/Recession_shapes \"Recession shapes\") [Stagflation](https:\/\/en.wikipedia.org\/wiki\/Stagflation \"Stagflation\") [Shock](https:\/\/en.wikipedia.org\/wiki\/Shock_\$economics\$ \"Shock (economics)\") [Demand](https:\/\/en.wikipedia.org\/wiki\/Demand_shock \"Demand shock\") [Supply](https:\/\/en.wikipedia.org\/wiki\/Supply_shock \"Supply shock\") |\n| [Credit cycle](https:\/\/en.wikipedia.org\/wiki\/Credit_cycle \"Credit cycle\") topics | [Financial bubble](https:\/\/en.wikipedia.org\/wiki\/Economic_bubble \"Economic bubble\") [Commodity booms](https:\/\/en.wikipedia.org\/wiki\/List_of_commodity_booms \"List of commodity booms\")\/[diamond rush](https:\/\/en.wikipedia.org\/wiki\/Diamond_rush \"Diamond rush\")\/[gold rush](https:\/\/en.wikipedia.org\/wiki\/Gold_rush \"Gold rush\")\/[oil boom](https:\/\/en.wikipedia.org\/wiki\/Oil_boom \"Oil boom\") [Real-estate bubble](https:\/\/en.wikipedia.org\/wiki\/Real-estate_bubble \"Real-estate bubble\")\/[housing bubble](https:\/\/en.wikipedia.org\/wiki\/Housing_bubble \"Housing bubble\")\/[boomtown](https:\/\/en.wikipedia.org\/wiki\/Boomtown \"Boomtown\")\/[ghost town](https:\/\/en.wikipedia.org\/wiki\/Ghost_town \"Ghost town\") [Speculation](https:\/\/en.wikipedia.org\/wiki\/Speculation \"Speculation\") [Stock market bubble](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble \"Stock market bubble\") [Financial crisis](https:\/\/en.wikipedia.org\/wiki\/Financial_crisis \"Financial crisis\") [Bank run](https:\/\/en.wikipedia.org\/wiki\/Bank_run \"Bank run\")\/[bank failure](https:\/\/en.wikipedia.org\/wiki\/Bank_failure \"Bank failure\") [Commodity price shocks](https:\/\/en.wikipedia.org\/wiki\/Commodity_price_shocks \"Commodity price shocks\") [Credit crunch](https:\/\/en.wikipedia.org\/wiki\/Credit_crunch \"Credit crunch\") [Currency crisis](https:\/\/en.wikipedia.org\/wiki\/Currency_crisis \"Currency crisis\") [Debt crisis](https:\/\/en.wikipedia.org\/wiki\/Debt_crisis \"Debt crisis\") [Energy crisis](https:\/\/en.wikipedia.org\/wiki\/Energy_crisis \"Energy crisis\") [Liquidity crisis](https:\/\/en.wikipedia.org\/wiki\/Liquidity_crisis \"Liquidity crisis\")\/[accounting](https:\/\/en.wikipedia.org\/wiki\/Accounting_liquidity \"Accounting liquidity\")\/[capital](https:\/\/en.wikipedia.org\/wiki\/Liquid_capital \"Liquid capital\")\/[funding](https:\/\/en.wikipedia.org\/wiki\/Funding_liquidity \"Funding liquidity\")\/[market](https:\/\/en.wikipedia.org\/wiki\/Market_liquidity \"Market liquidity\") [Minsky moment](https:\/\/en.wikipedia.org\/wiki\/Minsky_moment \"Minsky moment\")\/[leverage cycle](https:\/\/en.wikipedia.org\/wiki\/Leverage_cycle \"Leverage cycle\") [Stock market crash](https:\/\/en.wikipedia.org\/wiki\/Stock_market_crash \"Stock market crash\")\/[Flash crash](https:\/\/en.wikipedia.org\/wiki\/Flash_crash \"Flash crash\") [Social contagion](https:\/\/en.wikipedia.org\/wiki\/Social_contagion \"Social contagion\") [Financial contagion](https:\/\/en.wikipedia.org\/wiki\/Financial_contagion \"Financial contagion\") [Irrational exuberance](https:\/\/en.wikipedia.org\/wiki\/Irrational_exuberance \"Irrational exuberance\") [Market trend](https:\/\/en.wikipedia.org\/wiki\/Market_trend \"Market trend\") Proposed bubbles [AI bubble](https:\/\/en.wikipedia.org\/wiki\/AI_bubble \"AI bubble\")\/[AI boom](https:\/\/en.wikipedia.org\/wiki\/AI_boom \"AI boom\")\/[Fourth Industrial Revolution](https:\/\/en.wikipedia.org\/wiki\/Fourth_Industrial_Revolution \"Fourth Industrial Revolution\")\/[Imagination Age](https:\/\/en.wikipedia.org\/wiki\/Imagination_Age \"Imagination Age\") [Carbon bubble](https:\/\/en.wikipedia.org\/wiki\/Carbon_bubble \"Carbon bubble\")\/[Age of Oil](https:\/\/en.wikipedia.org\/wiki\/Age_of_Oil \"Age of Oil\")\/[Peak oil](https:\/\/en.wikipedia.org\/wiki\/Peak_oil \"Peak oil\") [Everything bubble](https:\/\/en.wikipedia.org\/wiki\/Everything_bubble \"Everything bubble\") [Green bubble](https:\/\/en.wikipedia.org\/wiki\/Green_bubble \"Green bubble\") [Social media stock bubble](https:\/\/en.wikipedia.org\/wiki\/Social_media_stock_bubble \"Social media stock bubble\") [Unicorn bubble](https:\/\/en.wikipedia.org\/wiki\/Unicorn_bubble \"Unicorn bubble\") [U.S. higher education bubble](https:\/\/en.wikipedia.org\/wiki\/Higher_education_bubble_in_the_United_States \"Higher education bubble in the United States\") |\n\n| [v](https:\/\/en.wikipedia.org\/wiki\/Template:Cryptocurrencies \"Template:Cryptocurrencies\") [t](https:\/\/en.wikipedia.org\/wiki\/Template_talk:Cryptocurrencies \"Template talk:Cryptocurrencies\") [e](https:\/\/en.wikipedia.org\/wiki\/Special:EditPage\/Template:Cryptocurrencies \"Special:EditPage\/Template:Cryptocurrencies\")[Cryptocurrencies](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency \"Cryptocurrency\") |   |\n|---|---|\n| Technology | [Blockchain](https:\/\/en.wikipedia.org\/wiki\/Blockchain \"Blockchain\") [Cryptocurrency tumbler](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_tumbler \"Cryptocurrency tumbler\") [Cryptocurrency wallet](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_wallet \"Cryptocurrency wallet\") [Cryptographic hash function](https:\/\/en.wikipedia.org\/wiki\/Cryptographic_hash_function \"Cryptographic hash function\") [Decentralized exchange](https:\/\/en.wikipedia.org\/wiki\/Decentralized_finance#Decentralized_exchanges \"Decentralized finance\") [Decentralized finance](https:\/\/en.wikipedia.org\/wiki\/Decentralized_finance \"Decentralized finance\") [Distributed ledger](https:\/\/en.wikipedia.org\/wiki\/Distributed_ledger \"Distributed ledger\") [Fork](https:\/\/en.wikipedia.org\/wiki\/Fork_\$blockchain\$ \"Fork (blockchain)\") [Lightning Network](https:\/\/en.wikipedia.org\/wiki\/Lightning_Network \"Lightning Network\") [MetaMask](https:\/\/en.wikipedia.org\/wiki\/MetaMask \"MetaMask\") [Smart contract](https:\/\/en.wikipedia.org\/wiki\/Smart_contract \"Smart contract\") [Web3](https:\/\/en.wikipedia.org\/wiki\/Web3 \"Web3\") |\n| [Consensus](https:\/\/en.wikipedia.org\/wiki\/Consensus_\$computer_science\$ \"Consensus (computer science)\") mechanisms | [Proof of authority](https:\/\/en.wikipedia.org\/wiki\/Proof_of_authority \"Proof of authority\") [Proof of space](https:\/\/en.wikipedia.org\/wiki\/Proof_of_space \"Proof of space\") [Proof of stake](https:\/\/en.wikipedia.org\/wiki\/Proof_of_stake \"Proof of stake\") [Proof of work](https:\/\/en.wikipedia.org\/wiki\/Proof_of_work \"Proof of work\") |\n| [Proof of work](https:\/\/en.wikipedia.org\/wiki\/Proof_of_work \"Proof of work\") currencies |   |\n|   |   |\n| [SHA-256](https:\/\/en.wikipedia.org\/wiki\/SHA-2 \"SHA-2\")\\-based | [Bitcoin](https:\/\/en.wikipedia.org\/wiki\/Bitcoin \"Bitcoin\") [Bitcoin Cash](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_Cash \"Bitcoin Cash\") [Counterparty](https:\/\/en.wikipedia.org\/wiki\/Counterparty_\$platform\$ \"Counterparty (platform)\") [LBRY](https:\/\/en.wikipedia.org\/wiki\/LBRY \"LBRY\") [MazaCoin](https:\/\/en.wikipedia.org\/wiki\/MazaCoin \"MazaCoin\") [Namecoin](https:\/\/en.wikipedia.org\/wiki\/Namecoin \"Namecoin\") [Peercoin](https:\/\/en.wikipedia.org\/wiki\/Peercoin \"Peercoin\") [Titcoin](https:\/\/en.wikipedia.org\/wiki\/Titcoin \"Titcoin\") |\n| [Ethash](https:\/\/en.wikipedia.org\/wiki\/Ethereum \"Ethereum\")\\-based | [Ethereum](https:\/\/en.wikipedia.org\/wiki\/Ethereum \"Ethereum\") (1.0) [Ethereum Classic](https:\/\/en.wikipedia.org\/wiki\/Ethereum_Classic \"Ethereum Classic\") |\n| [Scrypt](https:\/\/en.wikipedia.org\/wiki\/Scrypt \"Scrypt\")\\-based | [Auroracoin](https:\/\/en.wikipedia.org\/wiki\/Auroracoin \"Auroracoin\") [Bitconnect](https:\/\/en.wikipedia.org\/wiki\/Bitconnect \"Bitconnect\") [Coinye](https:\/\/en.wikipedia.org\/wiki\/Coinye \"Coinye\") [Dogecoin](https:\/\/en.wikipedia.org\/wiki\/Dogecoin \"Dogecoin\") [Litecoin](https:\/\/en.wikipedia.org\/wiki\/Litecoin \"Litecoin\") |\n| [Equihash](https:\/\/en.wikipedia.org\/wiki\/Equihash \"Equihash\")\\-based | [Bitcoin Gold](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_Gold \"Bitcoin Gold\") [Zcash](https:\/\/en.wikipedia.org\/wiki\/Zcash \"Zcash\") |\n| RandomX-based | [Monero](https:\/\/en.wikipedia.org\/wiki\/Monero \"Monero\") |\n| [X11](https:\/\/en.wikipedia.org\/wiki\/Dash_\$cryptocurrency\$#X11 \"Dash (cryptocurrency)\")\\-based | [Dash](https:\/\/en.wikipedia.org\/wiki\/Dash_\$cryptocurrency\$ \"Dash (cryptocurrency)\") [Petro](https:\/\/en.wikipedia.org\/wiki\/Petro_\$token\$ \"Petro (token)\") |\n| Other | [AmbaCoin](https:\/\/en.wikipedia.org\/wiki\/AmbaCoin \"AmbaCoin\") [Firo](https:\/\/en.wikipedia.org\/wiki\/Firo_\$cryptocurrency\$ \"Firo (cryptocurrency)\") [IOTA](https:\/\/en.wikipedia.org\/wiki\/IOTA_\$technology\$ \"IOTA (technology)\") [Nervos Network](https:\/\/en.wikipedia.org\/wiki\/Nervos_Network \"Nervos Network\") [Primecoin](https:\/\/en.wikipedia.org\/wiki\/Primecoin \"Primecoin\") [Verge](https:\/\/en.wikipedia.org\/wiki\/Verge_\$cryptocurrency\$ \"Verge (cryptocurrency)\") [Vertcoin](https:\/\/en.wikipedia.org\/wiki\/Vertcoin \"Vertcoin\") |\n| [Proof of stake](https:\/\/en.wikipedia.org\/wiki\/Proof_of_stake \"Proof of stake\") currencies | [Algorand](https:\/\/en.wikipedia.org\/wiki\/Algorand \"Algorand\") [Avalanche](https:\/\/en.wikipedia.org\/wiki\/Avalanche_\$blockchain_platform\$ \"Avalanche (blockchain platform)\") [Cardano](https:\/\/en.wikipedia.org\/wiki\/Cardano_\$blockchain_platform\$ \"Cardano (blockchain platform)\") [EOS.IO](https:\/\/en.wikipedia.org\/wiki\/EOS.IO \"EOS.IO\") [Ethereum](https:\/\/en.wikipedia.org\/wiki\/Ethereum \"Ethereum\") (2.0) [Gridcoin](https:\/\/en.wikipedia.org\/wiki\/Gridcoin \"Gridcoin\") [ICON](https:\/\/en.wikipedia.org\/wiki\/ICON_\$blockchain_platform\$ \"ICON (blockchain platform)\") [Injective](https:\/\/en.wikipedia.org\/wiki\/Injective_\$blockchain\$ \"Injective (blockchain)\") [Kin](https:\/\/en.wikipedia.org\/wiki\/Kin_\$cryptocurrency\$ \"Kin (cryptocurrency)\") [Nxt](https:\/\/en.wikipedia.org\/wiki\/Nxt \"Nxt\") [Peercoin](https:\/\/en.wikipedia.org\/wiki\/Peercoin \"Peercoin\") [Polkadot](https:\/\/en.wikipedia.org\/wiki\/Polkadot_\$blockchain_platform\$ \"Polkadot (blockchain platform)\") [Solana](https:\/\/en.wikipedia.org\/wiki\/Solana_\$blockchain_platform\$ \"Solana (blockchain platform)\") [Steem](https:\/\/en.wikipedia.org\/wiki\/Steemit \"Steemit\") [Tezos](https:\/\/en.wikipedia.org\/wiki\/Tezos \"Tezos\") [TON](https:\/\/en.wikipedia.org\/wiki\/The_Open_Network \"The Open Network\") |\n| [ERC-20](https:\/\/en.wikipedia.org\/wiki\/ERC-20 \"ERC-20\") tokens | [Augur](https:\/\/en.wikipedia.org\/wiki\/Augur_\$software\$ \"Augur (software)\") [Aventus](https:\/\/en.wikipedia.org\/wiki\/Aventus_\$protocol\$ \"Aventus (protocol)\") [Basic Attention Token](https:\/\/en.wikipedia.org\/wiki\/Brave_\$web_browser\$#Basic_Attention_Token \"Brave (web browser)\") [Chainlink](https:\/\/en.wikipedia.org\/wiki\/Chainlink_\$blockchain_oracle\$ \"Chainlink (blockchain oracle)\") [Kin](https:\/\/en.wikipedia.org\/wiki\/Kin_\$cryptocurrency\$ \"Kin (cryptocurrency)\") [KodakCoin](https:\/\/en.wikipedia.org\/wiki\/KodakCoin \"KodakCoin\") [Minds](https:\/\/en.wikipedia.org\/wiki\/Minds_\$social_network\$ \"Minds (social network)\") [Polygon](https:\/\/en.wikipedia.org\/wiki\/Polygon_\$blockchain\$ \"Polygon (blockchain)\") [Shiba Inu](https:\/\/en.wikipedia.org\/wiki\/Shiba_Inu_\$cryptocurrency\$ \"Shiba Inu (cryptocurrency)\") [The DAO](https:\/\/en.wikipedia.org\/wiki\/The_DAO \"The DAO\") [TRON](https:\/\/en.wikipedia.org\/wiki\/Tron_\$blockchain\$ \"Tron (blockchain)\") |\n| [Stablecoins](https:\/\/en.wikipedia.org\/wiki\/Stablecoin \"Stablecoin\") | [Dai](https:\/\/en.wikipedia.org\/wiki\/Dai_\$cryptocurrency\$ \"Dai (cryptocurrency)\") [Diem](https:\/\/en.wikipedia.org\/wiki\/Diem_\$digital_currency\$ \"Diem (digital currency)\") [Pax](https:\/\/en.wikipedia.org\/wiki\/Paxos_Trust_Company#Paxos_Standard \"Paxos Trust Company\") [Terra](https:\/\/en.wikipedia.org\/wiki\/Terra_\$blockchain\$ \"Terra (blockchain)\") [Tether](https:\/\/en.wikipedia.org\/wiki\/Tether_\$cryptocurrency\$ \"Tether (cryptocurrency)\") [USD Coin](https:\/\/en.wikipedia.org\/wiki\/USDC_\$cryptocurrency\$ \"USDC (cryptocurrency)\") |\n| [Meme coins](https:\/\/en.wikipedia.org\/wiki\/Meme_coins \"Meme coins\") | [CAR](https:\/\/en.wikipedia.org\/wiki\/$CAR \"$CAR\") [Chill Guy](https:\/\/en.wikipedia.org\/wiki\/$CHILLGUY \"$CHILLGUY\") [Coinye](https:\/\/en.wikipedia.org\/wiki\/Coinye \"Coinye\") [Dogecoin](https:\/\/en.wikipedia.org\/wiki\/Dogecoin \"Dogecoin\") [LGBcoin](https:\/\/en.wikipedia.org\/wiki\/LGBcoin \"LGBcoin\") [Libra](https:\/\/en.wikipedia.org\/wiki\/$Libra \"$Libra\") [Melania](https:\/\/en.wikipedia.org\/wiki\/$Melania \"$Melania\") [Pawthereum](https:\/\/en.wikipedia.org\/wiki\/Pawthereum \"Pawthereum\") [Trump](https:\/\/en.wikipedia.org\/wiki\/$Trump \"$Trump\") |\n| Other currencies | [Chia](https:\/\/en.wikipedia.org\/wiki\/Chia_\$cryptocurrency\$ \"Chia (cryptocurrency)\") [Filecoin](https:\/\/en.wikipedia.org\/wiki\/Filecoin \"Filecoin\") [HBAR (Hashgraph)](https:\/\/en.wikipedia.org\/wiki\/Hashgraph \"Hashgraph\") [Helium](https:\/\/en.wikipedia.org\/wiki\/Helium_Network \"Helium Network\") [Luna](https:\/\/en.wikipedia.org\/wiki\/Terra_\$blockchain\$ \"Terra (blockchain)\") [MobileCoin](https:\/\/en.wikipedia.org\/wiki\/MobileCoin \"MobileCoin\") [Nano](https:\/\/en.wikipedia.org\/wiki\/Nano_\$cryptocurrency\$ \"Nano (cryptocurrency)\") [NEO](https:\/\/en.wikipedia.org\/wiki\/NEO_\$cryptocurrency\$ \"NEO (cryptocurrency)\") [SafeMoon](https:\/\/en.wikipedia.org\/wiki\/SafeMoon \"SafeMoon\") [Stellar](https:\/\/en.wikipedia.org\/wiki\/Stellar_\$payment_network\$ \"Stellar (payment network)\") [WhopperCoin](https:\/\/en.wikipedia.org\/wiki\/WhopperCoin \"WhopperCoin\") [XRP Ledger](https:\/\/en.wikipedia.org\/wiki\/XRP_Ledger \"XRP Ledger\") |\n| [Inactive currencies](https:\/\/en.wikipedia.org\/wiki\/List_of_cryptocurrencies#Inactive_currencies \"List of cryptocurrencies\") | [BitConnect](https:\/\/en.wikipedia.org\/wiki\/Bitconnect \"Bitconnect\") [Coinye](https:\/\/en.wikipedia.org\/wiki\/Coinye \"Coinye\") [KodakCoin](https:\/\/en.wikipedia.org\/wiki\/KodakCoin \"KodakCoin\") [OneCoin](https:\/\/en.wikipedia.org\/wiki\/OneCoin \"OneCoin\") [Petro](https:\/\/en.wikipedia.org\/wiki\/Petro_\$token\$ \"Petro (token)\") |\n| Crypto service companies | [Hyperledger](https:\/\/en.wikipedia.org\/wiki\/Hyperledger \"Hyperledger\") [IQ.Wiki](https:\/\/en.wikipedia.org\/wiki\/IQ.Wiki \"IQ.Wiki\") [Initiative Q](https:\/\/en.wikipedia.org\/wiki\/Quahl \"Quahl\") |\n| Related topics | [\\$Libra cryptocurrency scandal](https:\/\/en.wikipedia.org\/wiki\/$Libra_cryptocurrency_scandal \"$Libra cryptocurrency scandal\") [2023 United States banking crisis](https:\/\/en.wikipedia.org\/wiki\/2023_United_States_banking_crisis \"2023 United States banking crisis\") [Airdrop](https:\/\/en.wikipedia.org\/wiki\/Airdrop_\$cryptocurrency\$ \"Airdrop (cryptocurrency)\") [Bitcoin in El Salvador](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_in_El_Salvador \"Bitcoin in El Salvador\") [BitLicense](https:\/\/en.wikipedia.org\/wiki\/BitLicense \"BitLicense\") [Blockchain game](https:\/\/en.wikipedia.org\/wiki\/Blockchain_game \"Blockchain game\") [Complementary currency](https:\/\/en.wikipedia.org\/wiki\/Complementary_currency \"Complementary currency\") [Crypto-anarchy](https:\/\/en.wikipedia.org\/wiki\/Crypto-anarchy \"Crypto-anarchy\") [Cryptocurrency and crime](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_and_crime \"Cryptocurrency and crime\") [Bankruptcy of FTX](https:\/\/en.wikipedia.org\/wiki\/Bankruptcy_of_FTX \"Bankruptcy of FTX\") [Trial of Sam Bankman-Fried](https:\/\/en.wikipedia.org\/wiki\/Trial_of_Sam_Bankman-Fried \"Trial of Sam Bankman-Fried\") [Scam center](https:\/\/en.wikipedia.org\/wiki\/Scam_center \"Scam center\") [Pig butchering scam](https:\/\/en.wikipedia.org\/wiki\/Pig_butchering_scam \"Pig butchering scam\") [Cryptocurrencies in Europe](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrencies_in_Europe \"Cryptocurrencies in Europe\") [Cryptocurrencies in Puerto Rico](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrencies_in_Puerto_Rico \"Cryptocurrencies in Puerto Rico\") [Cryptocurrency bubble]() [Cryptocurrency in Australia](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_in_Australia \"Cryptocurrency in Australia\") [Cryptocurrency in Nigeria](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_in_Nigeria \"Cryptocurrency in Nigeria\") [Cryptocurrency scams](https:\/\/en.wikipedia.org\/wiki\/Category:Cryptocurrency_scams \"Category:Cryptocurrency scams\") [Digital currency](https:\/\/en.wikipedia.org\/wiki\/Digital_currency \"Digital currency\") [Decentralized autonomous organization](https:\/\/en.wikipedia.org\/wiki\/Decentralized_autonomous_organization \"Decentralized autonomous organization\") [Decentralized application](https:\/\/en.wikipedia.org\/wiki\/Decentralized_application \"Decentralized application\") [Distributed ledger technology law](https:\/\/en.wikipedia.org\/wiki\/Distributed_ledger_technology_law \"Distributed ledger technology law\") [Double-spending](https:\/\/en.wikipedia.org\/wiki\/Double-spending \"Double-spending\") [Environmental impact](https:\/\/en.wikipedia.org\/wiki\/Environmental_impact_of_bitcoin \"Environmental impact of bitcoin\") [Initial coin offering](https:\/\/en.wikipedia.org\/wiki\/Initial_coin_offering \"Initial coin offering\") [Initial exchange offering](https:\/\/en.wikipedia.org\/wiki\/Initial_exchange_offering \"Initial exchange offering\") [List of cryptocurrencies](https:\/\/en.wikipedia.org\/wiki\/List_of_cryptocurrencies \"List of cryptocurrencies\") [Non-fungible token](https:\/\/en.wikipedia.org\/wiki\/Non-fungible_token \"Non-fungible token\") [Token money](https:\/\/en.wikipedia.org\/wiki\/Token_money \"Token money\") [United States Strategic Bitcoin Reserve](https:\/\/en.wikipedia.org\/wiki\/Strategic_bitcoin_reserve_\$United_States\$ \"Strategic bitcoin reserve (United States)\") [Virtual currency](https:\/\/en.wikipedia.org\/wiki\/Virtual_currency \"Virtual currency\") [Voiceverse NFT plagiarism scandal](https:\/\/en.wikipedia.org\/wiki\/Voiceverse_NFT_plagiarism_scandal \"Voiceverse NFT plagiarism scandal\") |\n| ![](https:\/\/upload.wikimedia.org\/wikipedia\/en\/thumb\/9\/96\/Symbol_category_class.svg\/20px-Symbol_category_class.svg.png) **[Category](https:\/\/en.wikipedia.org\/wiki\/Category:Cryptocurrencies \"Category:Cryptocurrencies\")** [![](https:\/\/upload.wikimedia.org\/wikipedia\/en\/thumb\/4\/4a\/Commons-logo.svg\/20px-Commons-logo.svg.png)](https:\/\/en.wikipedia.org\/wiki\/File:Commons-logo.svg \"Commons page\") **[Commons](https:\/\/commons.wikimedia.org\/wiki\/Category:Cryptocurrency \"commons:Category:Cryptocurrency\")** ![](https:\/\/upload.wikimedia.org\/wikipedia\/en\/thumb\/d\/db\/Symbol_list_class.svg\/20px-Symbol_list_class.svg.png) **[List](https:\/\/en.wikipedia.org\/wiki\/List_of_cryptocurrencies \"List of cryptocurrencies\")** |   |\n\n![](https:\/\/en.wikipedia.org\/wiki\/Special:CentralAutoLogin\/start?useformat=desktop&type=1x1&usesul3=1)\n\nRetrieved from \"<https:\/\/en.wikipedia.org\/w\/index.php?title=Cryptocurrency_bubble&oldid=1345795526>\"\n\n[Categories](https:\/\/en.wikipedia.org\/wiki\/Help:Category \"Help:Category\"):\n\n- [Economic bubbles](https:\/\/en.wikipedia.org\/wiki\/Category:Economic_bubbles \"Category:Economic bubbles\")\n- [Cryptocurrencies](https:\/\/en.wikipedia.org\/wiki\/Category:Cryptocurrencies \"Category:Cryptocurrencies\")\n- [Financial markets](https:\/\/en.wikipedia.org\/wiki\/Category:Financial_markets \"Category:Financial markets\")\n- [2020s in economic history](https:\/\/en.wikipedia.org\/wiki\/Category:2020s_in_economic_history \"Category:2020s in economic history\")\n\nHidden categories:\n\n- [CS1 maint: multiple names: authors 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Wikipedia® is a registered trademark of the [Wikimedia Foundation, Inc.](https:\/\/wikimediafoundation.org\/), a non-profit organization.\n\n- [Privacy policy](https:\/\/foundation.wikimedia.org\/wiki\/Special:MyLanguage\/Policy:Privacy_policy)\n- [About Wikipedia](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:About)\n- [Disclaimers](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:General_disclaimer)\n- [Contact Wikipedia](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Contact_us)\n- [Legal & safety contacts](https:\/\/foundation.wikimedia.org\/wiki\/Special:MyLanguage\/Legal:Wikimedia_Foundation_Legal_and_Safety_Contact_Information)\n- [Code of Conduct](https:\/\/foundation.wikimedia.org\/wiki\/Special:MyLanguage\/Policy:Universal_Code_of_Conduct)\n- [Developers](https:\/\/developer.wikimedia.org\/)\n- [Statistics](https:\/\/stats.wikimedia.org\/#\/en.wikipedia.org)\n- [Cookie statement](https:\/\/foundation.wikimedia.org\/wiki\/Special:MyLanguage\/Policy:Cookie_statement)\n- [Mobile view](https:\/\/en.wikipedia.org\/w\/index.php?title=Cryptocurrency_bubble&mobileaction=toggle_view_mobile)\n\n- [![Wikimedia Foundation](https:\/\/en.wikipedia.org\/static\/images\/footer\/wikimedia.svg)](https:\/\/www.wikimedia.org\/)\n- [![Powered by MediaWiki](https:\/\/en.wikipedia.org\/w\/resources\/assets\/mediawiki_compact.svg)](https:\/\/www.mediawiki.org\/)\n\nSearch\n\nToggle the table of contents\n\nCryptocurrency bubble\n\n10 languages\n\n[Add topic](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble)","attrs_readable_markdown":"From Wikipedia, the free encyclopedia\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/7\/75\/Bitcoin_price_daily.webp\/250px-Bitcoin_price_daily.webp.png)](https:\/\/en.wikipedia.org\/wiki\/File:Bitcoin_price_daily.webp)\n\nBitcoin price daily, 2015–2022\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/8\/81\/Ethereum_price_daily.webp\/250px-Ethereum_price_daily.webp.png)](https:\/\/en.wikipedia.org\/wiki\/File:Ethereum_price_daily.webp)\n\nEthereum price daily, 2017–2022\n\nA **cryptocurrency bubble** is a phenomenon where the [market](https:\/\/en.wikipedia.org\/wiki\/Market_\$economics\$ \"Market (economics)\") increasingly considers the going price of [cryptocurrency](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency \"Cryptocurrency\") assets to be inflated against their hypothetical value. The [history of cryptocurrency](https:\/\/en.wikipedia.org\/wiki\/History_of_cryptocurrency \"History of cryptocurrency\") has been marked by several [speculative bubbles](https:\/\/en.wikipedia.org\/wiki\/Speculative_bubble \"Speculative bubble\") on a boom to bust cycle.[\\[1\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-FortuneMorris-1)[\\[2\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-2)\n\nSome economists and prominent investors have expressed the view that the entire cryptocurrency market constitutes a speculative bubble. Adherents of this view include [Berkshire Hathaway](https:\/\/en.wikipedia.org\/wiki\/Berkshire_Hathaway \"Berkshire Hathaway\") board member [Warren Buffett](https:\/\/en.wikipedia.org\/wiki\/Warren_Buffett \"Warren Buffett\") and several [laureates of the Nobel Memorial Prize in Economic Sciences](https:\/\/en.wikipedia.org\/wiki\/List_of_Nobel_Memorial_Prize_laureates_in_Economics \"List of Nobel Memorial Prize laureates in Economics\"), central bankers, and investors.\n\n### 2011 booms and crashes\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Cryptocurrency_bubble&action=edit&section=2 \"Edit section: 2011 booms and crashes\")\\]\n\nIn February 2011, the price of [Bitcoin](https:\/\/en.wikipedia.org\/wiki\/Bitcoin \"Bitcoin\") rose to [US\\$](https:\/\/en.wikipedia.org\/wiki\/United_States_dollar \"United States dollar\")1\\.06, then fell to [US\\$](https:\/\/en.wikipedia.org\/wiki\/United_States_dollar \"United States dollar\")0\\.67 that April. This spike was encouraged by several *[Slashdot](https:\/\/en.wikipedia.org\/wiki\/Slashdot \"Slashdot\")* posts about it.[\\[1\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-FortuneMorris-1) In June 2011, Bitcoin's price again rose, to [US\\$](https:\/\/en.wikipedia.org\/wiki\/United_States_dollar \"United States dollar\")29\\.58. This came after attention from a *[Gawker](https:\/\/en.wikipedia.org\/wiki\/Gawker \"Gawker\")* article about the dark web market [Silk Road](https:\/\/en.wikipedia.org\/wiki\/Silk_Road_\$marketplace\$ \"Silk Road (marketplace)\"). The price then fell to [US\\$](https:\/\/en.wikipedia.org\/wiki\/United_States_dollar \"United States dollar\")2\\.14 that November.[\\[1\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-FortuneMorris-1)\n\n### 2013 boom and 2014–15 crash\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Cryptocurrency_bubble&action=edit&section=3 \"Edit section: 2013 boom and 2014–15 crash\")\\]\n\nIn November 2013, Bitcoin's price rose to [US\\$](https:\/\/en.wikipedia.org\/wiki\/United_States_dollar \"United States dollar\")1,127.45. It then gradually declined, bottoming out at [US\\$](https:\/\/en.wikipedia.org\/wiki\/United_States_dollar \"United States dollar\")172\\.15 in January 2015.[\\[1\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-FortuneMorris-1)\n\n### 2017 boom and 2018 crash\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Cryptocurrency_bubble&action=edit&section=4 \"Edit section: 2017 boom and 2018 crash\")\\]\n\nThe 2018 cryptocurrency crash[\\[3\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-Popken-3)[\\[4\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-4)[\\[5\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-5)[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-6)[\\[7\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-7) (also known as the Bitcoin crash[\\[8\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-8) and the Great crypto crash[\\[9\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-BloombergCrash-9)) was the sell-off of most [cryptocurrencies](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency \"Cryptocurrency\") starting in January 2018. After an unprecedented boom in 2017, the price of Bitcoin fell by about 65% from 6 January to 6 February 2018. Subsequently, nearly all other cryptocurrencies followed Bitcoin's crash. By September 2018, cryptocurrencies collapsed 80% from their peak in January 2018, making the 2018 cryptocurrency crash worse than the [dot-com bubble](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble \"Dot-com bubble\")'s 78% collapse.[\\[9\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-BloombergCrash-9) By 26 November, Bitcoin also fell by 80% from its peak, having lost almost one-third of its value in the previous week.[\\[10\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-CryptoCollapse-10)\n\nA January 2018 article by CBS cautioned about possible [fraud](https:\/\/en.wikipedia.org\/wiki\/Fraud \"Fraud\"), citing the case of [BitConnect](https:\/\/en.wikipedia.org\/wiki\/BitConnect \"BitConnect\"), a British company which received a [cease-and-desist order](https:\/\/en.wikipedia.org\/wiki\/Cease-and-desist_order \"Cease-and-desist order\") from the [Texas State Securities Board](https:\/\/en.wikipedia.org\/wiki\/Texas_State_Securities_Board \"Texas State Securities Board\"). [BitConnect](https:\/\/en.wikipedia.org\/wiki\/Bitconnect \"Bitconnect\") had promised very high monthly returns but had not registered with state securities regulators or given their office address.[\\[11\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-11)\n\nIn November 2018, the total current value for Bitcoin fell below \\$100 billion for the first time since October 2017,[\\[12\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-Huang-2018-12)[\\[13\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-FortuneMeyer-13) and the price of Bitcoin fell below \\$4,000, representing an 80 percent decline from its peak the previous January.[\\[10\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-CryptoCollapse-10) Bitcoin reached a low of around \\$3,100 in December 2018.[\\[14\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-14)[\\[15\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-15)\n\n#### Timeline of the crash\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Cryptocurrency_bubble&action=edit&section=5 \"Edit section: Timeline of the crash\")\\]\n\n- 17 December 2017: Bitcoin's price briefly reaches a new all-time high of \\$19,783.06.[\\[16\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-16)\n- 22 December 2017: Bitcoin falls below \\$11,000, a fall of 45% from its peak.[\\[17\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-17)\n- 12 January 2018: Amidst rumors that South Korea could be preparing to ban trading in cryptocurrency, the price of Bitcoin depreciates by 12 percent.[\\[18\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-18)[\\[19\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-19)\n- 26 January 2018: [Coincheck](https:\/\/en.wikipedia.org\/wiki\/Coincheck \"Coincheck\"), Japan's largest [cryptocurrency](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency \"Cryptocurrency\") [OTC](https:\/\/en.wikipedia.org\/wiki\/Over-the-counter_\$finance\$ \"Over-the-counter (finance)\") market, is hacked. US\\$530 million of the NEM are stolen by the hacker, causing Coincheck to indefinitely suspend trading. The loss is the largest ever so far by an incident of theft.[\\[20\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-20)\n- Late March 2018: [Facebook](https:\/\/en.wikipedia.org\/wiki\/Facebook \"Facebook\"), [Google](https:\/\/en.wikipedia.org\/wiki\/Google \"Google\"), and [Twitter](https:\/\/en.wikipedia.org\/wiki\/Twitter \"Twitter\") ban advertisements for [initial coin offerings](https:\/\/en.wikipedia.org\/wiki\/Initial_coin_offering \"Initial coin offering\") (ICO) and token sales.[\\[21\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-21)\n- 15 November 2018: Bitcoin's total current value falls below \\$100 billion for the first time since October 2017 and the price of Bitcoin falls to \\$5,500.[\\[12\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-Huang-2018-12)[\\[13\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-FortuneMeyer-13)\n\n#### Initial coin offerings\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Cryptocurrency_bubble&action=edit&section=6 \"Edit section: Initial coin offerings\")\\]\n\n*[Wired](https:\/\/en.wikipedia.org\/wiki\/Wired_\$magazine\$ \"Wired (magazine)\")* noted in 2017 that the bubble in [initial coin offerings](https:\/\/en.wikipedia.org\/wiki\/Initial_coin_offering \"Initial coin offering\") (ICOs) was about to burst.[\\[22\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-22) Some investors bought ICOs in hopes of participating in the financial gains similar to those enjoyed by early Bitcoin or Ethereum speculators.[\\[23\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-23)\n\nIn June 2018, Ella Zhang of Binance Labs, a division of the cryptocurrency exchange [Binance](https:\/\/en.wikipedia.org\/wiki\/Binance \"Binance\"), stated that she was hoping to see the bubble in ICOs collapse. She promised to help \"fight scams and shit coins\".[\\[24\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-Zhang-24)\n\n### 2020–21 boom and 2022 crash\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Cryptocurrency_bubble&action=edit&section=7 \"Edit section: 2020–21 boom and 2022 crash\")\\]\n\nFrom 8 to 12 March 2020, the price of Bitcoin fell by 30 percent from \\$8,901 to \\$6,206.[\\[25\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-25) By October 2020, Bitcoin was trading for approximately \\$13,200.[\\[26\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-26) In November 2020, Bitcoin again surpassed its previous all-time high of over \\$19,000.[\\[27\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-27)\n\nIn early 2021, Bitcoin's price fluctuated wildly,[\\[28\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-28) rising to \\$34,792.47 on 3 January 2021 before crashing by 17 percent the next day[\\[29\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-BICooper-29) and reaching above \\$40,000 for the first time on 7 January. On 11 January, the UK [Financial Conduct Authority](https:\/\/en.wikipedia.org\/wiki\/Financial_Conduct_Authority \"Financial Conduct Authority\") warned investors against lending or investments in cryptoassets, that they should be prepared \"to lose all their money\".[\\[30\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-30) On 16 February, Bitcoin reached \\$50,000 for the first time.[\\[31\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-31) On 13 March, Bitcoin surpassed \\$61,000 for the first time.[\\[32\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-32) Following a smaller correction in February, Bitcoin plunged from its peak above \\$64,000 on 14 April to below \\$49,000 on 23 April, representing a 23% mini-crash in less than 10 days, dipping below the March bottom trading range and wiping half a trillion dollars from the combined crypto total current value.[\\[33\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-33)\n\nOn 14 April, [Coinbase](https:\/\/en.wikipedia.org\/wiki\/Coinbase \"Coinbase\"), a much hyped crypto exchange, went public on the [NASDAQ](https:\/\/en.wikipedia.org\/wiki\/Nasdaq \"Nasdaq\"). Their shares grew by over 31% on their first day to \\$328.28, pushing their market cap to \\$85.8B.[\\[34\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-34)\n\nOther cryptocurrencies' prices also sharply rose, then followed by losses of value during this period. In May 2021, the value of [Dogecoin](https:\/\/en.wikipedia.org\/wiki\/Dogecoin \"Dogecoin\"), originally created as a joke, increased to 20,000% of value in one year.[\\[35\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-35) It then dropped by 93% shortly after.[\\[36\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-36)\n\nBy 19 May, Bitcoin had dropped in value by 30% to \\$31,000, [Ethereum](https:\/\/en.wikipedia.org\/wiki\/Ethereum \"Ethereum\") by 40%, and Dogecoin by 45%. Nearly all cryptocurrencies were down by double-digit percentages.[\\[37\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-BusinessToday-37) Major cryptocurrency exchange Binance went down amid a market-wide price crash and traders are now seeking justice for their losses.[\\[38\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-38) This was partly in response to [Elon Musk](https:\/\/en.wikipedia.org\/wiki\/Elon_Musk \"Elon Musk\")'s announcement that [Tesla](https:\/\/en.wikipedia.org\/wiki\/Tesla,_Inc. \"Tesla, Inc.\") would suspend payments using the Bitcoin network due to environmental concerns, along with an announcement from the [People's Bank of China](https:\/\/en.wikipedia.org\/wiki\/People%27s_Bank_of_China \"People's Bank of China\") reiterating that digital currencies cannot be used for payments.[\\[37\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-BusinessToday-37)\n\nBitcoin and other cryptocurrencies experienced a solid recovery after [Elon Musk](https:\/\/en.wikipedia.org\/wiki\/Elon_Musk \"Elon Musk\") met with leading [Bitcoin mining](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_mining \"Bitcoin mining\") companies to develop more sustainable and efficient Bitcoin mining.[\\[39\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-39) After bottoming out on 19 July, by early September Bitcoin had reached \\$52,633.54 while Ethereum grew by over 100% to \\$3,952.13. After a short but significant fall, both cryptos peaked on 7 November 2021 at \\$67,566.83 and \\$4,812.09, respectively. The NASDAQ would peak 12 days later on 19 November at 16,057.44.\n\nIn September, Bitcoin officially became legal tender in [El Salvador](https:\/\/en.wikipedia.org\/wiki\/El_Salvador \"El Salvador\") with many news sources wondering what countries would be next.[\\[40\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-40)\n\nAs of October 2021, China has continued shutting down crypto trading and mining activities.\n\nAs of October 2024, Tesla has not yet resumed payment with Bitcoin, although they do accept payment with Dogecoin on select items.[\\[41\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-41)\n\nAfter its peak, the crypto market began to fall with the rest of the market. By the end of 2021, Bitcoin had fallen nearly 30% from its peak down to \\$47,686.81, and [Ethereum](https:\/\/en.wikipedia.org\/wiki\/Ethereum \"Ethereum\") had fallen about 23% to \\$3,769.70. In December 2022, *[The Washington Post](https:\/\/en.wikipedia.org\/wiki\/The_Washington_Post \"The Washington Post\")* reported that there was \"the sense that the crypto bubble has definitively popped, taking with it billions of dollars of investments made by regular people, pension funds, venture capitalists, and traditional companies\".[\\[42\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-42)\n\n| Date | Event |\n|---|---|\n| 13 February 2022 | Four crypto agencies purchase [Super Bowl](https:\/\/en.wikipedia.org\/wiki\/Super_Bowl \"Super Bowl\") ads: Coinbase, [FTX](https:\/\/en.wikipedia.org\/wiki\/FTX_\$company\$ \"FTX (company)\"), [eToro](https:\/\/en.wikipedia.org\/wiki\/EToro \"EToro\"), and [Crypto.com](https:\/\/en.wikipedia.org\/wiki\/Crypto.com \"Crypto.com\"). Coinbase becomes one of the most downloaded apps after their ad airs.[\\[43\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-43) |\n| Early April | The [U.S. Securities and Exchange Commission](https:\/\/en.wikipedia.org\/wiki\/U.S._Securities_and_Exchange_Commission \"U.S. Securities and Exchange Commission\") (SEC) announce that they would begin to put regulations on the crypto agencies, setting the stage for a broad selloff.[\\[44\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-44) |\n| 4 April | [Bitmex](https:\/\/en.wikipedia.org\/wiki\/BitMEX \"BitMEX\") becomes the first crypto agency to announce layoffs, laying off 25% of its workers.[\\[45\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-TechCrunch-45) |\n| 3 May | The Federal Reserve raises interest rates by 0.5%, triggering a broad market selloff.[\\[46\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-46) Over eight days, Bitcoin falls 27% to just over \\$29,000, while Ethereum falls 33.5% to around \\$1,960. The [NASDAQ](https:\/\/en.wikipedia.org\/wiki\/Nasdaq \"Nasdaq\") falls 12.5% during the following five days after the announcement. |\n| 10 May | Coinbase, with shares down nearly 80% from their peak, announces that if they went bankrupt people would lose their funds. The CEO later announces that they were at no risk of bankruptcy.[\\[47\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-47) |\n| 5-13 May | TerraUSD and Luna, two stablecoins run by [Terra](https:\/\/en.wikipedia.org\/wiki\/Terra_\$blockchain\$ \"Terra (blockchain)\"), lose their pegs to the US Dollar and collapse, with the former being worth \\$0.10 and the latter nearly nothing.[\\[48\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-48) |\n| 12 June | [Celsius Network](https:\/\/en.wikipedia.org\/wiki\/Celsius_Network \"Celsius Network\"), a crypto exchange, announces the halt of all withdrawals and transfers.[\\[49\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-49) Bitcoin falls 15% the following day to nearly \\$22,500, while Ethereum falls to \\$1,200. A wave of layoffs from other crypto agencies accompanies this, including from Crypto.com and Coinbase.[\\[45\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-TechCrunch-45) |\n| 13 June | [Tron's](https:\/\/en.wikipedia.org\/wiki\/Tron_\$cryptocurrency\$ \"Tron (cryptocurrency)\") algorithmic [stablecoin](https:\/\/en.wikipedia.org\/wiki\/Stablecoin \"Stablecoin\"), USDD, loses its peg to the US dollar.[\\[50\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-50) |\n| 17 June | Bitcoin dips below \\$20,000 for the first time since December 2020, and Ethereum falls below \\$1,000 for the first time since January 2021. Babel Finance, a crypto lender based in [Hong Kong](https:\/\/en.wikipedia.org\/wiki\/Hong_Kong \"Hong Kong\"), freezes withdrawals.[\\[51\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-51) |\n| 23 June | CoinFlex pauses withdrawals after a counterparty, which it later named as [Roger Ver](https:\/\/en.wikipedia.org\/wiki\/Roger_Ver \"Roger Ver\"), experienced liquidity issues and failed to repay a \\$47 million stablecoin margin call.[\\[52\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-52) |\n| 27 June | [Three Arrows Capital](https:\/\/en.wikipedia.org\/wiki\/Three_Arrows_Capital \"Three Arrows Capital\"), a cryptocurrency [hedge fund](https:\/\/en.wikipedia.org\/wiki\/Hedge_fund \"Hedge fund\"), [defaults](https:\/\/en.wikipedia.org\/wiki\/Default_\$finance\$ \"Default (finance)\") on a \\$670 million loan from [Voyager Digital](https:\/\/en.wikipedia.org\/wiki\/Voyager_Digital \"Voyager Digital\"), a cryptocurrency broker.[\\[53\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-53) |\n| 30 June | FTX announces they could acquire [BlockFi](https:\/\/en.wikipedia.org\/wiki\/BlockFi \"BlockFi\"), a crypto firm that had laid off 20% of their staff.[\\[54\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-54) |\n| Late June | Many crypto agencies begin to rethink their spending as their funds begin to dwindle.[\\[55\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-55) |\n| 2 July | [Three Arrows Capital](https:\/\/en.wikipedia.org\/wiki\/Three_Arrows_Capital \"Three Arrows Capital\") declares bankruptcy, owing 27 creditors a total of US\\$3.5 billion.[\\[56\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-56) |\n| 4 July | Vauld, a [Singapore](https:\/\/en.wikipedia.org\/wiki\/Singapore \"Singapore\")\\-based crypto lender backed by Coinbase and [Peter Thiel](https:\/\/en.wikipedia.org\/wiki\/Peter_Thiel \"Peter Thiel\"), halts withdrawals and trading on its platform.[\\[57\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-57) |\n| 5 July | [eToro](https:\/\/en.wikipedia.org\/wiki\/EToro \"EToro\") terminates their [special-purpose acquisition company](https:\/\/en.wikipedia.org\/wiki\/Special-purpose_acquisition_company \"Special-purpose acquisition company\") (SPAC) deal and lays off 6% of their workforce.[\\[58\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-58) Crypto broker Voyager Digital files for [Chapter 11 bankruptcy](https:\/\/en.wikipedia.org\/wiki\/Chapter_11,_Title_11,_United_States_Code \"Chapter 11, Title 11, United States Code\").[\\[59\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-59) |\n| 6 July | [Genesis Trading](https:\/\/en.wikipedia.org\/wiki\/Digital_Currency_Group \"Digital Currency Group\") discloses that it was exposed in the Three Arrows Capital bankruptcy.[\\[60\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-60) |\n| 8 July | [Blockchain.com](https:\/\/en.wikipedia.org\/wiki\/Blockchain.com \"Blockchain.com\") announces to its shareholders that it faces a potential \\$270 million loss from loans made to Three Arrows Capital.[\\[61\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-61)[\\[62\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-62) |\n| 11 July | Crypto miners in Texas temporarily shut down as an intense [heat wave](https:\/\/en.wikipedia.org\/wiki\/Heat_wave \"Heat wave\") puts a strain on the energy grid.[\\[63\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-63) The [Financial Stability Board](https:\/\/en.wikipedia.org\/wiki\/Financial_Stability_Board \"Financial Stability Board\") (FSB) states that crypto \"must be subject to effective regulation and oversight commensurate to the risks they pose\".[\\[64\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-64) |\n| 12 July | A filing with the [United States Bankruptcy Court for the Southern District of New York](https:\/\/en.wikipedia.org\/wiki\/United_States_Bankruptcy_Court_for_the_Southern_District_of_New_York \"United States Bankruptcy Court for the Southern District of New York\") from attorneys representing Three Arrows Capital creditors states that the company founders' [current whereabouts were unknown](https:\/\/en.wikipedia.org\/wiki\/Fugitive \"Fugitive\").[\\[65\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-65) The court freezes the company's assets.[\\[66\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-66) |\n| 14 July | [Celsius Network](https:\/\/en.wikipedia.org\/wiki\/Celsius_Network \"Celsius Network\") declares bankruptcy.[\\[67\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-Reuters-67) |\n| 19 July | [SkyBridge Capital](https:\/\/en.wikipedia.org\/wiki\/SkyBridge_Capital \"SkyBridge Capital\") freezes withdrawals.[\\[68\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-68) |\n| 20 July | Vauld files for protection against creditors, the equivalent of bankruptcy in Singapore.[\\[69\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-69) Zipmex, a Southeast Asian exchange, freezes withdrawals.[\\[70\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-70) |\n| 25 July | Coinbase comes under SEC investigation for potentially lying to their customers. This leads to a 21% drop in their stock the next day.[\\[71\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-71) |\n| 8 August | Singapore-based cryptocurrency lender and borrower Hodlnaut suspends withdrawals.[\\[72\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-72) |\n| 7–8 November | FTT, [FTX's](https:\/\/en.wikipedia.org\/wiki\/FTX \"FTX\") main crypto coin, crashes and loses 80% of its value as the result of a [run](https:\/\/en.wikipedia.org\/wiki\/Bank_run \"Bank run\") on the exchange.[\\[73\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-Sigalos-73) |\n| 10 November | BlockFi halts withdrawals due to the turmoil from FTX.[\\[74\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-74) The largest stablecoin, [Tether](https:\/\/en.wikipedia.org\/wiki\/Tether_\$cryptocurrency\$ \"Tether (cryptocurrency)\"), loses its peg to the US dollar.[\\[75\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-75) |\n| 11 November | [FTX declares bankruptcy](https:\/\/en.wikipedia.org\/wiki\/Bankruptcy_of_FTX \"Bankruptcy of FTX\").[\\[76\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-Bankruptcy-76) |\n| 16 November | Both Genesis Global Trading and [Gemini](https:\/\/en.wikipedia.org\/wiki\/Gemini_\$company\$ \"Gemini (company)\") halt withdrawals.[\\[77\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-77) |\n| 28 November | [BlockFi](https:\/\/en.wikipedia.org\/wiki\/BlockFi \"BlockFi\") declares bankruptcy, citing exposure to FTX as the main cause.[\\[78\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-78) |\n| 20 January 2023 | Genesis files for Chapter 11 bankruptcy from exposure to FTX.[\\[79\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-79) |\n| 12 February 2023 | Following the collapse of several big exchanges, no crypto agency purchased a Super Bowl ad.[\\[80\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-80) |\n| 2 March 2023 | Shares in [Silvergate Capital](https:\/\/en.wikipedia.org\/wiki\/Silvergate_Bank \"Silvergate Bank\"), an influential banker to the cryptocurrency industry, plunge 57.7% after the group said in a filing with the [SEC](https:\/\/en.wikipedia.org\/wiki\/U.S._Securities_and_Exchange_Commission \"U.S. Securities and Exchange Commission\") that it would not be able to submit its annual [10-K report](https:\/\/en.wikipedia.org\/wiki\/Form_10-K \"Form 10-K\") in time.[\\[81\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-81)[\\[82\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-82) |\n| 7 March 2023 | The SEC freezes BKCoin transactions and accuses it of being a fraud after they raised \\$100M.[\\[83\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-83) |\n| 8–9 March 2023 | Silvergate Capital announces plans to liquidate its bank.[\\[84\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-84)[\\[85\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-85) |\n| 10–12 March 2023 | Shares in [Signature Bank](https:\/\/en.wikipedia.org\/wiki\/Signature_Bank \"Signature Bank\"), one of the main banks to the cryptocurrency industry, drop as much as 32%, leading to its closure by the [New York State Department of Financial Services](https:\/\/en.wikipedia.org\/wiki\/New_York_State_Department_of_Financial_Services \"New York State Department of Financial Services\") in a bid to prevent the [spreading banking crisis](https:\/\/en.wikipedia.org\/wiki\/2023_United_States_banking_crisis \"2023 United States banking crisis\").[\\[86\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-86)[\\[87\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-Li2023-87) |\n| 20 June 2023 | [New Zealand](https:\/\/en.wikipedia.org\/wiki\/New_Zealand \"New Zealand\")–based ethical travel company We Are Bamboo loses millions of dollars on cryptocurrency trading before announcing it was folding and would not be refunding hundreds of customers for their prepaid trips, according to a report from liquidators [BDO](https:\/\/en.wikipedia.org\/wiki\/BDO_Global \"BDO Global\").[\\[88\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-88) |\n| 15 August 2023 | [Auckland](https:\/\/en.wikipedia.org\/wiki\/Auckland \"Auckland\")\\-based cryptocurrency exchange Dasset goes into voluntary liquidation, leaving customers unable to access their funds and with the firm unresponsive to complaints.[\\[89\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-89) |\n| 22 January 2024 | Terraform, creator of [TerraUSD](https:\/\/en.wikipedia.org\/wiki\/Terra_\$blockchain\$ \"Terra (blockchain)\") and Luna, files for Chapter 11 bankruptcy, over one and a half years after the collapse of their coins.[\\[90\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-90) |\n| 14 February 2024 | The liquidator of the [Kim Dotcom](https:\/\/en.wikipedia.org\/wiki\/Kim_Dotcom \"Kim Dotcom\")\\-founded Bitcache indicated the company will be yet another cryptocurrency company failure that takes some untangling.[\\[91\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-91) |\n\n### 2025 boom and 2026 crash\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Cryptocurrency_bubble&action=edit&section=10 \"Edit section: 2025 boom and 2026 crash\")\\]\n\nAfter the partial decrease in 2022, the value of Bitcoin rose again, reaching a new all-time high in October of 2025, when it was valued at [US\\$](https:\/\/en.wikipedia.org\/wiki\/United_States_dollar \"United States dollar\")125,835.92.[\\[92\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-92) It fell short of the US\\$200,000 expectation of [Standard Chartered](https:\/\/en.wikipedia.org\/wiki\/Standard_Chartered \"Standard Chartered\") analysts, however, leading one analyst to warn of a possible \"bitcoin winter\".[\\[93\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-93)\n\nBy February 2026 the price of Bitcoin was lower than when President [Trump was elected in 2024](https:\/\/en.wikipedia.org\/wiki\/2024_United_States_presidential_election \"2024 United States presidential election\"). with the industry concerned about a new “crypto winter\". *[The New York Times](https:\/\/en.wikipedia.org\/wiki\/The_New_York_Times \"The New York Times\")* called the slide \"one of the worst crises in the crypto industry since 2022\".[\\[94\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-94) Nobel economics laureate [Paul Krugman](https:\/\/en.wikipedia.org\/wiki\/Paul_Krugman \"Paul Krugman\") said, \"It does feel like we’re seeing a real crisis of faith right now.\"[\\[95\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-95) [Bloomberg Intelligence](https:\/\/en.wikipedia.org\/wiki\/Bloomberg_L.P. \"Bloomberg L.P.\") strategist Mike McGlone warned that the cryptocurrency market “bubble is imploding” with Bitcoin’s price set to decrease to US\\$10,000.[\\[96\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-96)\n\n#### Collapse of Terra-Luna\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Cryptocurrency_bubble&action=edit&section=12 \"Edit section: Collapse of Terra-Luna\")\\]\n\nIn May 2022, the [stablecoin](https:\/\/en.wikipedia.org\/wiki\/Stablecoin \"Stablecoin\") [TerraUSD](https:\/\/en.wikipedia.org\/wiki\/TerraUSD \"TerraUSD\") fell to US\\$0.10.[\\[97\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-97) This was supposed to be pegged to the US dollar via a complex algorithmic relationship with its support coin Luna. The loss of the peg resulted in Luna falling to almost zero, down from its high of \\$119.51.[\\[98\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-98) The collapse wiped out \\$45 billion of total current value in a week.[\\[99\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-99) On 25 May, a proposal was approved to reissue a new Luna cryptocurrency and to decouple from and abandon the devalued UST stablecoin.[\\[100\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-100)[\\[101\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-101) The new Luna coin lost value in the opening days of being listed on exchanges.[\\[102\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-102)\n\nIn the wake of Terra-Luna's collapse, another algorithmic stablecoin, DEI, lost its peg to the dollar and started to collapse.[\\[103\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-103)[\\[104\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-104)\n\n[Kwon Do-hyung](https:\/\/en.wikipedia.org\/wiki\/Kwon_Do-hyung \"Kwon Do-hyung\"), the founder of [Terra-Luna](https:\/\/en.wikipedia.org\/wiki\/Terra-Luna \"Terra-Luna\"), is wanted by [South Korea](https:\/\/en.wikipedia.org\/wiki\/South_Korea \"South Korea\") and the [US](https:\/\/en.wikipedia.org\/wiki\/US \"US\") for his role as the creator of the cryptocurrency [stablecoin](https:\/\/en.wikipedia.org\/wiki\/Stablecoin \"Stablecoin\") which was guaranteed by an algorithm rather than with appropriate funds, after the loss of 40 billion dollars by investors. He has been arrested in [Montenegro](https:\/\/en.wikipedia.org\/wiki\/Montenegro \"Montenegro\").[\\[105\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-105)\n\n#### Private litigation in the United States\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Cryptocurrency_bubble&action=edit&section=13 \"Edit section: Private litigation in the United States\")\\]\n\nOn 7 January 2022, a class-action lawsuit was filed against EthereumMax alleging it to be a [pump and dump](https:\/\/en.wikipedia.org\/wiki\/Pump_and_dump \"Pump and dump\") scheme with media personality [Kim Kardashian](https:\/\/en.wikipedia.org\/wiki\/Kim_Kardashian \"Kim Kardashian\"), former professional boxer [Floyd Mayweather Jr.](https:\/\/en.wikipedia.org\/wiki\/Floyd_Mayweather_Jr. \"Floyd Mayweather Jr.\"), former [NBA](https:\/\/en.wikipedia.org\/wiki\/National_Basketball_Association \"National Basketball Association\") player [Paul Pierce](https:\/\/en.wikipedia.org\/wiki\/Paul_Pierce \"Paul Pierce\"), and other celebrities also being named in the lawsuit for [promoting](https:\/\/en.wikipedia.org\/wiki\/False_advertising \"False advertising\") the Ether cryptocurrency on their [social media accounts](https:\/\/en.wikipedia.org\/wiki\/Influencer_marketing \"Influencer marketing\").[\\[106\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-106)[\\[107\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-107)\n\nOn 18 February, the [United States Court of Appeals for the Eleventh Circuit](https:\/\/en.wikipedia.org\/wiki\/United_States_Court_of_Appeals_for_the_Eleventh_Circuit \"United States Court of Appeals for the Eleventh Circuit\") ruled in a lawsuit against [Bitconnect](https:\/\/en.wikipedia.org\/wiki\/Bitconnect \"Bitconnect\") that the [Securities Act of 1933](https:\/\/en.wikipedia.org\/wiki\/Securities_Act_of_1933 \"Securities Act of 1933\") extends to [targeted solicitation](https:\/\/en.wikipedia.org\/wiki\/Targeted_advertising \"Targeted advertising\") using social media.[\\[108\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-108)\n\nOn the same day, a class-action lawsuit was filed against [SafeMoon](https:\/\/en.wikipedia.org\/wiki\/SafeMoon \"SafeMoon\") alleging it to also be a pump and dump scheme with professional boxer [Jake Paul](https:\/\/en.wikipedia.org\/wiki\/Jake_Paul \"Jake Paul\"), musician [Nick Carter](https:\/\/en.wikipedia.org\/wiki\/Nick_Carter \"Nick Carter\"), rappers [Soulja Boy](https:\/\/en.wikipedia.org\/wiki\/Soulja_Boy \"Soulja Boy\") and [Lil Yachty](https:\/\/en.wikipedia.org\/wiki\/Lil_Yachty \"Lil Yachty\"), and social media personality Ben Phillips also being named in the lawsuit for promoting the SafeMoon cryptocurrency with misleading information on their social media accounts.[\\[109\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-109)[\\[110\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-110)\n\nOn 1 April, a class-action lawsuit was filed in Florida against the [LGBcoin](https:\/\/en.wikipedia.org\/wiki\/Let%27s_Go_Brandon#Brandon_Brown_sponsorship \"Let's Go Brandon\") cryptocurrency company, [NASCAR](https:\/\/en.wikipedia.org\/wiki\/NASCAR \"NASCAR\"), professional [stock car racing](https:\/\/en.wikipedia.org\/wiki\/Stock_car_racing \"Stock car racing\") driver [Brandon Brown](https:\/\/en.wikipedia.org\/wiki\/Brandon_Brown_\$racing_driver\$ \"Brandon Brown (racing driver)\"), and political commentator [Candace Owens](https:\/\/en.wikipedia.org\/wiki\/Candace_Owens \"Candace Owens\") alleging that the defendants made [false](https:\/\/en.wikipedia.org\/wiki\/False_statements_of_fact \"False statements of fact\") or misleading statements about the LGBcoin and that the founders of the company had engaged in a pump and dump scheme.[\\[111\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-111)\n\nOn 13 April, [Coinbase](https:\/\/en.wikipedia.org\/wiki\/Coinbase \"Coinbase\") received a class-action [securities fraud](https:\/\/en.wikipedia.org\/wiki\/Securities_fraud \"Securities fraud\") lawsuit from its shareholders for including false and misleading statements and [omissions](https:\/\/en.wikipedia.org\/wiki\/Omission_\$law\$ \"Omission (law)\") in the [registration statement](https:\/\/en.wikipedia.org\/wiki\/Registration_statement \"Registration statement\") and [prospectus](https:\/\/en.wikipedia.org\/wiki\/Prospectus_\$finance\$ \"Prospectus (finance)\") of its [initial public offering](https:\/\/en.wikipedia.org\/wiki\/Initial_public_offering \"Initial public offering\").[\\[112\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-112)\n\nOn 13 June, [Binance](https:\/\/en.wikipedia.org\/wiki\/Binance \"Binance\") received a class-action lawsuit from more than 2,000 investors accusing the company of false advertising in promoting TerraUSD.[\\[113\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-113)\n\nOn 17 June, [TerraForm Labs](https:\/\/en.wikipedia.org\/wiki\/Terra_\$blockchain\$ \"Terra (blockchain)\") received a class-action lawsuit in the United States alleging the company misled investors in violation of federal and California securities laws in marketing its cryptocurrencies in a manner that resembled [securities](https:\/\/en.wikipedia.org\/wiki\/Security_\$finance\$ \"Security (finance)\").[\\[114\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-114)\n\nOn 7 July, [Celsius Network](https:\/\/en.wikipedia.org\/wiki\/Celsius_Network \"Celsius Network\") received a lawsuit from a former cryptocurrency investment manager alleging the company failed to implement adequate [risk management](https:\/\/en.wikipedia.org\/wiki\/Risk_management \"Risk management\") strategies or accounting practices to [hedge](https:\/\/en.wikipedia.org\/wiki\/Hedge_\$finance\$ \"Hedge (finance)\") the firm against cryptocurrency price fluctuations and protect its ability to repay its [depositors](https:\/\/en.wikipedia.org\/wiki\/Deposit_account \"Deposit account\"), and that the company was operating an effective [Ponzi scheme](https:\/\/en.wikipedia.org\/wiki\/Ponzi_scheme \"Ponzi scheme\").[\\[115\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-115)\n\nOn 21 July, an ex-[Coinbase](https:\/\/en.wikipedia.org\/wiki\/Coinbase \"Coinbase\") employee and 2 other men were charged with [wire fraud](https:\/\/en.wikipedia.org\/wiki\/Mail_and_wire_fraud \"Mail and wire fraud\") and conspiracy to commit wire fraud. This marked the first time charges were brought to people involving crypto assets.[\\[116\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-116)\n\nIn early November 2022, [Binance](https:\/\/en.wikipedia.org\/wiki\/Binance \"Binance\"), one of the largest crypto exchanges in the world, announced it would be dissolving its holdings in FTX Token (FTT) with reports that most of [FTX](https:\/\/en.wikipedia.org\/wiki\/FTX_\$company\$ \"FTX (company)\") [liquidity](https:\/\/en.wikipedia.org\/wiki\/Liquidity \"Liquidity\") was based in this coin and was very unstable. This announcement came shortly after article surfaced stating that Alameda Research, a trading firm affiliated with FTX held a significant amount of FTT. This resulted in a [run](https:\/\/en.wikipedia.org\/wiki\/Bank_run \"Bank run\") on FTX resulting in 90% of all FTT being withdrawn. The price of FTT fell from \\$22 on 7 November to under \\$5.00 on 8 November, an 80% drop.[\\[73\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-Sigalos-73) Abracadabra.com's stablecoin \"magic internet money\" (MIM) also briefly lost its peg to the [US dollar](https:\/\/en.wikipedia.org\/wiki\/United_States_dollar \"United States dollar\") for the first time since May 2022.[\\[117\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-117) This all resulted in a [liquidity crisis](https:\/\/en.wikipedia.org\/wiki\/Liquidity_crisis \"Liquidity crisis\") with the company unable to pay off the withdrawals. On 8 November, rival Binance announced plans to buy the company to save it from collapse. This sent shockwaves through the crypto market and led to a 10% drop in [Bitcoin](https:\/\/en.wikipedia.org\/wiki\/Bitcoin \"Bitcoin\") price and a 15% drop in Ether price. The following day, however, Binance immediately withdrew its offer causing Bitcoin and Ether to plummet another 14% and 16%, respectively, to their lowest levels since November 2020.[\\[118\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-118) The same day, the SEC and Justice Department launched an investigation into the company.[\\[119\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-119) FTX filed for bankruptcy protection on 11 November.[\\[76\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-Bankruptcy-76)\n\n## Characterization as a bubble\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Cryptocurrency_bubble&action=edit&section=15 \"Edit section: Characterization as a bubble\")\\]\n\n[Bitcoin](https:\/\/en.wikipedia.org\/wiki\/Bitcoin \"Bitcoin\") has been characterized as a [speculative bubble](https:\/\/en.wikipedia.org\/wiki\/Speculative_bubble \"Speculative bubble\") by eight [winners of the Nobel Memorial Prize in Economic Sciences](https:\/\/en.wikipedia.org\/wiki\/List_of_Nobel_Memorial_Prize_laureates_in_Economics \"List of Nobel Memorial Prize laureates in Economics\"): [Paul Krugman](https:\/\/en.wikipedia.org\/wiki\/Paul_Krugman \"Paul Krugman\"),[\\[120\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-Krugman-120)[\\[121\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-121) [Robert J. Shiller](https:\/\/en.wikipedia.org\/wiki\/Robert_J._Shiller \"Robert J. Shiller\"),[\\[122\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-Shiller_2014-122) [Joseph Stiglitz](https:\/\/en.wikipedia.org\/wiki\/Joseph_Stiglitz \"Joseph Stiglitz\"),[\\[123\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-Stiglitz-123) [Richard Thaler](https:\/\/en.wikipedia.org\/wiki\/Richard_Thaler \"Richard Thaler\"),[\\[124\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-Thaler-124) [James Heckman](https:\/\/en.wikipedia.org\/wiki\/James_Heckman \"James Heckman\"),[\\[125\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-4Nobels-125) [Thomas Sargent](https:\/\/en.wikipedia.org\/wiki\/Thomas_Sargent \"Thomas Sargent\"),[\\[125\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-4Nobels-125) [Angus Deaton](https:\/\/en.wikipedia.org\/wiki\/Angus_Deaton \"Angus Deaton\"),[\\[125\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-4Nobels-125) and [Oliver Hart](https:\/\/en.wikipedia.org\/wiki\/Oliver_Hart_\$economist\$ \"Oliver Hart (economist)\");[\\[125\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-4Nobels-125) and by central bank officials including [Alan Greenspan](https:\/\/en.wikipedia.org\/wiki\/Alan_Greenspan \"Alan Greenspan\"),[\\[126\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-Kearns-126) [Agustín Carstens](https:\/\/en.wikipedia.org\/wiki\/Agust%C3%ADn_Carstens \"Agustín Carstens\"),[\\[127\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-Carstens-127) [Vítor Constâncio](https:\/\/en.wikipedia.org\/wiki\/V%C3%ADtor_Const%C3%A2ncio \"Vítor Constâncio\"),[\\[128\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-Constancio-128) and [Nout Wellink](https:\/\/en.wikipedia.org\/wiki\/Nout_Wellink \"Nout Wellink\").[\\[129\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-129)\n\nThe investors [Warren Buffett](https:\/\/en.wikipedia.org\/wiki\/Warren_Buffett \"Warren Buffett\") and [George Soros](https:\/\/en.wikipedia.org\/wiki\/George_Soros \"George Soros\") have respectively characterized it as a \"mirage\"[\\[130\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-130) and a \"bubble\",[\\[131\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-GnMSoros-131) while the business executives [Jack Ma](https:\/\/en.wikipedia.org\/wiki\/Jack_Ma \"Jack Ma\") and J.P. Morgan Chase CEO [Jamie Dimon](https:\/\/en.wikipedia.org\/wiki\/Jamie_Dimon \"Jamie Dimon\") have called it a \"bubble\"[\\[132\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-Yang_Ma-132) and a \"fraud\",[\\[133\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-Buffet_and_Dimon-133) respectively. However, Dimon said later he regrets calling Bitcoin a fraud.[\\[134\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-134)\n\nOther notable skeptics are [Bill Gates](https:\/\/en.wikipedia.org\/wiki\/Bill_Gates \"Bill Gates\"), [Microsoft](https:\/\/en.wikipedia.org\/wiki\/Microsoft \"Microsoft\") co-founder and philanthropist;[\\[135\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-CNBC-135) [Bruce Schneier](https:\/\/en.wikipedia.org\/wiki\/Bruce_Schneier \"Bruce Schneier\"), cryptographer, computer security expert, and public policy lecturer at [Harvard University](https:\/\/en.wikipedia.org\/wiki\/Harvard_University \"Harvard University\");[\\[136\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-136) and [Molly White](https:\/\/en.wikipedia.org\/wiki\/Molly_White \"Molly White\"), author of the *Web3 Is Going Just Great* website.[\\[137\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-137)[\\[138\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-138)[\\[139\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-139)\n\nEconomic analysis of these market cycles suggests that cryptocurrency price dynamics are characteristic of speculative bubbles, driven more by market sentiment than by traditional economic fundamentals.[\\[140\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-140) The increasing integration of crypto with the financial system means these shocks do not occur in isolation. Studies find significant spillover effects, where volatility in cryptocurrency markets transmits to traditional asset classes like equities and commodities.[\\[141\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-141) More recent structural models confirm this transmission occurs by affecting overall investor risk appetite and that it extends to the broader macroeconomy, with a notable impact on long-term inflation. This demonstrates a concrete channel through which cryptocurrency bubbles and crashes can have broader economic consequences.[\\[142\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-142)\n\nIt has been suggested by Lee Reiners, a former [Federal Reserve](https:\/\/en.wikipedia.org\/wiki\/Federal_Reserve \"Federal Reserve\") economist, that \"when this crypto bubble bursts — and it will burst — it will end up impacting people across the economy even if they don’t have direct investment in crypto”.[\\[143\\]](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_note-143)\n\n- [Blockchain § History](https:\/\/en.wikipedia.org\/wiki\/Blockchain#History \"Blockchain\"), a broader overview of the history of blockchain technology\n  - [Cryptocurrency § History](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency#History \"Cryptocurrency\")\n- [Cryptocurrency and crime](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_and_crime \"Cryptocurrency and crime\")\n- [Crypto Ponzi scheme](https:\/\/en.wikipedia.org\/wiki\/Ponzi_scheme#Cryptocurrency_Ponzi \"Ponzi scheme\")\n\n1. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-FortuneMorris_1-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-FortuneMorris_1-1) [***c***](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-FortuneMorris_1-2) [***d***](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-FortuneMorris_1-3)\n   Morris, David Z. (2 January 2021). [\"A brief history of Bitcoin bubbles\"](https:\/\/fortune.com\/crypto\/2021\/01\/02\/is-bitcoin-a-bubble-will-it-crash-again-history\/). *Fortune*. Retrieved 23 May 2022.\n2. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-2)**\n   Stewart, Emily (6 March 2024). [\"Bitcoin's all-time high reveals the true nature of crypto\"](https:\/\/www.businessinsider.com\/bitcoin-all-time-high-etfs-crypto-price-crash-boom-bust-2024-3). *Business Insider*. Retrieved 21 December 2024.\n3. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-Popken_3-0)**\n   Popken, Ben (2 February 2018). [\"Bitcoin loses more than half its value amid crypto crash\"](https:\/\/www.nbcnews.com\/tech\/internet\/bitcoin-loses-more-half-its-value-amid-crypto-crash-n844056). *[NBC News](https:\/\/en.wikipedia.org\/wiki\/NBC_News \"NBC News\")*. [Archived](https:\/\/web.archive.org\/web\/20181021073955\/https:\/\/www.nbcnews.com\/tech\/internet\/bitcoin-loses-more-half-its-value-amid-crypto-crash-n844056) from the original on 21 October 2018.\n4. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-4)**\n   Silcoff, Sean (13 February 2018). [\"OMERS-affiliated Ethereum Capital offering pinched, but not pulled, following choppy markets and cryptocrash\"](https:\/\/www.theglobeandmail.com\/report-on-business\/ethereum-capital-financing-pinched-but-not-pulled-following-choppy-markets-and-cryptocrash\/article37958224\/). *[The Globe and Mail](https:\/\/en.wikipedia.org\/wiki\/The_Globe_and_Mail \"The Globe and Mail\")*. [The Woodbridge Company](https:\/\/en.wikipedia.org\/wiki\/The_Woodbridge_Company \"The Woodbridge Company\"). [Archived](https:\/\/web.archive.org\/web\/20181020091150\/https:\/\/www.theglobeandmail.com\/report-on-business\/ethereum-capital-financing-pinched-but-not-pulled-following-choppy-markets-and-cryptocrash\/article37958224\/) from the original on 20 October 2018.\n5. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-5)**\n   [\"Crypto crash: bitcoin drops to lowest point since November\"](http:\/\/www.theweek.co.uk\/cryptocurrencies\/91014\/crypto-crash-bitcoin-and-ethereum-plummet-in-value). *[The Week](https:\/\/en.wikipedia.org\/wiki\/The_Week \"The Week\")*. 2 February 2018. [Archived](https:\/\/web.archive.org\/web\/20180705114343\/http:\/\/www.theweek.co.uk\/cryptocurrencies\/91014\/crypto-crash-bitcoin-and-ethereum-plummet-in-value) from the original on 5 July 2018.\n6. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-6)**\n   Smith, Noah (8 February 2018). [\"Crypto Cynics Stand to Profit the Most\"](https:\/\/www.bloomberg.com\/view\/articles\/2018-02-08\/crypto-cynics-stand-to-profit-the-most). *[Bloomberg](https:\/\/en.wikipedia.org\/wiki\/Bloomberg_News \"Bloomberg News\")*. [Archived](https:\/\/web.archive.org\/web\/20180615111436\/https:\/\/www.bloomberg.com\/view\/articles\/2018-02-08\/crypto-cynics-stand-to-profit-the-most) from the original on 15 June 2018.\n7. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-7)**\n   Chaparro, Frank (2 February 2018). [\"ROUBINI: 'The Mother Of All Bubbles And Biggest Bubble in Human History Comes Down Crashing'\"](https:\/\/www.businessinsider.com\/bitcoin-the-mother-of-all-bubbles-is-now-crashing-2018-2). *[Business Insider](https:\/\/en.wikipedia.org\/wiki\/Business_Insider \"Business Insider\")*. [Archived](https:\/\/web.archive.org\/web\/20181023034847\/https:\/\/www.businessinsider.com\/bitcoin-the-mother-of-all-bubbles-is-now-crashing-2018-2) from the original on 23 October 2018.\n8. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-8)**\n   Kaplan, Michael (11 September 2018). [\"Bitcoin crash: This man lost his savings when cryptocurrencies plunged\"](https:\/\/money.cnn.com\/2018\/09\/11\/investing\/bitcoin-crash-victim\/index.html). [CNN](https:\/\/en.wikipedia.org\/wiki\/CNN \"CNN\"). [Archived](https:\/\/web.archive.org\/web\/20181012213956\/https:\/\/money.cnn.com\/2018\/09\/11\/investing\/bitcoin-crash-victim\/index.html) from the original on 12 October 2018.\n9. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-BloombergCrash_9-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-BloombergCrash_9-1)\n   Patterson, Michael (12 September 2018). [\"Crypto's 80% Plunge Is Now Worse Than the Dot-Com Crash\"](https:\/\/www.bloomberg.com\/news\/articles\/2018-09-12\/crypto-s-crash-just-surpassed-dot-com-levels-as-losses-reach-80). *[Bloomberg](https:\/\/en.wikipedia.org\/wiki\/Bloomberg_News \"Bloomberg News\")*. [Archived](https:\/\/web.archive.org\/web\/20181011095706\/https:\/\/www.bloomberg.com\/news\/articles\/2018-09-12\/crypto-s-crash-just-surpassed-dot-com-levels-as-losses-reach-80) from the original on 11 October 2018.\n10. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-CryptoCollapse_10-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-CryptoCollapse_10-1)\n    Russolillo, Steven (26 November 2018). [\"Bitcoin Continues Steep Fall as Cryptocurrency Collapse Worsens\"](https:\/\/www.wsj.com\/articles\/bitcoin-falls-below-4-000-as-cryptocurrency-collapse-worsens-1543241154). *[Wall Street Journal](https:\/\/en.wikipedia.org\/wiki\/Wall_Street_Journal \"Wall Street Journal\")*. [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [0099-9660](https:\/\/search.worldcat.org\/issn\/0099-9660). [Archived](https:\/\/web.archive.org\/web\/20181127021623\/https:\/\/www.wsj.com\/articles\/bitcoin-falls-below-4-000-as-cryptocurrency-collapse-worsens-1543241154) from the original on 27 November 2018. Retrieved 1 December 2018.\n11. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-11)**\n    Kristof, Kathy (5 January 2018). [\"5 reasons to tread carefully in cryptocurrencies\"](https:\/\/www.cbsnews.com\/news\/bitcoin-cryptocurrencies-5-reasons-to-tread-carefully\/). *CBS*. [Archived](https:\/\/web.archive.org\/web\/20180114080835\/https:\/\/www.cbsnews.com\/news\/bitcoin-cryptocurrencies-5-reasons-to-tread-carefully\/) from the original on 14 January 2018.\n12. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-Huang-2018_12-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-Huang-2018_12-1)\n    Huang, Eustance (14 November 2018). [\"Bitcoin market cap falls below \\$100 billion for first time since October 2017\"](https:\/\/www.cnbc.com\/2018\/11\/15\/bitcoin-market-cap-falls-below-100-billion-for-first-time-since-2017.html). [CNBC](https:\/\/en.wikipedia.org\/wiki\/CNBC \"CNBC\"). [Archived](https:\/\/web.archive.org\/web\/20181116000954\/https:\/\/www.cnbc.com\/2018\/11\/15\/bitcoin-market-cap-falls-below-100-billion-for-first-time-since-2017.html) from the original on 16 November 2018.\n13. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-FortuneMeyer_13-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-FortuneMeyer_13-1)\n    Meyer, David (15 November 2018). [\"The Entire Cryptocurrency Scene—Including Bitcoin—Is Plummeting Again. These Might Be the Reasons Why\"](https:\/\/fortune.com\/crypto\/2018\/11\/15\/bitcoin-price-cryptocurrency-crash-why\/). *[Fortune](https:\/\/en.wikipedia.org\/wiki\/Fortune_\$magazine\$ \"Fortune (magazine)\")*. [Archived](https:\/\/web.archive.org\/web\/20181115140234\/http:\/\/fortune.com\/2018\/11\/15\/bitcoin-price-cryptocurrency-crash-why\/) from the original on 15 November 2018.\n14. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-14)**\n    Kharpal, Arjun (9 May 2019). [\"Bitcoin hits \\$6,000 for the first time since November\"](https:\/\/www.cnbc.com\/2019\/05\/09\/bitcoin-hits-6000-for-the-first-time-since-november.html). *CNBC*. Retrieved 16 March 2021.\n15. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-15)**\n    Lee, Timothy B. (9 May 2019). [\"Bitcoin is worth \\$6,000 for the first time this year\"](https:\/\/arstechnica.com\/tech-policy\/2019\/05\/bitcoin-is-worth-6000-for-the-first-time-this-year\/). *Ars Technica*. Retrieved 16 March 2021.\n16. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-16)**\n    Morris, David Z. (17 December 2017). [\"Bitcoin Hits a New Record High, But Stops Short of \\$20,000\"](https:\/\/fortune.com\/crypto\/2017\/12\/17\/bitcoin-record-high-short-of-20000\/). *Fortune*. [Archived](https:\/\/web.archive.org\/web\/20181114132600\/http:\/\/fortune.com\/2017\/12\/17\/bitcoin-record-high-short-of-20000\/) from the original on 14 November 2018.\n17. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-17)**\n    Martin, Will (22 December 2017). [\"Bitcoin swings wildly as its price plunges\"](https:\/\/www.businessinsider.com\/bitcoin-price-drops-plunges-friday-december-22-2017-12). *[Business Insider](https:\/\/en.wikipedia.org\/wiki\/Business_Insider \"Business Insider\")*. [Archived](https:\/\/web.archive.org\/web\/20181018004453\/https:\/\/www.businessinsider.com\/bitcoin-price-drops-plunges-friday-december-22-2017-12) from the original on 18 October 2018.\n18. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-18)**\n    Choudhury, Saheli Roy (11 January 2018). [\"South Korea is talking down the idea a cryptocurrency trading ban is imminent\"](https:\/\/www.cnbc.com\/2018\/01\/11\/south-korea-cryptocurrency-justice-ministry-softened-stance.html). *[CNBC](https:\/\/en.wikipedia.org\/wiki\/CNBC \"CNBC\")*. [Archived](https:\/\/web.archive.org\/web\/20180615111732\/https:\/\/www.cnbc.com\/2018\/01\/11\/south-korea-cryptocurrency-justice-ministry-softened-stance.html) from the original on 15 June 2018.\n19. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-19)**\n    Kharpal, Arjun (11 January 2018). [\"Over \\$100 billion wiped off global cryptocurrency market following talk of South Korea trading ban\"](https:\/\/www.cnbc.com\/2018\/01\/11\/bitcoin-ripple-ethereum-prices-fall-after-south-korea-trading-ban-talk.html). *[CNBC](https:\/\/en.wikipedia.org\/wiki\/CNBC \"CNBC\")*. [Archived](https:\/\/web.archive.org\/web\/20181015042005\/https:\/\/www.cnbc.com\/2018\/01\/11\/bitcoin-ripple-ethereum-prices-fall-after-south-korea-trading-ban-talk.html) from the original on 15 October 2018.\n20. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-20)**\n    Mochizuki, Takashi; Vigna, Paul (26 January 2018). [\"Cryptocurrency Worth \\$530 Million Missing From Japanese Exchange\"](https:\/\/web.archive.org\/web\/20180615111236\/https:\/\/www.wsj.com\/articles\/cryptocurrency-worth-530-million-missing-from-japanese-exchange-1516988190). *Wall Street Journal*. [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [0099-9660](https:\/\/search.worldcat.org\/issn\/0099-9660). Archived from [the original](https:\/\/www.wsj.com\/articles\/cryptocurrency-worth-530-million-missing-from-japanese-exchange-1516988190) on 15 June 2018. Retrieved 11 April 2018.\n21. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-21)**\n    Russo, Camila (26 March 2018). [\"Twitter Joins Facebook, Google in Banning Crypto Coin Sale Ads\"](https:\/\/www.bloomberg.com\/news\/articles\/2018-03-26\/twitter-joins-facebook-google-in-banning-crypto-coin-sale-ads). *Bloomberg*. [Archived](https:\/\/web.archive.org\/web\/20180615111611\/https:\/\/www.bloomberg.com\/news\/articles\/2018-03-26\/twitter-joins-facebook-google-in-banning-crypto-coin-sale-ads) from the original on 15 June 2018.\n22. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-22)**\n    Burton, Charlie (12 December 2017). [\"The ICO bubble is about to burst... but that's a good thing\"](https:\/\/www.wired.co.uk\/article\/ico-bubble-burst). Wired. [Archived](https:\/\/web.archive.org\/web\/20180120060050\/http:\/\/www.wired.co.uk\/article\/ico-bubble-burst) from the original on 20 January 2018.\n23. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-23)**\n    Lee, Timothy B. (5 October 2017). [\"Explaining the new cryptocurrency bubble—and why it might not be all bad Investors are pouring tens of millions of dollars into new cryptocurrencies\"](https:\/\/arstechnica.com\/tech-policy\/2017\/10\/explaining-the-new-cryptocurrency-bubble-and-why-it-might-not-be-all-bad\/). Arstechnica. [Archived](https:\/\/web.archive.org\/web\/20171222051320\/https:\/\/arstechnica.com\/tech-policy\/2017\/10\/explaining-the-new-cryptocurrency-bubble-and-why-it-might-not-be-all-bad\/) from the original on 22 December 2017.\n24. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-Zhang_24-0)**\n    Russo, Camila (4 June 2018). [\"Binance's Venture Fund Head Is Waiting for ICO Bubble to Burst\"](https:\/\/www.bloomberg.com\/news\/articles\/2018-06-04\/binance-s-venture-fund-head-is-waiting-for-ico-bubble-to-burst). *Bloomberg*. [Archived](https:\/\/web.archive.org\/web\/20180612145940\/https:\/\/www.bloomberg.com\/news\/articles\/2018-06-04\/binance-s-venture-fund-head-is-waiting-for-ico-bubble-to-burst) from the original on 12 June 2018.\n25. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-25)**\n    Wilson, Tom (12 March 2020). [\"Bitcoin plummets as cryptocurrencies suffer in market turmoil\"](https:\/\/www.reuters.com\/article\/us-health-coronavirus-bitcoin\/bitcoin-plummets-as-cryptocurrencies-suffer-in-market-turmoil-idUSKBN20Z1GA). *[Reuters](https:\/\/en.wikipedia.org\/wiki\/Reuters \"Reuters\")*. Retrieved 12 March 2020.\n26. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-26)**\n    Nagarajan, Shalini (31 October 2020). [\"Bitcoin doesn't care who wins the US election - it will rise in value regardless of the outcome, a cryptocurrency fund chief says\"](https:\/\/www.businessinsider.com\/bitcoin-risk-assets-value-us-election-outcome-arca-investment-chief-2020-10). *Business Insider*. Retrieved 3 November 2020.\n27. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-27)**\n    Hajric, Vildana (30 November 2020). 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[\"Bitcoin 'Ought to Be Outlawed,' Nobel Prize Winner Stiglitz Says\"](https:\/\/www.bloomberg.com\/news\/articles\/2017-11-29\/bitcoin-ought-to-be-outlawed-nobel-prize-winner-stiglitz-says-jal10hxd). Bloomberg. [Archived](https:\/\/web.archive.org\/web\/20180612224313\/https:\/\/www.bloomberg.com\/news\/articles\/2017-11-29\/bitcoin-ought-to-be-outlawed-nobel-prize-winner-stiglitz-says-jal10hxd) from the original on 12 June 2018. \"It doesn't serve any socially useful function.\"\n124. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-Thaler_124-0)**\n     [\"Economics Nobel prize winner, Richard Thaler: 'The market that looks most like a bubble to me is Bitcoin and its brethren'\"](https:\/\/econews.pt\/2018\/01\/22\/economics-nobel-prize-winner-richard-thaler-the-market-that-looks-most-like-a-bubble-to-me-is-bitcoin-and-its-brethren\/). ECO Portuguese Economy. 22 January 2018. 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[Archived](https:\/\/web.archive.org\/web\/20180612141128\/https:\/\/finance.yahoo.com\/news\/good-drug-dealers-nobel-prize-winners-snub-bitcoin-184903784.html) from the original on 12 June 2018.\n126. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-Kearns_126-0)**\n     Kearns, Jeff (4 December 2013). [\"Greenspan Says Bitcoin a Bubble Without Intrinsic Currency Value\"](https:\/\/www.bloomberg.com\/news\/2013-12-04\/greenspan-says-bitcoin-a-bubble-without-intrinsic-currency-value.html). *bloomberg.com*. Bloomberg LP. [Archived](https:\/\/web.archive.org\/web\/20131229054844\/http:\/\/www.bloomberg.com\/news\/2013-12-04\/greenspan-says-bitcoin-a-bubble-without-intrinsic-currency-value.html) from the original on 29 December 2013.\n127. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-Carstens_127-0)**\n     [\"Central banker takes stab at bitcoin 'bubble'\"](https:\/\/phys.org\/news\/2018-02-central-banker-stab-bitcoin.html). Phys.org. AFP. 6 February 2018. [Archived](https:\/\/web.archive.org\/web\/20180612143028\/https:\/\/phys.org\/news\/2018-02-central-banker-stab-bitcoin.html) from the original on 12 June 2018.\n128. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-Constancio_128-0)**\n     [\"Bitcoin is like Tulipmania, says ECB vice-president\"](https:\/\/www.ft.com\/content\/18507a26-9fb4-11e7-8cd4-932067fbf946). The Financial Times. 22 September 2017. [Archived](https:\/\/web.archive.org\/web\/20170930234500\/https:\/\/www.ft.com\/content\/18507a26-9fb4-11e7-8cd4-932067fbf946) from the original on 30 September 2017.\n129. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-129)**\n     Hern, Alex (4 December 2013). [\"Bitcoin hype worse than 'tulip mania', says Dutch central banker\"](https:\/\/web.archive.org\/web\/20170320051840\/https:\/\/www.theguardian.com\/technology\/2013\/dec\/04\/bitcoin-bubble-tulip-dutch-banker). *The Guardian*. [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [0261-3077](https:\/\/search.worldcat.org\/issn\/0261-3077). Archived from [the original](https:\/\/www.theguardian.com\/technology\/2013\/dec\/04\/bitcoin-bubble-tulip-dutch-banker) on 20 March 2017. Retrieved 17 December 2017.\n130. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-130)**\n     Crippen, Alex (14 March 2014). [\"Bitcoin? Here's what Warren Buffett is saying\"](https:\/\/www.cnbc.com\/2014\/03\/14\/buffett-blasts-bitcoin-as-mirage-stay-away.html). *CNBC*. [Archived](https:\/\/web.archive.org\/web\/20170113070447\/http:\/\/www.cnbc.com\/2014\/03\/14\/buffett-blasts-bitcoin-as-mirage-stay-away.html) from the original on 13 January 2017. Retrieved 11 January 2017.\n131. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-GnMSoros_131-0)**\n     Porzecanski, Katia (25 January 2018). [\"George Soros: Bitcoin is a bubble, Trump is a 'danger to the world'\"](https:\/\/www.theglobeandmail.com\/globe-investor\/investment-ideas\/george-soros-says-bitcoin-bubble-wont-have-sharp-break-like-others\/article37739168\/). Globe and Mail. Bloomberg News. [Archived](https:\/\/web.archive.org\/web\/20180609071424\/https:\/\/www.theglobeandmail.com\/globe-investor\/investment-ideas\/george-soros-says-bitcoin-bubble-wont-have-sharp-break-like-others\/article37739168\/) from the original on 9 June 2018. Retrieved 7 June 2018.\n132. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-Yang_Ma_132-0)**\n     Yang, Yingzhi (18 May 2018). [\"There's a bitcoin bubble, says Alibaba executive chairman Jack Ma\"](https:\/\/www.scmp.com\/tech\/enterprises\/article\/2146648\/theres-bitcoin-bubble-says-alibaba-executive-chairman-jack-ma). South China Morning Post. [Archived](https:\/\/web.archive.org\/web\/20180610214759\/http:\/\/www.scmp.com\/tech\/enterprises\/article\/2146648\/theres-bitcoin-bubble-says-alibaba-executive-chairman-jack-ma) from the original on 10 June 2018. Retrieved 10 June 2018.\n133. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-Buffet_and_Dimon_133-0)**\n     Cheng, Evelyn (7 June 2018). [\"Warren Buffett and Jamie Dimon on bitcoin: Beware\"](https:\/\/www.cnbc.com\/2018\/06\/07\/warren-buffett-and-jamie-dimon-on-bitcoin-beware.html). CNBC. [Archived](https:\/\/web.archive.org\/web\/20180609122312\/https:\/\/www.cnbc.com\/2018\/06\/07\/warren-buffett-and-jamie-dimon-on-bitcoin-beware.html) from the original on 9 June 2018. Retrieved 7 June 2018.\n134. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-134)**\n     Kim, Tae (9 January 2018). [\"Jamie Dimon says he regrets calling bitcoin a fraud and believes in the technology behind it\"](https:\/\/www.cnbc.com\/2018\/01\/09\/jamie-dimon-says-he-regrets-calling-bitcoin-a-fraud.html). *CNBC*. Retrieved 31 December 2020.\n135. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-CNBC_135-0)**\n     Browne, Ryan (15 June 2022). [\"Bill Gates says crypto and NFTs are '100% based on greater fool theory'\"](https:\/\/www.cnbc.com\/2022\/06\/15\/bill-gates-says-crypto-and-nfts-are-based-on-greater-fool-theory.html). *[CNBC](https:\/\/en.wikipedia.org\/wiki\/CNBC \"CNBC\")*. Retrieved 15 June 2022.\n136. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-136)**\n     Avery, Dan (1 June 2022). [\"Tech Experts Call on Lawmakers to Push Back Against Cryptocurrency Industry\"](https:\/\/web.archive.org\/web\/20220602025804\/https:\/\/www.cnet.com\/personal-finance\/crypto\/tech-experts-call-on-lawmakers-to-push-back-against-cryptocurrency-industry\/). *CNET*. Archived from [the original](https:\/\/www.cnet.com\/personal-finance\/crypto\/tech-experts-call-on-lawmakers-to-push-back-against-cryptocurrency-industry\/) on 2 June 2022. Retrieved 2 June 2022. \"In an open letter on Wednesday, 26 computer scientists, software engineers and academics – including Harvard computer security expert Bruce Schneier and Google Cloud principal engineer Kelsey Hightower – urged Congress to 'resist pressure from digital asset industry financiers, lobbyists and boosters to create a regulatory safe haven for these risky, flawed and unproven digital financial instruments' ... The letter also cautioned that crypto assets are being used to promote 'unsound and highly volatile speculative investment schemes' to investors who may not understand the real risks. 'The claims that the blockchain advocates make are not true,' Schneier told the *Financial Times*. 'It's not secure, it's not decentralized. Any system where you forget your password and you lose your life savings is not a safe system.'\"\n137. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-137)**\n     De Vynck, Gerrit (29 May 2022). [\"First she documented the alt-right. Now she's coming for crypto\"](https:\/\/web.archive.org\/web\/20220531021347\/https:\/\/www.washingtonpost.com\/technology\/2022\/05\/29\/molly-white-crypto\/). *The Washington Post*. Archived from [the original](https:\/\/www.washingtonpost.com\/technology\/2022\/05\/29\/molly-white-crypto\/) on 31 May 2022. Retrieved 31 May 2022. \"A 28-year-old software engineer who writes Wikipedia articles for fun, White is an odd figure to make the crypto industry cower. On her website, 'Web3 is Going Just Great', White documents case after case of crypto malfeasance: investments that turn out to be scams, poorly-run projects that collapse under mismanagement and hacks that drain supporters' money. As much of the financial and tech elite has rallied around crypto, White has led a small but scrappy group of skeptics pushing the other way whose warnings have seemed vindicated by the cratering in recent weeks of cryptocurrency prices.\"\n138. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-138)**\n     Pahwa, Nitish (12 May 2022). [\"To Be Clear, Web3 Is Not Going Great\"](https:\/\/web.archive.org\/web\/20220528020034\/https:\/\/slate.com\/technology\/2022\/05\/crypto-crash-molly-white-web3-going-just-great.html). *Slate*. Archived from [the original](https:\/\/slate.com\/technology\/2022\/05\/crypto-crash-molly-white-web3-going-just-great.html) on 28 May 2022. Retrieved 31 May 2022. \"One of the most prominent skeptics these days is Molly White, a software developer who started the blog Web3 Is Going Just Great last December ... The site has gotten quite popular among fellow doubters, and White herself has become a go-to voice countering the hype coming from crypto companies and maxis—even collaborating with other crypto watchers on a project fact-checking mainstream publications' praise of crypto.\"\n139. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-139)**\n     Bernard, Zoe (29 April 2022). [\"Crypto's CSI: How Molly White Became an 'Absolute Nightmare' for Web3 Evangelists\"](https:\/\/web.archive.org\/web\/20220512215358\/https:\/\/www.theinformation.com\/articles\/cryptos-csi-how-molly-white-became-an-absolute-nightmare-for-web3-evangelists). *The Information*. Archived from [the original](https:\/\/www.theinformation.com\/articles\/cryptos-csi-how-molly-white-became-an-absolute-nightmare-for-web3-evangelists) on 12 May 2022. Retrieved 31 May 2022. \"Over the course of one week in April, Molly White's internet crime blotter Web3 Is Going Just Great documented 15 crypto-related offenses, each of which alone would hobble—or at least humiliate—most other industries ... White is in a unique position to catalog Web3's never-ending highlight reel of disasters. A software engineer who has worked in front-end development at enterprise software company HubSpot for the past six years, the 28-year-old has a sophisticated understanding of the blockchain's underlying technology.\"\n140. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-140)**\n     Cheah, E. T.; Fry, J. (2015). \"Speculative bubbles in Bitcoin markets? An empirical investigation into the fundamental value of Bitcoin\". *Economics Letters*. **130**: 32–36\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1016\/j.econlet.2015.02.029](https:\/\/doi.org\/10.1016%2Fj.econlet.2015.02.029). [hdl](https:\/\/en.wikipedia.org\/wiki\/Hdl_\$identifier\$ \"Hdl (identifier)\"):[10454\/18101](https:\/\/hdl.handle.net\/10454%2F18101).\n141. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-141)**\n     Corbet, Shaen; Meegan, Andrew; Larkin, Charles; Lucey, Brian; Yarovaya, Larisa (2018). [\"Exploring the dynamic relationships between cryptocurrencies and other financial assets\"](https:\/\/figshare.com\/articles\/journal_contribution\/23759697). *Economics Letters*. **165**: 28–34\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1016\/j.econlet.2018.01.004](https:\/\/doi.org\/10.1016%2Fj.econlet.2018.01.004).\n142. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-142)**\n     Chen, Zhengyang (2025). [\"From Disruption to Integration: Cryptocurrency Prices, Financial Fluctuations, and Macroeconomy\"](https:\/\/doi.org\/10.3390%2Fjrfm18070360). *Journal of Risk and Financial Management*. **18** (7): 360. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.3390\/jrfm18070360](https:\/\/doi.org\/10.3390%2Fjrfm18070360).\n143. **[^](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble#cite_ref-143)**\n     Lipton, Eric; Yaffe-Bellany, David (21 January 2025). [\"Trump's Cryptocurrency Surges to Become One of the World's Most Valuable\"](https:\/\/www.nytimes.com\/2025\/01\/19\/us\/politics\/trump-cryptocurrency-surges.html). *The New York Times*. [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [0362-4331](https:\/\/search.worldcat.org\/issn\/0362-4331). Retrieved 21 January 2025.\n\n- [\"Bitcoin Bulls and Bears\"](https:\/\/www.bloomberg.com\/features\/bitcoin-bulls-bears\/). Bloomberg. 8 June 2018.","meta_canonical":null}

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Boilerpipe Text	From Wikipedia, the free encyclopedia Bitcoin price daily, 2015–2022 Ethereum price daily, 2017–2022 A cryptocurrency bubble is a phenomenon where the market increasingly considers the going price of cryptocurrency assets to be inflated against their hypothetical value. The history of cryptocurrency has been marked by several speculative bubbles on a boom to bust cycle. [ 1 ] [ 2 ] Some economists and prominent investors have expressed the view that the entire cryptocurrency market constitutes a speculative bubble. Adherents of this view include Berkshire Hathaway board member Warren Buffett and several laureates of the Nobel Memorial Prize in Economic Sciences , central bankers, and investors. 2011 booms and crashes [ edit ] In February 2011, the price of Bitcoin rose to US$ 1.06, then fell to US$ 0.67 that April. This spike was encouraged by several Slashdot posts about it. [ 1 ] In June 2011, Bitcoin's price again rose, to US$ 29.58. This came after attention from a Gawker article about the dark web market Silk Road . The price then fell to US$ 2.14 that November. [ 1 ] 2013 boom and 2014–15 crash [ edit ] In November 2013, Bitcoin's price rose to US$ 1,127.45. It then gradually declined, bottoming out at US$ 172.15 in January 2015. [ 1 ] 2017 boom and 2018 crash [ edit ] The 2018 cryptocurrency crash [ 3 ] [ 4 ] [ 5 ] [ 6 ] [ 7 ] (also known as the Bitcoin crash [ 8 ] and the Great crypto crash [ 9 ] ) was the sell-off of most cryptocurrencies starting in January 2018. After an unprecedented boom in 2017, the price of Bitcoin fell by about 65% from 6 January to 6 February 2018. Subsequently, nearly all other cryptocurrencies followed Bitcoin's crash. By September 2018, cryptocurrencies collapsed 80% from their peak in January 2018, making the 2018 cryptocurrency crash worse than the dot-com bubble 's 78% collapse. [ 9 ] By 26 November, Bitcoin also fell by 80% from its peak, having lost almost one-third of its value in the previous week. [ 10 ] A January 2018 article by CBS cautioned about possible fraud , citing the case of BitConnect , a British company which received a cease-and-desist order from the Texas State Securities Board . BitConnect had promised very high monthly returns but had not registered with state securities regulators or given their office address. [ 11 ] In November 2018, the total current value for Bitcoin fell below $100 billion for the first time since October 2017, [ 12 ] [ 13 ] and the price of Bitcoin fell below $4,000, representing an 80 percent decline from its peak the previous January. [ 10 ] Bitcoin reached a low of around $3,100 in December 2018. [ 14 ] [ 15 ] Timeline of the crash [ edit ] 17 December 2017: Bitcoin's price briefly reaches a new all-time high of $19,783.06. [ 16 ] 22 December 2017: Bitcoin falls below $11,000, a fall of 45% from its peak. [ 17 ] 12 January 2018: Amidst rumors that South Korea could be preparing to ban trading in cryptocurrency, the price of Bitcoin depreciates by 12 percent. [ 18 ] [ 19 ] 26 January 2018: Coincheck , Japan's largest cryptocurrency OTC market, is hacked. US$530 million of the NEM are stolen by the hacker, causing Coincheck to indefinitely suspend trading. The loss is the largest ever so far by an incident of theft. [ 20 ] Late March 2018: Facebook , Google , and Twitter ban advertisements for initial coin offerings (ICO) and token sales. [ 21 ] 15 November 2018: Bitcoin's total current value falls below $100 billion for the first time since October 2017 and the price of Bitcoin falls to $5,500. [ 12 ] [ 13 ] Initial coin offerings [ edit ] Wired noted in 2017 that the bubble in initial coin offerings (ICOs) was about to burst. [ 22 ] Some investors bought ICOs in hopes of participating in the financial gains similar to those enjoyed by early Bitcoin or Ethereum speculators. [ 23 ] In June 2018, Ella Zhang of Binance Labs, a division of the cryptocurrency exchange Binance , stated that she was hoping to see the bubble in ICOs collapse. She promised to help "fight scams and shit coins". [ 24 ] 2020–21 boom and 2022 crash [ edit ] From 8 to 12 March 2020, the price of Bitcoin fell by 30 percent from $8,901 to $6,206. [ 25 ] By October 2020, Bitcoin was trading for approximately $13,200. [ 26 ] In November 2020, Bitcoin again surpassed its previous all-time high of over $19,000. [ 27 ] In early 2021, Bitcoin's price fluctuated wildly, [ 28 ] rising to $34,792.47 on 3 January 2021 before crashing by 17 percent the next day [ 29 ] and reaching above $40,000 for the first time on 7 January. On 11 January, the UK Financial Conduct Authority warned investors against lending or investments in cryptoassets, that they should be prepared "to lose all their money". [ 30 ] On 16 February, Bitcoin reached $50,000 for the first time. [ 31 ] On 13 March, Bitcoin surpassed $61,000 for the first time. [ 32 ] Following a smaller correction in February, Bitcoin plunged from its peak above $64,000 on 14 April to below $49,000 on 23 April, representing a 23% mini-crash in less than 10 days, dipping below the March bottom trading range and wiping half a trillion dollars from the combined crypto total current value. [ 33 ] On 14 April, Coinbase , a much hyped crypto exchange, went public on the NASDAQ . Their shares grew by over 31% on their first day to $328.28, pushing their market cap to $85.8B. [ 34 ] Other cryptocurrencies' prices also sharply rose, then followed by losses of value during this period. In May 2021, the value of Dogecoin , originally created as a joke, increased to 20,000% of value in one year. [ 35 ] It then dropped by 93% shortly after. [ 36 ] By 19 May, Bitcoin had dropped in value by 30% to $31,000, Ethereum by 40%, and Dogecoin by 45%. Nearly all cryptocurrencies were down by double-digit percentages. [ 37 ] Major cryptocurrency exchange Binance went down amid a market-wide price crash and traders are now seeking justice for their losses. [ 38 ] This was partly in response to Elon Musk 's announcement that Tesla would suspend payments using the Bitcoin network due to environmental concerns, along with an announcement from the People's Bank of China reiterating that digital currencies cannot be used for payments. [ 37 ] Bitcoin and other cryptocurrencies experienced a solid recovery after Elon Musk met with leading Bitcoin mining companies to develop more sustainable and efficient Bitcoin mining. [ 39 ] After bottoming out on 19 July, by early September Bitcoin had reached $52,633.54 while Ethereum grew by over 100% to $3,952.13. After a short but significant fall, both cryptos peaked on 7 November 2021 at $67,566.83 and $4,812.09, respectively. The NASDAQ would peak 12 days later on 19 November at 16,057.44. In September, Bitcoin officially became legal tender in El Salvador with many news sources wondering what countries would be next. [ 40 ] As of October 2021, China has continued shutting down crypto trading and mining activities. As of October 2024, Tesla has not yet resumed payment with Bitcoin, although they do accept payment with Dogecoin on select items. [ 41 ] After its peak, the crypto market began to fall with the rest of the market. By the end of 2021, Bitcoin had fallen nearly 30% from its peak down to $47,686.81, and Ethereum had fallen about 23% to $3,769.70. In December 2022, The Washington Post reported that there was "the sense that the crypto bubble has definitively popped, taking with it billions of dollars of investments made by regular people, pension funds, venture capitalists, and traditional companies". [ 42 ] 2022–24 timeline Date Event 13 February 2022 Four crypto agencies purchase Super Bowl ads: Coinbase, FTX , eToro , and Crypto.com . Coinbase becomes one of the most downloaded apps after their ad airs. [ 43 ] Early April The U.S. Securities and Exchange Commission (SEC) announce that they would begin to put regulations on the crypto agencies, setting the stage for a broad selloff. [ 44 ] 4 April Bitmex becomes the first crypto agency to announce layoffs, laying off 25% of its workers. [ 45 ] 3 May The Federal Reserve raises interest rates by 0.5%, triggering a broad market selloff. [ 46 ] Over eight days, Bitcoin falls 27% to just over $29,000, while Ethereum falls 33.5% to around $1,960. The NASDAQ falls 12.5% during the following five days after the announcement. 10 May Coinbase, with shares down nearly 80% from their peak, announces that if they went bankrupt people would lose their funds. The CEO later announces that they were at no risk of bankruptcy. [ 47 ] 5-13 May TerraUSD and Luna, two stablecoins run by Terra , lose their pegs to the US Dollar and collapse, with the former being worth $0.10 and the latter nearly nothing. [ 48 ] 12 June Celsius Network , a crypto exchange, announces the halt of all withdrawals and transfers. [ 49 ] Bitcoin falls 15% the following day to nearly $22,500, while Ethereum falls to $1,200. A wave of layoffs from other crypto agencies accompanies this, including from Crypto.com and Coinbase. [ 45 ] 13 June Tron's algorithmic stablecoin , USDD, loses its peg to the US dollar. [ 50 ] 17 June Bitcoin dips below $20,000 for the first time since December 2020, and Ethereum falls below $1,000 for the first time since January 2021. Babel Finance, a crypto lender based in Hong Kong , freezes withdrawals. [ 51 ] 23 June CoinFlex pauses withdrawals after a counterparty, which it later named as Roger Ver , experienced liquidity issues and failed to repay a $47 million stablecoin margin call. [ 52 ] 27 June Three Arrows Capital , a cryptocurrency hedge fund , defaults on a $670 million loan from Voyager Digital , a cryptocurrency broker. [ 53 ] 30 June FTX announces they could acquire BlockFi , a crypto firm that had laid off 20% of their staff. [ 54 ] Late June Many crypto agencies begin to rethink their spending as their funds begin to dwindle. [ 55 ] 2 July Three Arrows Capital declares bankruptcy, owing 27 creditors a total of US$3.5 billion. [ 56 ] 4 July Vauld, a Singapore -based crypto lender backed by Coinbase and Peter Thiel , halts withdrawals and trading on its platform. [ 57 ] 5 July eToro terminates their special-purpose acquisition company (SPAC) deal and lays off 6% of their workforce. [ 58 ] Crypto broker Voyager Digital files for Chapter 11 bankruptcy . [ 59 ] 6 July Genesis Trading discloses that it was exposed in the Three Arrows Capital bankruptcy. [ 60 ] 8 July Blockchain.com announces to its shareholders that it faces a potential $270 million loss from loans made to Three Arrows Capital. [ 61 ] [ 62 ] 11 July Crypto miners in Texas temporarily shut down as an intense heat wave puts a strain on the energy grid. [ 63 ] The Financial Stability Board (FSB) states that crypto "must be subject to effective regulation and oversight commensurate to the risks they pose". [ 64 ] 12 July A filing with the United States Bankruptcy Court for the Southern District of New York from attorneys representing Three Arrows Capital creditors states that the company founders' current whereabouts were unknown . [ 65 ] The court freezes the company's assets. [ 66 ] 14 July Celsius Network declares bankruptcy. [ 67 ] 19 July SkyBridge Capital freezes withdrawals. [ 68 ] 20 July Vauld files for protection against creditors, the equivalent of bankruptcy in Singapore. [ 69 ] Zipmex, a Southeast Asian exchange, freezes withdrawals. [ 70 ] 25 July Coinbase comes under SEC investigation for potentially lying to their customers. This leads to a 21% drop in their stock the next day. [ 71 ] 8 August Singapore-based cryptocurrency lender and borrower Hodlnaut suspends withdrawals. [ 72 ] 7–8 November FTT, FTX's main crypto coin, crashes and loses 80% of its value as the result of a run on the exchange. [ 73 ] 10 November BlockFi halts withdrawals due to the turmoil from FTX. [ 74 ] The largest stablecoin, Tether , loses its peg to the US dollar. [ 75 ] 11 November FTX declares bankruptcy . [ 76 ] 16 November Both Genesis Global Trading and Gemini halt withdrawals. [ 77 ] 28 November BlockFi declares bankruptcy, citing exposure to FTX as the main cause. [ 78 ] 20 January 2023 Genesis files for Chapter 11 bankruptcy from exposure to FTX. [ 79 ] 12 February 2023 Following the collapse of several big exchanges, no crypto agency purchased a Super Bowl ad. [ 80 ] 2 March 2023 Shares in Silvergate Capital , an influential banker to the cryptocurrency industry, plunge 57.7% after the group said in a filing with the SEC that it would not be able to submit its annual 10-K report in time. [ 81 ] [ 82 ] 7 March 2023 The SEC freezes BKCoin transactions and accuses it of being a fraud after they raised $100M. [ 83 ] 8–9 March 2023 Silvergate Capital announces plans to liquidate its bank. [ 84 ] [ 85 ] 10–12 March 2023 Shares in Signature Bank , one of the main banks to the cryptocurrency industry, drop as much as 32%, leading to its closure by the New York State Department of Financial Services in a bid to prevent the spreading banking crisis . [ 86 ] [ 87 ] 20 June 2023 New Zealand –based ethical travel company We Are Bamboo loses millions of dollars on cryptocurrency trading before announcing it was folding and would not be refunding hundreds of customers for their prepaid trips, according to a report from liquidators BDO . [ 88 ] 15 August 2023 Auckland -based cryptocurrency exchange Dasset goes into voluntary liquidation, leaving customers unable to access their funds and with the firm unresponsive to complaints. [ 89 ] 22 January 2024 Terraform, creator of TerraUSD and Luna, files for Chapter 11 bankruptcy, over one and a half years after the collapse of their coins. [ 90 ] 14 February 2024 The liquidator of the Kim Dotcom -founded Bitcache indicated the company will be yet another cryptocurrency company failure that takes some untangling. [ 91 ] 2025 boom and 2026 crash [ edit ] After the partial decrease in 2022, the value of Bitcoin rose again, reaching a new all-time high in October of 2025, when it was valued at US$ 125,835.92. [ 92 ] It fell short of the US$200,000 expectation of Standard Chartered analysts, however, leading one analyst to warn of a possible "bitcoin winter". [ 93 ] By February 2026 the price of Bitcoin was lower than when President Trump was elected in 2024 . with the industry concerned about a new “crypto winter". The New York Times called the slide "one of the worst crises in the crypto industry since 2022". [ 94 ] Nobel economics laureate Paul Krugman said, "It does feel like we’re seeing a real crisis of faith right now." [ 95 ] Bloomberg Intelligence strategist Mike McGlone warned that the cryptocurrency market “bubble is imploding” with Bitcoin’s price set to decrease to US$10,000. [ 96 ] Collapse of Terra-Luna [ edit ] In May 2022, the stablecoin TerraUSD fell to US$0.10. [ 97 ] This was supposed to be pegged to the US dollar via a complex algorithmic relationship with its support coin Luna. The loss of the peg resulted in Luna falling to almost zero, down from its high of $119.51. [ 98 ] The collapse wiped out $45 billion of total current value in a week. [ 99 ] On 25 May, a proposal was approved to reissue a new Luna cryptocurrency and to decouple from and abandon the devalued UST stablecoin. [ 100 ] [ 101 ] The new Luna coin lost value in the opening days of being listed on exchanges. [ 102 ] In the wake of Terra-Luna's collapse, another algorithmic stablecoin, DEI, lost its peg to the dollar and started to collapse. [ 103 ] [ 104 ] Kwon Do-hyung , the founder of Terra-Luna , is wanted by South Korea and the US for his role as the creator of the cryptocurrency stablecoin which was guaranteed by an algorithm rather than with appropriate funds, after the loss of 40 billion dollars by investors. He has been arrested in Montenegro . [ 105 ] Private litigation in the United States [ edit ] On 7 January 2022, a class-action lawsuit was filed against EthereumMax alleging it to be a pump and dump scheme with media personality Kim Kardashian , former professional boxer Floyd Mayweather Jr. , former NBA player Paul Pierce , and other celebrities also being named in the lawsuit for promoting the Ether cryptocurrency on their social media accounts . [ 106 ] [ 107 ] On 18 February, the United States Court of Appeals for the Eleventh Circuit ruled in a lawsuit against Bitconnect that the Securities Act of 1933 extends to targeted solicitation using social media. [ 108 ] On the same day, a class-action lawsuit was filed against SafeMoon alleging it to also be a pump and dump scheme with professional boxer Jake Paul , musician Nick Carter , rappers Soulja Boy and Lil Yachty , and social media personality Ben Phillips also being named in the lawsuit for promoting the SafeMoon cryptocurrency with misleading information on their social media accounts. [ 109 ] [ 110 ] On 1 April, a class-action lawsuit was filed in Florida against the LGBcoin cryptocurrency company, NASCAR , professional stock car racing driver Brandon Brown , and political commentator Candace Owens alleging that the defendants made false or misleading statements about the LGBcoin and that the founders of the company had engaged in a pump and dump scheme. [ 111 ] On 13 April, Coinbase received a class-action securities fraud lawsuit from its shareholders for including false and misleading statements and omissions in the registration statement and prospectus of its initial public offering . [ 112 ] On 13 June, Binance received a class-action lawsuit from more than 2,000 investors accusing the company of false advertising in promoting TerraUSD. [ 113 ] On 17 June, TerraForm Labs received a class-action lawsuit in the United States alleging the company misled investors in violation of federal and California securities laws in marketing its cryptocurrencies in a manner that resembled securities . [ 114 ] On 7 July, Celsius Network received a lawsuit from a former cryptocurrency investment manager alleging the company failed to implement adequate risk management strategies or accounting practices to hedge the firm against cryptocurrency price fluctuations and protect its ability to repay its depositors , and that the company was operating an effective Ponzi scheme . [ 115 ] On 21 July, an ex- Coinbase employee and 2 other men were charged with wire fraud and conspiracy to commit wire fraud. This marked the first time charges were brought to people involving crypto assets. [ 116 ] In early November 2022, Binance , one of the largest crypto exchanges in the world, announced it would be dissolving its holdings in FTX Token (FTT) with reports that most of FTX liquidity was based in this coin and was very unstable. This announcement came shortly after article surfaced stating that Alameda Research, a trading firm affiliated with FTX held a significant amount of FTT. This resulted in a run on FTX resulting in 90% of all FTT being withdrawn. The price of FTT fell from $22 on 7 November to under $5.00 on 8 November, an 80% drop. [ 73 ] Abracadabra.com's stablecoin "magic internet money" (MIM) also briefly lost its peg to the US dollar for the first time since May 2022. [ 117 ] This all resulted in a liquidity crisis with the company unable to pay off the withdrawals. On 8 November, rival Binance announced plans to buy the company to save it from collapse. This sent shockwaves through the crypto market and led to a 10% drop in Bitcoin price and a 15% drop in Ether price. The following day, however, Binance immediately withdrew its offer causing Bitcoin and Ether to plummet another 14% and 16%, respectively, to their lowest levels since November 2020. [ 118 ] The same day, the SEC and Justice Department launched an investigation into the company. [ 119 ] FTX filed for bankruptcy protection on 11 November. [ 76 ] Characterization as a bubble [ edit ] Bitcoin has been characterized as a speculative bubble by eight winners of the Nobel Memorial Prize in Economic Sciences : Paul Krugman , [ 120 ] [ 121 ] Robert J. Shiller , [ 122 ] Joseph Stiglitz , [ 123 ] Richard Thaler , [ 124 ] James Heckman , [ 125 ] Thomas Sargent , [ 125 ] Angus Deaton , [ 125 ] and Oliver Hart ; [ 125 ] and by central bank officials including Alan Greenspan , [ 126 ] Agustín Carstens , [ 127 ] Vítor Constâncio , [ 128 ] and Nout Wellink . [ 129 ] The investors Warren Buffett and George Soros have respectively characterized it as a "mirage" [ 130 ] and a "bubble", [ 131 ] while the business executives Jack Ma and J.P. Morgan Chase CEO Jamie Dimon have called it a "bubble" [ 132 ] and a "fraud", [ 133 ] respectively. However, Dimon said later he regrets calling Bitcoin a fraud. [ 134 ] Other notable skeptics are Bill Gates , Microsoft co-founder and philanthropist; [ 135 ] Bruce Schneier , cryptographer, computer security expert, and public policy lecturer at Harvard University ; [ 136 ] and Molly White , author of the Web3 Is Going Just Great website. [ 137 ] [ 138 ] [ 139 ] Economic analysis of these market cycles suggests that cryptocurrency price dynamics are characteristic of speculative bubbles, driven more by market sentiment than by traditional economic fundamentals. [ 140 ] The increasing integration of crypto with the financial system means these shocks do not occur in isolation. Studies find significant spillover effects, where volatility in cryptocurrency markets transmits to traditional asset classes like equities and commodities. [ 141 ] More recent structural models confirm this transmission occurs by affecting overall investor risk appetite and that it extends to the broader macroeconomy, with a notable impact on long-term inflation. 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A proposal by the founder of the troubled Terra ecosystem to salvage the project was approved ... The process means Terraform Labs is effectively abandoning the stablecoin TerraUSD, or UST, which from now on will only trade on the Terra Classic blockchain. ^ Shen, Muyao (25 May 2022). "Luna token relaunch kicks crypto hype machine back into gear" . The Boston Globe . Archived from the original on 26 May 2022 . Retrieved 31 May 2022 . Under the approved measure, the original blockchain will split off and be known as Terra Classic, while Luna, which plunged close to zero this month, will be renamed Luna Classic with the ticker LUNC. The new Terra blockchain will start running a coin under the existing Luna name and ticker, and won't include the UST stablecoin. ^ Browne, Ryan (30 May 2022). "The luna cryptocurrency has been resurrected after its $40 billion collapse. It's already crashing" . CNBC . Archived from the original on 31 May 2022 . Retrieved 31 May 2022 . 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Retrieved 13 July 2022 . ^ Lawler, Richard (18 February 2022). "Influencers beware: promoting the wrong crypto could mean facing a class-action lawsuit" . The Verge . Vox Media . Retrieved 13 July 2022 . ^ Germain, Atahabih (24 February 2022). "Soulja Boy and Lil Yachty Named in Suit Accused of Misleading Crypto Buyers in 'Pump and Dump' Scheme" . Atlanta Black Star . Diamond Diaspora Media . Retrieved 13 July 2022 . ^ Cole, Ty (24 February 2022). "Soulja Boy and Lil Yachty Faces Class-Action Lawsuit In Alleged Cryptocurrency Scheme" . BET . Retrieved 13 July 2022 . ^ Seitz, Jacob (8 April 2022). " 'Let's Go Brandon' Coin: NASCAR, Brandon Brown, Candace Owens sued for promoting failed crypto in pump-and-dump scheme" . The Daily Dot . Retrieved 12 July 2022 . ^ "Lifshitz Law Firm, P.C. Announces Investigations of Cassava Sciences, Inc. (NASDAQCM: SAVA), Coinbase Global, Inc. (NASDAQGS: COIN), HyreCar, Inc. (NASDAQCM: HYRE), and Longeveron Inc. (NASDAQCM: LGVN)" . GlobeNewswire . Intrado . 13 April 2022 . Retrieved 11 July 2022 . ^ Frankel, Alison (14 June 2022). "New Binance class action likely clears one hurdle but faces plenty of others" . Reuters . Thomson Reuters . Retrieved 11 July 2022 . ^ "TerraForm Class Action Notice: Scott+Scott Attorneys at Law LLP Files Securities Class Action Against Terraform Labs PTE. Ltd, its Executive Officers, and Insiders" . Business Wire . Berkshire Hathaway . 2 February 2022 . Retrieved 12 July 2022 . ^ Kharpal, Arjun (8 July 2022). "Embattled crypto lender Celsius is a 'fraud' and 'Ponzi scheme', lawsuit alleges" . CNBC . Retrieved 8 July 2022 . ^ Goldstein, Matthew; Yaffe-Bellany, David (21 July 2022). "Ex-Coinbase Employee and 2 Others Charged With Insider Trading of Crypto Assets" . The New York Times . ISSN 0362-4331 . Retrieved 22 July 2022 . ^ "Abracadabra's MIM Stablecoin Briefly Lost Dollar Peg as FTX's FTT Token Tanked" . Business Insider . Retrieved 9 November 2022 . ^ Sigalos, MacKenzie; Rooney, Kate (9 November 2022). "Binance backs out of FTX rescue, leaving the crypto exchange on the brink of collapse" . CNBC . Retrieved 9 November 2022 . ^ Kiernan, Paul (9 November 2022). "SEC, Justice Department investigating beleaguered crypto platform FTX" . MarketWatch . Retrieved 10 November 2022 . ^ Krugman, Paul (29 January 2018). "Bubble, Bubble, Fraud and Trouble" . The New York Times . Archived from the original on 4 June 2018. ^ Browne, Ryan (28 January 2022). "Nobel laureate Paul Krugman says crypto has 'disturbing' parallels with subprime mortgage meltdown" . CNBC . Retrieved 13 June 2022 . ^ Shiller, Robert (1 March 2014). "In Search of a Stable Electronic Currency" . The New York Times . Archived from the original on 24 October 2014. ^ Costelloe, Kevin (29 November 2017). "Bitcoin 'Ought to Be Outlawed,' Nobel Prize Winner Stiglitz Says" . Bloomberg. Archived from the original on 12 June 2018. It doesn't serve any socially useful function. ^ "Economics Nobel prize winner, Richard Thaler: 'The market that looks most like a bubble to me is Bitcoin and its brethren' " . ECO Portuguese Economy. 22 January 2018. Archived from the original on 12 June 2018. ^ a b c d Wolff-Mann, Ethan (27 April 2018). " 'Only good for drug dealers': More Nobel prize winners snub bitcoin" . Yahoo Finance . Archived from the original on 12 June 2018. ^ Kearns, Jeff (4 December 2013). "Greenspan Says Bitcoin a Bubble Without Intrinsic Currency Value" . bloomberg.com . Bloomberg LP. Archived from the original on 29 December 2013. ^ "Central banker takes stab at bitcoin 'bubble' " . Phys.org. AFP. 6 February 2018. Archived from the original on 12 June 2018. ^ "Bitcoin is like Tulipmania, says ECB vice-president" . The Financial Times. 22 September 2017. Archived from the original on 30 September 2017. ^ Hern, Alex (4 December 2013). "Bitcoin hype worse than 'tulip mania', says Dutch central banker" . The Guardian . ISSN 0261-3077 . Archived from the original on 20 March 2017 . Retrieved 17 December 2017 . ^ Crippen, Alex (14 March 2014). "Bitcoin? Here's what Warren Buffett is saying" . CNBC . Archived from the original on 13 January 2017 . Retrieved 11 January 2017 . ^ Porzecanski, Katia (25 January 2018). "George Soros: Bitcoin is a bubble, Trump is a 'danger to the world' " . Globe and Mail. Bloomberg News. Archived from the original on 9 June 2018 . Retrieved 7 June 2018 . ^ Yang, Yingzhi (18 May 2018). "There's a bitcoin bubble, says Alibaba executive chairman Jack Ma" . South China Morning Post. Archived from the original on 10 June 2018 . Retrieved 10 June 2018 . ^ Cheng, Evelyn (7 June 2018). "Warren Buffett and Jamie Dimon on bitcoin: Beware" . CNBC. Archived from the original on 9 June 2018 . Retrieved 7 June 2018 . ^ Kim, Tae (9 January 2018). "Jamie Dimon says he regrets calling bitcoin a fraud and believes in the technology behind it" . CNBC . Retrieved 31 December 2020 . ^ Browne, Ryan (15 June 2022). "Bill Gates says crypto and NFTs are '100% based on greater fool theory' " . CNBC . Retrieved 15 June 2022 . ^ Avery, Dan (1 June 2022). "Tech Experts Call on Lawmakers to Push Back Against Cryptocurrency Industry" . CNET . Archived from the original on 2 June 2022 . Retrieved 2 June 2022 . In an open letter on Wednesday, 26 computer scientists, software engineers and academics – including Harvard computer security expert Bruce Schneier and Google Cloud principal engineer Kelsey Hightower – urged Congress to 'resist pressure from digital asset industry financiers, lobbyists and boosters to create a regulatory safe haven for these risky, flawed and unproven digital financial instruments' ... The letter also cautioned that crypto assets are being used to promote 'unsound and highly volatile speculative investment schemes' to investors who may not understand the real risks. 'The claims that the blockchain advocates make are not true,' Schneier told the Financial Times . 'It's not secure, it's not decentralized. Any system where you forget your password and you lose your life savings is not a safe system.' ^ De Vynck, Gerrit (29 May 2022). "First she documented the alt-right. Now she's coming for crypto" . The Washington Post . Archived from the original on 31 May 2022 . Retrieved 31 May 2022 . A 28-year-old software engineer who writes Wikipedia articles for fun, White is an odd figure to make the crypto industry cower. On her website, 'Web3 is Going Just Great', White documents case after case of crypto malfeasance: investments that turn out to be scams, poorly-run projects that collapse under mismanagement and hacks that drain supporters' money. As much of the financial and tech elite has rallied around crypto, White has led a small but scrappy group of skeptics pushing the other way whose warnings have seemed vindicated by the cratering in recent weeks of cryptocurrency prices. ^ Pahwa, Nitish (12 May 2022). "To Be Clear, Web3 Is Not Going Great" . Slate . Archived from the original on 28 May 2022 . Retrieved 31 May 2022 . One of the most prominent skeptics these days is Molly White, a software developer who started the blog Web3 Is Going Just Great last December ... The site has gotten quite popular among fellow doubters, and White herself has become a go-to voice countering the hype coming from crypto companies and maxis—even collaborating with other crypto watchers on a project fact-checking mainstream publications' praise of crypto. ^ Bernard, Zoe (29 April 2022). "Crypto's CSI: How Molly White Became an 'Absolute Nightmare' for Web3 Evangelists" . The Information . Archived from the original on 12 May 2022 . Retrieved 31 May 2022 . Over the course of one week in April, Molly White's internet crime blotter Web3 Is Going Just Great documented 15 crypto-related offenses, each of which alone would hobble—or at least humiliate—most other industries ... White is in a unique position to catalog Web3's never-ending highlight reel of disasters. A software engineer who has worked in front-end development at enterprise software company HubSpot for the past six years, the 28-year-old has a sophisticated understanding of the blockchain's underlying technology. ^ Cheah, E. T.; Fry, J. (2015). "Speculative bubbles in Bitcoin markets? An empirical investigation into the fundamental value of Bitcoin". Economics Letters . 130 : 32– 36. doi : 10.1016/j.econlet.2015.02.029 . hdl : 10454/18101 . ^ Corbet, Shaen; Meegan, Andrew; Larkin, Charles; Lucey, Brian; Yarovaya, Larisa (2018). "Exploring the dynamic relationships between cryptocurrencies and other financial assets" . Economics Letters . 165 : 28– 34. doi : 10.1016/j.econlet.2018.01.004 . ^ Chen, Zhengyang (2025). "From Disruption to Integration: Cryptocurrency Prices, Financial Fluctuations, and Macroeconomy" . Journal of Risk and Financial Management . 18 (7): 360. doi : 10.3390/jrfm18070360 . ^ Lipton, Eric; Yaffe-Bellany, David (21 January 2025). "Trump's Cryptocurrency Surges to Become One of the World's Most Valuable" . The New York Times . ISSN 0362-4331 . Retrieved 21 January 2025 . "Bitcoin Bulls and Bears" . Bloomberg. 8 June 2018.
Markdown	[Jump to content](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#bodyContent) Main menu Main menu move to sidebar hide Navigation - [Main page](https://en.wikipedia.org/wiki/Main_Page "Visit the main page [z]") - [Contents](https://en.wikipedia.org/wiki/Wikipedia:Contents "Guides to browsing Wikipedia") - [Current events](https://en.wikipedia.org/wiki/Portal:Current_events "Articles related to current events") - [Random article](https://en.wikipedia.org/wiki/Special:Random "Visit a randomly selected article [x]") - [About Wikipedia](https://en.wikipedia.org/wiki/Wikipedia:About "Learn about Wikipedia and how it works") - [Contact us](https://en.wikipedia.org/wiki/Wikipedia:Contact_us "How to contact Wikipedia") Contribute - [Help](https://en.wikipedia.org/wiki/Help:Contents "Guidance on how to use and edit Wikipedia") - [Learn to edit](https://en.wikipedia.org/wiki/Help:Introduction "Learn how to edit Wikipedia") - [Community portal](https://en.wikipedia.org/wiki/Wikipedia:Community_portal "The hub for editors") - [Recent changes](https://en.wikipedia.org/wiki/Special:RecentChanges "A list of recent changes to Wikipedia [r]") - [Upload file](https://en.wikipedia.org/wiki/Wikipedia:File_upload_wizard "Add images or other media for use on Wikipedia") - [Special pages](https://en.wikipedia.org/wiki/Special:SpecialPages "A list of all special pages [q]") [![](https://en.wikipedia.org/static/images/icons/enwiki-25.svg) ![Wikipedia](https://en.wikipedia.org/static/images/mobile/copyright/wikipedia-wordmark-en-25.svg) ![The Free Encyclopedia](https://en.wikipedia.org/static/images/mobile/copyright/wikipedia-tagline-en-25.svg)](https://en.wikipedia.org/wiki/Main_Page) [Search](https://en.wikipedia.org/wiki/Special:Search "Search Wikipedia [f]") Appearance - [Donate](https://donate.wikimedia.org/?wmf_source=donate&wmf_medium=sidebar&wmf_campaign=en.wikipedia.org&uselang=en) - [Create account](https://en.wikipedia.org/w/index.php?title=Special:CreateAccount&returnto=Cryptocurrency+bubble "You are encouraged to create an account and log in; however, it is not mandatory") - [Log in](https://en.wikipedia.org/w/index.php?title=Special:UserLogin&returnto=Cryptocurrency+bubble "You're encouraged to log in; however, it's not mandatory. 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[o]") ## Contents move to sidebar hide - [(Top)](https://en.wikipedia.org/wiki/Cryptocurrency_bubble) - [1 History](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#History) Toggle History subsection - [1\.1 2011 booms and crashes](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#2011_booms_and_crashes) - [1\.2 2013 boom and 2014–15 crash](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#2013_boom_and_2014%E2%80%9315_crash) - [1\.3 2017 boom and 2018 crash](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#2017_boom_and_2018_crash) - [1\.3.1 Timeline of the crash](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#Timeline_of_the_crash) - [1\.3.2 Initial coin offerings](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#Initial_coin_offerings) - [1\.4 2020–21 boom and 2022 crash](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#2020%E2%80%9321_boom_and_2022_crash) - [1\.4.1 2020–2021 booms](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#2020%E2%80%932021_booms) - [1\.4.2 2022 crash](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#2022_crash) - [1\.5 2025 boom and 2026 crash](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#2025_boom_and_2026_crash) - [1\.6 Associated effects](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#Associated_effects) - [1\.6.1 Collapse of Terra-Luna](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#Collapse_of_Terra-Luna) - [1\.6.2 Private litigation in the United States](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#Private_litigation_in_the_United_States) - [1\.6.3 Collapse of FTX](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#Collapse_of_FTX) - [2 Characterization as a bubble](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#Characterization_as_a_bubble) - [3 See also](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#See_also) - [4 References](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#References) - [5 Further reading](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#Further_reading) Toggle the table of contents # Cryptocurrency bubble 10 languages - [العربية](https://ar.wikipedia.org/wiki/%D9%81%D9%82%D8%A7%D8%B9%D8%A9_%D8%A7%D9%84%D8%B9%D9%85%D9%84%D8%A7%D8%AA_%D8%A7%D9%84%D9%85%D8%B9%D9%85%D8%A7%D8%A9 "فقاعة العملات المعماة – Arabic") - [Español](https://es.wikipedia.org/wiki/Burbuja_de_las_criptomonedas "Burbuja de las criptomonedas – Spanish") - [Français](https://fr.wikipedia.org/wiki/Bulles_des_crypto-monnaies "Bulles des crypto-monnaies – French") - [Hausa](https://ha.wikipedia.org/wiki/Yankin_cryptocurrency "Yankin cryptocurrency – Hausa") - [हिन्दी](https://hi.wikipedia.org/wiki/%E0%A4%95%E0%A5%8D%E0%A4%B0%E0%A4%BF%E0%A4%AA%E0%A5%8D%E0%A4%9F%E0%A5%8B%E0%A4%95%E0%A4%B0%E0%A5%87%E0%A4%82%E0%A4%B8%E0%A5%80_%E0%A4%AC%E0%A5%81%E0%A4%B2%E0%A4%AC%E0%A5%81%E0%A4%B2%E0%A4%BE "क्रिप्टोकरेंसी बुलबुला – Hindi") - [Հայերեն](https://hy.wikipedia.org/wiki/%D4%BF%D6%80%D5%AB%D5%BA%D5%BF%D5%B8%D5%A1%D6%80%D5%AA%D5%B8%D6%82%D5%B5%D5%A9%D5%A1%D5%B5%D5%AB%D5%B6_%D5%BA%D5%B2%D5%BA%D5%BB%D5%A1%D5%AF "Կրիպտոարժույթային պղպջակ – Armenian") - [Bahasa Indonesia](https://id.wikipedia.org/wiki/Gelembung_uang_kripto "Gelembung uang kripto – Indonesian") - [پښتو](https://ps.wikipedia.org/wiki/%D8%AF_%DA%89%DB%8C%D8%AC%DB%8C%D9%BC%D9%84%D9%8A_%D8%A7%D8%B3%D8%B9%D8%A7%D8%B1%D9%88_$%DA%A9%D8%B1%DB%8C%D9%BE%D9%BC%D9%88_%DA%A9%D8%B1%D9%86%D8%B3%D9%8A$_%DA%81%DA%AB/%D8%AD%D8%A8%D8%A7%D8%A8 "د ډیجیټلي اسعارو (کریپټو کرنسي) ځګ/حباب – Pashto") - [Русский](https://ru.wikipedia.org/wiki/%D0%9F%D1%83%D0%B7%D1%8B%D1%80%D1%8C_%D0%BA%D1%80%D0%B8%D0%BF%D1%82%D0%BE%D0%B2%D0%B0%D0%BB%D1%8E%D1%82 "Пузырь криптовалют – Russian") - [Slovenščina](https://sl.wikipedia.org/wiki/Kriptovalutni_mehur%C4%8Dek "Kriptovalutni mehurček – Slovenian") [Edit links](https://www.wikidata.org/wiki/Special:EntityPage/Q47493764#sitelinks-wikipedia "Edit interlanguage links") - [Article](https://en.wikipedia.org/wiki/Cryptocurrency_bubble "View the content page [c]") - [Talk](https://en.wikipedia.org/wiki/Talk:Cryptocurrency_bubble "Discuss improvements to the content page [t]") English - [Read](https://en.wikipedia.org/wiki/Cryptocurrency_bubble) - [Edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_bubble&action=edit "Edit this page [e]") - [View history](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_bubble&action=history "Past revisions of this page [h]") Tools Tools move to sidebar hide Actions - [Read](https://en.wikipedia.org/wiki/Cryptocurrency_bubble) - 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[Get shortened URL](https://en.wikipedia.org/w/index.php?title=Special:UrlShortener&url=https%3A%2F%2Fen.wikipedia.org%2Fwiki%2FCryptocurrency_bubble) Print/export - [Download as PDF](https://en.wikipedia.org/w/index.php?title=Special:DownloadAsPdf&page=Cryptocurrency_bubble&action=show-download-screen "Download this page as a PDF file") - [Printable version](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_bubble&printable=yes "Printable version of this page [p]") In other projects - [Wikidata item](https://www.wikidata.org/wiki/Special:EntityPage/Q47493764 "Structured data on this page hosted by Wikidata [g]") Appearance move to sidebar hide From Wikipedia, the free encyclopedia Speculative bubble involving cryptocurrency prices [![](https://upload.wikimedia.org/wikipedia/commons/thumb/7/75/Bitcoin_price_daily.webp/250px-Bitcoin_price_daily.webp.png)](https://en.wikipedia.org/wiki/File:Bitcoin_price_daily.webp) Bitcoin price daily, 2015–2022 [![](https://upload.wikimedia.org/wikipedia/commons/thumb/8/81/Ethereum_price_daily.webp/250px-Ethereum_price_daily.webp.png)](https://en.wikipedia.org/wiki/File:Ethereum_price_daily.webp) Ethereum price daily, 2017–2022 A cryptocurrency bubble is a phenomenon where the [market](https://en.wikipedia.org/wiki/Market_$economics$ "Market (economics)") increasingly considers the going price of [cryptocurrency](https://en.wikipedia.org/wiki/Cryptocurrency "Cryptocurrency") assets to be inflated against their hypothetical value. The [history of cryptocurrency](https://en.wikipedia.org/wiki/History_of_cryptocurrency "History of cryptocurrency") has been marked by several [speculative bubbles](https://en.wikipedia.org/wiki/Speculative_bubble "Speculative bubble") on a boom to bust cycle.[\[1\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-FortuneMorris-1)[\[2\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-2) Some economists and prominent investors have expressed the view that the entire cryptocurrency market constitutes a speculative bubble. Adherents of this view include [Berkshire Hathaway](https://en.wikipedia.org/wiki/Berkshire_Hathaway "Berkshire Hathaway") board member [Warren Buffett](https://en.wikipedia.org/wiki/Warren_Buffett "Warren Buffett") and several [laureates of the Nobel Memorial Prize in Economic Sciences](https://en.wikipedia.org/wiki/List_of_Nobel_Memorial_Prize_laureates_in_Economics "List of Nobel Memorial Prize laureates in Economics"), central bankers, and investors. ## History \[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_bubble&action=edit&section=1 "Edit section: History")\] ### 2011 booms and crashes \[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_bubble&action=edit&section=2 "Edit section: 2011 booms and crashes")\] In February 2011, the price of [Bitcoin](https://en.wikipedia.org/wiki/Bitcoin "Bitcoin") rose to [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")1\.06, then fell to [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")0\.67 that April. This spike was encouraged by several [Slashdot](https://en.wikipedia.org/wiki/Slashdot "Slashdot") posts about it.[\[1\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-FortuneMorris-1) In June 2011, Bitcoin's price again rose, to [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")29\.58. This came after attention from a [Gawker](https://en.wikipedia.org/wiki/Gawker "Gawker") article about the dark web market [Silk Road](https://en.wikipedia.org/wiki/Silk_Road_$marketplace$ "Silk Road (marketplace)"). The price then fell to [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")2\.14 that November.[\[1\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-FortuneMorris-1) ### 2013 boom and 2014–15 crash \[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_bubble&action=edit&section=3 "Edit section: 2013 boom and 2014–15 crash")\] In November 2013, Bitcoin's price rose to [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")1,127.45. It then gradually declined, bottoming out at [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")172\.15 in January 2015.[\[1\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-FortuneMorris-1) ### 2017 boom and 2018 crash \[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_bubble&action=edit&section=4 "Edit section: 2017 boom and 2018 crash")\] The 2018 cryptocurrency crash[\[3\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-Popken-3)[\[4\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-4)[\[5\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-5)[\[6\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-6)[\[7\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-7) (also known as the Bitcoin crash[\[8\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-8) and the Great crypto crash[\[9\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-BloombergCrash-9)) was the sell-off of most [cryptocurrencies](https://en.wikipedia.org/wiki/Cryptocurrency "Cryptocurrency") starting in January 2018. After an unprecedented boom in 2017, the price of Bitcoin fell by about 65% from 6 January to 6 February 2018. Subsequently, nearly all other cryptocurrencies followed Bitcoin's crash. By September 2018, cryptocurrencies collapsed 80% from their peak in January 2018, making the 2018 cryptocurrency crash worse than the [dot-com bubble](https://en.wikipedia.org/wiki/Dot-com_bubble "Dot-com bubble")'s 78% collapse.[\[9\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-BloombergCrash-9) By 26 November, Bitcoin also fell by 80% from its peak, having lost almost one-third of its value in the previous week.[\[10\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-CryptoCollapse-10) A January 2018 article by CBS cautioned about possible [fraud](https://en.wikipedia.org/wiki/Fraud "Fraud"), citing the case of [BitConnect](https://en.wikipedia.org/wiki/BitConnect "BitConnect"), a British company which received a [cease-and-desist order](https://en.wikipedia.org/wiki/Cease-and-desist_order "Cease-and-desist order") from the [Texas State Securities Board](https://en.wikipedia.org/wiki/Texas_State_Securities_Board "Texas State Securities Board"). [BitConnect](https://en.wikipedia.org/wiki/Bitconnect "Bitconnect") had promised very high monthly returns but had not registered with state securities regulators or given their office address.[\[11\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-11) In November 2018, the total current value for Bitcoin fell below \$100 billion for the first time since October 2017,[\[12\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-Huang-2018-12)[\[13\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-FortuneMeyer-13) and the price of Bitcoin fell below \$4,000, representing an 80 percent decline from its peak the previous January.[\[10\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-CryptoCollapse-10) Bitcoin reached a low of around \$3,100 in December 2018.[\[14\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-14)[\[15\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-15) #### Timeline of the crash \[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_bubble&action=edit&section=5 "Edit section: Timeline of the crash")\] - 17 December 2017: Bitcoin's price briefly reaches a new all-time high of \$19,783.06.[\[16\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-16) - 22 December 2017: Bitcoin falls below \$11,000, a fall of 45% from its peak.[\[17\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-17) - 12 January 2018: Amidst rumors that South Korea could be preparing to ban trading in cryptocurrency, the price of Bitcoin depreciates by 12 percent.[\[18\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-18)[\[19\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-19) - 26 January 2018: [Coincheck](https://en.wikipedia.org/wiki/Coincheck "Coincheck"), Japan's largest [cryptocurrency](https://en.wikipedia.org/wiki/Cryptocurrency "Cryptocurrency") [OTC](https://en.wikipedia.org/wiki/Over-the-counter_$finance$ "Over-the-counter (finance)") market, is hacked. US\$530 million of the NEM are stolen by the hacker, causing Coincheck to indefinitely suspend trading. The loss is the largest ever so far by an incident of theft.[\[20\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-20) - Late March 2018: [Facebook](https://en.wikipedia.org/wiki/Facebook "Facebook"), [Google](https://en.wikipedia.org/wiki/Google "Google"), and [Twitter](https://en.wikipedia.org/wiki/Twitter "Twitter") ban advertisements for [initial coin offerings](https://en.wikipedia.org/wiki/Initial_coin_offering "Initial coin offering") (ICO) and token sales.[\[21\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-21) - 15 November 2018: Bitcoin's total current value falls below \$100 billion for the first time since October 2017 and the price of Bitcoin falls to \$5,500.[\[12\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-Huang-2018-12)[\[13\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-FortuneMeyer-13) #### Initial coin offerings \[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_bubble&action=edit&section=6 "Edit section: Initial coin offerings")\] [Wired](https://en.wikipedia.org/wiki/Wired_$magazine$ "Wired (magazine)") noted in 2017 that the bubble in [initial coin offerings](https://en.wikipedia.org/wiki/Initial_coin_offering "Initial coin offering") (ICOs) was about to burst.[\[22\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-22) Some investors bought ICOs in hopes of participating in the financial gains similar to those enjoyed by early Bitcoin or Ethereum speculators.[\[23\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-23) In June 2018, Ella Zhang of Binance Labs, a division of the cryptocurrency exchange [Binance](https://en.wikipedia.org/wiki/Binance "Binance"), stated that she was hoping to see the bubble in ICOs collapse. She promised to help "fight scams and shit coins".[\[24\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-Zhang-24) ### 2020–21 boom and 2022 crash \[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_bubble&action=edit&section=7 "Edit section: 2020–21 boom and 2022 crash")\] #### 2020–2021 booms \[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_bubble&action=edit&section=8 "Edit section: 2020–2021 booms")\] From 8 to 12 March 2020, the price of Bitcoin fell by 30 percent from \$8,901 to \$6,206.[\[25\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-25) By October 2020, Bitcoin was trading for approximately \$13,200.[\[26\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-26) In November 2020, Bitcoin again surpassed its previous all-time high of over \$19,000.[\[27\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-27) In early 2021, Bitcoin's price fluctuated wildly,[\[28\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-28) rising to \$34,792.47 on 3 January 2021 before crashing by 17 percent the next day[\[29\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-BICooper-29) and reaching above \$40,000 for the first time on 7 January. On 11 January, the UK [Financial Conduct Authority](https://en.wikipedia.org/wiki/Financial_Conduct_Authority "Financial Conduct Authority") warned investors against lending or investments in cryptoassets, that they should be prepared "to lose all their money".[\[30\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-30) On 16 February, Bitcoin reached \$50,000 for the first time.[\[31\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-31) On 13 March, Bitcoin surpassed \$61,000 for the first time.[\[32\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-32) Following a smaller correction in February, Bitcoin plunged from its peak above \$64,000 on 14 April to below \$49,000 on 23 April, representing a 23% mini-crash in less than 10 days, dipping below the March bottom trading range and wiping half a trillion dollars from the combined crypto total current value.[\[33\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-33) On 14 April, [Coinbase](https://en.wikipedia.org/wiki/Coinbase "Coinbase"), a much hyped crypto exchange, went public on the [NASDAQ](https://en.wikipedia.org/wiki/Nasdaq "Nasdaq"). Their shares grew by over 31% on their first day to \$328.28, pushing their market cap to \$85.8B.[\[34\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-34) Other cryptocurrencies' prices also sharply rose, then followed by losses of value during this period. In May 2021, the value of [Dogecoin](https://en.wikipedia.org/wiki/Dogecoin "Dogecoin"), originally created as a joke, increased to 20,000% of value in one year.[\[35\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-35) It then dropped by 93% shortly after.[\[36\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-36) By 19 May, Bitcoin had dropped in value by 30% to \$31,000, [Ethereum](https://en.wikipedia.org/wiki/Ethereum "Ethereum") by 40%, and Dogecoin by 45%. Nearly all cryptocurrencies were down by double-digit percentages.[\[37\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-BusinessToday-37) Major cryptocurrency exchange Binance went down amid a market-wide price crash and traders are now seeking justice for their losses.[\[38\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-38) This was partly in response to [Elon Musk](https://en.wikipedia.org/wiki/Elon_Musk "Elon Musk")'s announcement that [Tesla](https://en.wikipedia.org/wiki/Tesla,_Inc. "Tesla, Inc.") would suspend payments using the Bitcoin network due to environmental concerns, along with an announcement from the [People's Bank of China](https://en.wikipedia.org/wiki/People%27s_Bank_of_China "People's Bank of China") reiterating that digital currencies cannot be used for payments.[\[37\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-BusinessToday-37) Bitcoin and other cryptocurrencies experienced a solid recovery after [Elon Musk](https://en.wikipedia.org/wiki/Elon_Musk "Elon Musk") met with leading [Bitcoin mining](https://en.wikipedia.org/wiki/Bitcoin_mining "Bitcoin mining") companies to develop more sustainable and efficient Bitcoin mining.[\[39\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-39) After bottoming out on 19 July, by early September Bitcoin had reached \$52,633.54 while Ethereum grew by over 100% to \$3,952.13. After a short but significant fall, both cryptos peaked on 7 November 2021 at \$67,566.83 and \$4,812.09, respectively. The NASDAQ would peak 12 days later on 19 November at 16,057.44. In September, Bitcoin officially became legal tender in [El Salvador](https://en.wikipedia.org/wiki/El_Salvador "El Salvador") with many news sources wondering what countries would be next.[\[40\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-40) As of October 2021, China has continued shutting down crypto trading and mining activities. As of October 2024, Tesla has not yet resumed payment with Bitcoin, although they do accept payment with Dogecoin on select items.[\[41\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-41) #### 2022 crash \[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_bubble&action=edit&section=9 "Edit section: 2022 crash")\] After its peak, the crypto market began to fall with the rest of the market. By the end of 2021, Bitcoin had fallen nearly 30% from its peak down to \$47,686.81, and [Ethereum](https://en.wikipedia.org/wiki/Ethereum "Ethereum") had fallen about 23% to \$3,769.70. In December 2022, [The Washington Post](https://en.wikipedia.org/wiki/The_Washington_Post "The Washington Post") reported that there was "the sense that the crypto bubble has definitively popped, taking with it billions of dollars of investments made by regular people, pension funds, venture capitalists, and traditional companies".[\[42\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-42) \| Date \| Event \| \|---\|---\| \| 13 February 2022 \| Four crypto agencies purchase [Super Bowl](https://en.wikipedia.org/wiki/Super_Bowl "Super Bowl") ads: Coinbase, [FTX](https://en.wikipedia.org/wiki/FTX_$company$ "FTX (company)"), [eToro](https://en.wikipedia.org/wiki/EToro "EToro"), and [Crypto.com](https://en.wikipedia.org/wiki/Crypto.com "Crypto.com"). Coinbase becomes one of the most downloaded apps after their ad airs.[\[43\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-43) \| \| Early April \| The [U.S. Securities and Exchange Commission](https://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commission "U.S. Securities and Exchange Commission") (SEC) announce that they would begin to put regulations on the crypto agencies, setting the stage for a broad selloff.[\[44\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-44) \| \| 4 April \| [Bitmex](https://en.wikipedia.org/wiki/BitMEX "BitMEX") becomes the first crypto agency to announce layoffs, laying off 25% of its workers.[\[45\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-TechCrunch-45) \| \| 3 May \| The Federal Reserve raises interest rates by 0.5%, triggering a broad market selloff.[\[46\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-46) Over eight days, Bitcoin falls 27% to just over \$29,000, while Ethereum falls 33.5% to around \$1,960. The [NASDAQ](https://en.wikipedia.org/wiki/Nasdaq "Nasdaq") falls 12.5% during the following five days after the announcement. \| \| 10 May \| Coinbase, with shares down nearly 80% from their peak, announces that if they went bankrupt people would lose their funds. The CEO later announces that they were at no risk of bankruptcy.[\[47\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-47) \| \| 5-13 May \| TerraUSD and Luna, two stablecoins run by [Terra](https://en.wikipedia.org/wiki/Terra_$blockchain$ "Terra (blockchain)"), lose their pegs to the US Dollar and collapse, with the former being worth \$0.10 and the latter nearly nothing.[\[48\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-48) \| \| 12 June \| [Celsius Network](https://en.wikipedia.org/wiki/Celsius_Network "Celsius Network"), a crypto exchange, announces the halt of all withdrawals and transfers.[\[49\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-49) Bitcoin falls 15% the following day to nearly \$22,500, while Ethereum falls to \$1,200. A wave of layoffs from other crypto agencies accompanies this, including from Crypto.com and Coinbase.[\[45\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-TechCrunch-45) \| \| 13 June \| [Tron's](https://en.wikipedia.org/wiki/Tron_$cryptocurrency$ "Tron (cryptocurrency)") algorithmic [stablecoin](https://en.wikipedia.org/wiki/Stablecoin "Stablecoin"), USDD, loses its peg to the US dollar.[\[50\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-50) \| \| 17 June \| Bitcoin dips below \$20,000 for the first time since December 2020, and Ethereum falls below \$1,000 for the first time since January 2021. Babel Finance, a crypto lender based in [Hong Kong](https://en.wikipedia.org/wiki/Hong_Kong "Hong Kong"), freezes withdrawals.[\[51\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-51) \| \| 23 June \| CoinFlex pauses withdrawals after a counterparty, which it later named as [Roger Ver](https://en.wikipedia.org/wiki/Roger_Ver "Roger Ver"), experienced liquidity issues and failed to repay a \$47 million stablecoin margin call.[\[52\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-52) \| \| 27 June \| [Three Arrows Capital](https://en.wikipedia.org/wiki/Three_Arrows_Capital "Three Arrows Capital"), a cryptocurrency [hedge fund](https://en.wikipedia.org/wiki/Hedge_fund "Hedge fund"), [defaults](https://en.wikipedia.org/wiki/Default_$finance$ "Default (finance)") on a \$670 million loan from [Voyager Digital](https://en.wikipedia.org/wiki/Voyager_Digital "Voyager Digital"), a cryptocurrency broker.[\[53\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-53) \| \| 30 June \| FTX announces they could acquire [BlockFi](https://en.wikipedia.org/wiki/BlockFi "BlockFi"), a crypto firm that had laid off 20% of their staff.[\[54\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-54) \| \| Late June \| Many crypto agencies begin to rethink their spending as their funds begin to dwindle.[\[55\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-55) \| \| 2 July \| [Three Arrows Capital](https://en.wikipedia.org/wiki/Three_Arrows_Capital "Three Arrows Capital") declares bankruptcy, owing 27 creditors a total of US\$3.5 billion.[\[56\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-56) \| \| 4 July \| Vauld, a [Singapore](https://en.wikipedia.org/wiki/Singapore "Singapore")\-based crypto lender backed by Coinbase and [Peter Thiel](https://en.wikipedia.org/wiki/Peter_Thiel "Peter Thiel"), halts withdrawals and trading on its platform.[\[57\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-57) \| \| 5 July \| [eToro](https://en.wikipedia.org/wiki/EToro "EToro") terminates their [special-purpose acquisition company](https://en.wikipedia.org/wiki/Special-purpose_acquisition_company "Special-purpose acquisition company") (SPAC) deal and lays off 6% of their workforce.[\[58\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-58) Crypto broker Voyager Digital files for [Chapter 11 bankruptcy](https://en.wikipedia.org/wiki/Chapter_11,_Title_11,_United_States_Code "Chapter 11, Title 11, United States Code").[\[59\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-59) \| \| 6 July \| [Genesis Trading](https://en.wikipedia.org/wiki/Digital_Currency_Group "Digital Currency Group") discloses that it was exposed in the Three Arrows Capital bankruptcy.[\[60\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-60) \| \| 8 July \| [Blockchain.com](https://en.wikipedia.org/wiki/Blockchain.com "Blockchain.com") announces to its shareholders that it faces a potential \$270 million loss from loans made to Three Arrows Capital.[\[61\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-61)[\[62\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-62) \| \| 11 July \| Crypto miners in Texas temporarily shut down as an intense [heat wave](https://en.wikipedia.org/wiki/Heat_wave "Heat wave") puts a strain on the energy grid.[\[63\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-63) The [Financial Stability Board](https://en.wikipedia.org/wiki/Financial_Stability_Board "Financial Stability Board") (FSB) states that crypto "must be subject to effective regulation and oversight commensurate to the risks they pose".[\[64\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-64) \| \| 12 July \| A filing with the [United States Bankruptcy Court for the Southern District of New York](https://en.wikipedia.org/wiki/United_States_Bankruptcy_Court_for_the_Southern_District_of_New_York "United States Bankruptcy Court for the Southern District of New York") from attorneys representing Three Arrows Capital creditors states that the company founders' [current whereabouts were unknown](https://en.wikipedia.org/wiki/Fugitive "Fugitive").[\[65\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-65) The court freezes the company's assets.[\[66\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-66) \| \| 14 July \| [Celsius Network](https://en.wikipedia.org/wiki/Celsius_Network "Celsius Network") declares bankruptcy.[\[67\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-Reuters-67) \| \| 19 July \| [SkyBridge Capital](https://en.wikipedia.org/wiki/SkyBridge_Capital "SkyBridge Capital") freezes withdrawals.[\[68\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-68) \| \| 20 July \| Vauld files for protection against creditors, the equivalent of bankruptcy in Singapore.[\[69\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-69) Zipmex, a Southeast Asian exchange, freezes withdrawals.[\[70\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-70) \| \| 25 July \| Coinbase comes under SEC investigation for potentially lying to their customers. This leads to a 21% drop in their stock the next day.[\[71\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-71) \| \| 8 August \| Singapore-based cryptocurrency lender and borrower Hodlnaut suspends withdrawals.[\[72\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-72) \| \| 7–8 November \| FTT, [FTX's](https://en.wikipedia.org/wiki/FTX "FTX") main crypto coin, crashes and loses 80% of its value as the result of a [run](https://en.wikipedia.org/wiki/Bank_run "Bank run") on the exchange.[\[73\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-Sigalos-73) \| \| 10 November \| BlockFi halts withdrawals due to the turmoil from FTX.[\[74\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-74) The largest stablecoin, [Tether](https://en.wikipedia.org/wiki/Tether_$cryptocurrency$ "Tether (cryptocurrency)"), loses its peg to the US dollar.[\[75\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-75) \| \| 11 November \| [FTX declares bankruptcy](https://en.wikipedia.org/wiki/Bankruptcy_of_FTX "Bankruptcy of FTX").[\[76\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-Bankruptcy-76) \| \| 16 November \| Both Genesis Global Trading and [Gemini](https://en.wikipedia.org/wiki/Gemini_$company$ "Gemini (company)") halt withdrawals.[\[77\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-77) \| \| 28 November \| [BlockFi](https://en.wikipedia.org/wiki/BlockFi "BlockFi") declares bankruptcy, citing exposure to FTX as the main cause.[\[78\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-78) \| \| 20 January 2023 \| Genesis files for Chapter 11 bankruptcy from exposure to FTX.[\[79\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-79) \| \| 12 February 2023 \| Following the collapse of several big exchanges, no crypto agency purchased a Super Bowl ad.[\[80\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-80) \| \| 2 March 2023 \| Shares in [Silvergate Capital](https://en.wikipedia.org/wiki/Silvergate_Bank "Silvergate Bank"), an influential banker to the cryptocurrency industry, plunge 57.7% after the group said in a filing with the [SEC](https://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commission "U.S. Securities and Exchange Commission") that it would not be able to submit its annual [10-K report](https://en.wikipedia.org/wiki/Form_10-K "Form 10-K") in time.[\[81\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-81)[\[82\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-82) \| \| 7 March 2023 \| The SEC freezes BKCoin transactions and accuses it of being a fraud after they raised \$100M.[\[83\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-83) \| \| 8–9 March 2023 \| Silvergate Capital announces plans to liquidate its bank.[\[84\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-84)[\[85\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-85) \| \| 10–12 March 2023 \| Shares in [Signature Bank](https://en.wikipedia.org/wiki/Signature_Bank "Signature Bank"), one of the main banks to the cryptocurrency industry, drop as much as 32%, leading to its closure by the [New York State Department of Financial Services](https://en.wikipedia.org/wiki/New_York_State_Department_of_Financial_Services "New York State Department of Financial Services") in a bid to prevent the [spreading banking crisis](https://en.wikipedia.org/wiki/2023_United_States_banking_crisis "2023 United States banking crisis").[\[86\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-86)[\[87\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-Li2023-87) \| \| 20 June 2023 \| [New Zealand](https://en.wikipedia.org/wiki/New_Zealand "New Zealand")–based ethical travel company We Are Bamboo loses millions of dollars on cryptocurrency trading before announcing it was folding and would not be refunding hundreds of customers for their prepaid trips, according to a report from liquidators [BDO](https://en.wikipedia.org/wiki/BDO_Global "BDO Global").[\[88\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-88) \| \| 15 August 2023 \| [Auckland](https://en.wikipedia.org/wiki/Auckland "Auckland")\-based cryptocurrency exchange Dasset goes into voluntary liquidation, leaving customers unable to access their funds and with the firm unresponsive to complaints.[\[89\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-89) \| \| 22 January 2024 \| Terraform, creator of [TerraUSD](https://en.wikipedia.org/wiki/Terra_$blockchain$ "Terra (blockchain)") and Luna, files for Chapter 11 bankruptcy, over one and a half years after the collapse of their coins.[\[90\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-90) \| \| 14 February 2024 \| The liquidator of the [Kim Dotcom](https://en.wikipedia.org/wiki/Kim_Dotcom "Kim Dotcom")\-founded Bitcache indicated the company will be yet another cryptocurrency company failure that takes some untangling.[\[91\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-91) \| ### 2025 boom and 2026 crash \[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_bubble&action=edit&section=10 "Edit section: 2025 boom and 2026 crash")\] After the partial decrease in 2022, the value of Bitcoin rose again, reaching a new all-time high in October of 2025, when it was valued at [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")125,835.92.[\[92\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-92) It fell short of the US\$200,000 expectation of [Standard Chartered](https://en.wikipedia.org/wiki/Standard_Chartered "Standard Chartered") analysts, however, leading one analyst to warn of a possible "bitcoin winter".[\[93\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-93) By February 2026 the price of Bitcoin was lower than when President [Trump was elected in 2024](https://en.wikipedia.org/wiki/2024_United_States_presidential_election "2024 United States presidential election"). with the industry concerned about a new “crypto winter". [The New York Times](https://en.wikipedia.org/wiki/The_New_York_Times "The New York Times") called the slide "one of the worst crises in the crypto industry since 2022".[\[94\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-94) Nobel economics laureate [Paul Krugman](https://en.wikipedia.org/wiki/Paul_Krugman "Paul Krugman") said, "It does feel like we’re seeing a real crisis of faith right now."[\[95\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-95) [Bloomberg Intelligence](https://en.wikipedia.org/wiki/Bloomberg_L.P. "Bloomberg L.P.") strategist Mike McGlone warned that the cryptocurrency market “bubble is imploding” with Bitcoin’s price set to decrease to US\$10,000.[\[96\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-96) ### Associated effects \[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_bubble&action=edit&section=11 "Edit section: Associated effects")\] #### Collapse of Terra-Luna \[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_bubble&action=edit&section=12 "Edit section: Collapse of Terra-Luna")\] Main article: [Terra (blockchain) § Collapse](https://en.wikipedia.org/wiki/Terra_$blockchain$#Collapse "Terra (blockchain)") In May 2022, the [stablecoin](https://en.wikipedia.org/wiki/Stablecoin "Stablecoin") [TerraUSD](https://en.wikipedia.org/wiki/TerraUSD "TerraUSD") fell to US\$0.10.[\[97\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-97) This was supposed to be pegged to the US dollar via a complex algorithmic relationship with its support coin Luna. The loss of the peg resulted in Luna falling to almost zero, down from its high of \$119.51.[\[98\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-98) The collapse wiped out \$45 billion of total current value in a week.[\[99\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-99) On 25 May, a proposal was approved to reissue a new Luna cryptocurrency and to decouple from and abandon the devalued UST stablecoin.[\[100\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-100)[\[101\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-101) The new Luna coin lost value in the opening days of being listed on exchanges.[\[102\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-102) In the wake of Terra-Luna's collapse, another algorithmic stablecoin, DEI, lost its peg to the dollar and started to collapse.[\[103\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-103)[\[104\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-104) [Kwon Do-hyung](https://en.wikipedia.org/wiki/Kwon_Do-hyung "Kwon Do-hyung"), the founder of [Terra-Luna](https://en.wikipedia.org/wiki/Terra-Luna "Terra-Luna"), is wanted by [South Korea](https://en.wikipedia.org/wiki/South_Korea "South Korea") and the [US](https://en.wikipedia.org/wiki/US "US") for his role as the creator of the cryptocurrency [stablecoin](https://en.wikipedia.org/wiki/Stablecoin "Stablecoin") which was guaranteed by an algorithm rather than with appropriate funds, after the loss of 40 billion dollars by investors. He has been arrested in [Montenegro](https://en.wikipedia.org/wiki/Montenegro "Montenegro").[\[105\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-105) #### Private litigation in the United States \[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_bubble&action=edit&section=13 "Edit section: Private litigation in the United States")\] See also: [Cryptocurrency and crime](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime "Cryptocurrency and crime"), [Economic policy of the Joe Biden administration § Cryptocurrency](https://en.wikipedia.org/wiki/Economic_policy_of_the_Joe_Biden_administration#Cryptocurrency "Economic policy of the Joe Biden administration"), and [Gary Gensler § Cryptocurrency](https://en.wikipedia.org/wiki/Gary_Gensler#Cryptocurrency "Gary Gensler") On 7 January 2022, a class-action lawsuit was filed against EthereumMax alleging it to be a [pump and dump](https://en.wikipedia.org/wiki/Pump_and_dump "Pump and dump") scheme with media personality [Kim Kardashian](https://en.wikipedia.org/wiki/Kim_Kardashian "Kim Kardashian"), former professional boxer [Floyd Mayweather Jr.](https://en.wikipedia.org/wiki/Floyd_Mayweather_Jr. "Floyd Mayweather Jr."), former [NBA](https://en.wikipedia.org/wiki/National_Basketball_Association "National Basketball Association") player [Paul Pierce](https://en.wikipedia.org/wiki/Paul_Pierce "Paul Pierce"), and other celebrities also being named in the lawsuit for [promoting](https://en.wikipedia.org/wiki/False_advertising "False advertising") the Ether cryptocurrency on their [social media accounts](https://en.wikipedia.org/wiki/Influencer_marketing "Influencer marketing").[\[106\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-106)[\[107\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-107) On 18 February, the [United States Court of Appeals for the Eleventh Circuit](https://en.wikipedia.org/wiki/United_States_Court_of_Appeals_for_the_Eleventh_Circuit "United States Court of Appeals for the Eleventh Circuit") ruled in a lawsuit against [Bitconnect](https://en.wikipedia.org/wiki/Bitconnect "Bitconnect") that the [Securities Act of 1933](https://en.wikipedia.org/wiki/Securities_Act_of_1933 "Securities Act of 1933") extends to [targeted solicitation](https://en.wikipedia.org/wiki/Targeted_advertising "Targeted advertising") using social media.[\[108\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-108) On the same day, a class-action lawsuit was filed against [SafeMoon](https://en.wikipedia.org/wiki/SafeMoon "SafeMoon") alleging it to also be a pump and dump scheme with professional boxer [Jake Paul](https://en.wikipedia.org/wiki/Jake_Paul "Jake Paul"), musician [Nick Carter](https://en.wikipedia.org/wiki/Nick_Carter "Nick Carter"), rappers [Soulja Boy](https://en.wikipedia.org/wiki/Soulja_Boy "Soulja Boy") and [Lil Yachty](https://en.wikipedia.org/wiki/Lil_Yachty "Lil Yachty"), and social media personality Ben Phillips also being named in the lawsuit for promoting the SafeMoon cryptocurrency with misleading information on their social media accounts.[\[109\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-109)[\[110\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-110) On 1 April, a class-action lawsuit was filed in Florida against the [LGBcoin](https://en.wikipedia.org/wiki/Let%27s_Go_Brandon#Brandon_Brown_sponsorship "Let's Go Brandon") cryptocurrency company, [NASCAR](https://en.wikipedia.org/wiki/NASCAR "NASCAR"), professional [stock car racing](https://en.wikipedia.org/wiki/Stock_car_racing "Stock car racing") driver [Brandon Brown](https://en.wikipedia.org/wiki/Brandon_Brown_$racing_driver$ "Brandon Brown (racing driver)"), and political commentator [Candace Owens](https://en.wikipedia.org/wiki/Candace_Owens "Candace Owens") alleging that the defendants made [false](https://en.wikipedia.org/wiki/False_statements_of_fact "False statements of fact") or misleading statements about the LGBcoin and that the founders of the company had engaged in a pump and dump scheme.[\[111\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-111) On 13 April, [Coinbase](https://en.wikipedia.org/wiki/Coinbase "Coinbase") received a class-action [securities fraud](https://en.wikipedia.org/wiki/Securities_fraud "Securities fraud") lawsuit from its shareholders for including false and misleading statements and [omissions](https://en.wikipedia.org/wiki/Omission_$law$ "Omission (law)") in the [registration statement](https://en.wikipedia.org/wiki/Registration_statement "Registration statement") and [prospectus](https://en.wikipedia.org/wiki/Prospectus_$finance$ "Prospectus (finance)") of its [initial public offering](https://en.wikipedia.org/wiki/Initial_public_offering "Initial public offering").[\[112\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-112) On 13 June, [Binance](https://en.wikipedia.org/wiki/Binance "Binance") received a class-action lawsuit from more than 2,000 investors accusing the company of false advertising in promoting TerraUSD.[\[113\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-113) On 17 June, [TerraForm Labs](https://en.wikipedia.org/wiki/Terra_$blockchain$ "Terra (blockchain)") received a class-action lawsuit in the United States alleging the company misled investors in violation of federal and California securities laws in marketing its cryptocurrencies in a manner that resembled [securities](https://en.wikipedia.org/wiki/Security_$finance$ "Security (finance)").[\[114\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-114) On 7 July, [Celsius Network](https://en.wikipedia.org/wiki/Celsius_Network "Celsius Network") received a lawsuit from a former cryptocurrency investment manager alleging the company failed to implement adequate [risk management](https://en.wikipedia.org/wiki/Risk_management "Risk management") strategies or accounting practices to [hedge](https://en.wikipedia.org/wiki/Hedge_$finance$ "Hedge (finance)") the firm against cryptocurrency price fluctuations and protect its ability to repay its [depositors](https://en.wikipedia.org/wiki/Deposit_account "Deposit account"), and that the company was operating an effective [Ponzi scheme](https://en.wikipedia.org/wiki/Ponzi_scheme "Ponzi scheme").[\[115\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-115) On 21 July, an ex-[Coinbase](https://en.wikipedia.org/wiki/Coinbase "Coinbase") employee and 2 other men were charged with [wire fraud](https://en.wikipedia.org/wiki/Mail_and_wire_fraud "Mail and wire fraud") and conspiracy to commit wire fraud. This marked the first time charges were brought to people involving crypto assets.[\[116\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-116) #### Collapse of FTX \[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_bubble&action=edit&section=14 "Edit section: Collapse of FTX")\] Main article: [Bankruptcy of FTX](https://en.wikipedia.org/wiki/Bankruptcy_of_FTX "Bankruptcy of FTX") In early November 2022, [Binance](https://en.wikipedia.org/wiki/Binance "Binance"), one of the largest crypto exchanges in the world, announced it would be dissolving its holdings in FTX Token (FTT) with reports that most of [FTX](https://en.wikipedia.org/wiki/FTX_$company$ "FTX (company)") [liquidity](https://en.wikipedia.org/wiki/Liquidity "Liquidity") was based in this coin and was very unstable. This announcement came shortly after article surfaced stating that Alameda Research, a trading firm affiliated with FTX held a significant amount of FTT. This resulted in a [run](https://en.wikipedia.org/wiki/Bank_run "Bank run") on FTX resulting in 90% of all FTT being withdrawn. The price of FTT fell from \$22 on 7 November to under \$5.00 on 8 November, an 80% drop.[\[73\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-Sigalos-73) Abracadabra.com's stablecoin "magic internet money" (MIM) also briefly lost its peg to the [US dollar](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar") for the first time since May 2022.[\[117\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-117) This all resulted in a [liquidity crisis](https://en.wikipedia.org/wiki/Liquidity_crisis "Liquidity crisis") with the company unable to pay off the withdrawals. On 8 November, rival Binance announced plans to buy the company to save it from collapse. This sent shockwaves through the crypto market and led to a 10% drop in [Bitcoin](https://en.wikipedia.org/wiki/Bitcoin "Bitcoin") price and a 15% drop in Ether price. The following day, however, Binance immediately withdrew its offer causing Bitcoin and Ether to plummet another 14% and 16%, respectively, to their lowest levels since November 2020.[\[118\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-118) The same day, the SEC and Justice Department launched an investigation into the company.[\[119\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-119) FTX filed for bankruptcy protection on 11 November.[\[76\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-Bankruptcy-76) ## Characterization as a bubble \[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_bubble&action=edit&section=15 "Edit section: Characterization as a bubble")\] Further information: [Economics of bitcoin](https://en.wikipedia.org/wiki/Economics_of_bitcoin "Economics of bitcoin") [Bitcoin](https://en.wikipedia.org/wiki/Bitcoin "Bitcoin") has been characterized as a [speculative bubble](https://en.wikipedia.org/wiki/Speculative_bubble "Speculative bubble") by eight [winners of the Nobel Memorial Prize in Economic Sciences](https://en.wikipedia.org/wiki/List_of_Nobel_Memorial_Prize_laureates_in_Economics "List of Nobel Memorial Prize laureates in Economics"): [Paul Krugman](https://en.wikipedia.org/wiki/Paul_Krugman "Paul Krugman"),[\[120\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-Krugman-120)[\[121\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-121) [Robert J. Shiller](https://en.wikipedia.org/wiki/Robert_J._Shiller "Robert J. Shiller"),[\[122\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-Shiller_2014-122) [Joseph Stiglitz](https://en.wikipedia.org/wiki/Joseph_Stiglitz "Joseph Stiglitz"),[\[123\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-Stiglitz-123) [Richard Thaler](https://en.wikipedia.org/wiki/Richard_Thaler "Richard Thaler"),[\[124\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-Thaler-124) [James Heckman](https://en.wikipedia.org/wiki/James_Heckman "James Heckman"),[\[125\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-4Nobels-125) [Thomas Sargent](https://en.wikipedia.org/wiki/Thomas_Sargent "Thomas Sargent"),[\[125\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-4Nobels-125) [Angus Deaton](https://en.wikipedia.org/wiki/Angus_Deaton "Angus Deaton"),[\[125\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-4Nobels-125) and [Oliver Hart](https://en.wikipedia.org/wiki/Oliver_Hart_$economist$ "Oliver Hart (economist)");[\[125\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-4Nobels-125) and by central bank officials including [Alan Greenspan](https://en.wikipedia.org/wiki/Alan_Greenspan "Alan Greenspan"),[\[126\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-Kearns-126) [Agustín Carstens](https://en.wikipedia.org/wiki/Agust%C3%ADn_Carstens "Agustín Carstens"),[\[127\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-Carstens-127) [Vítor Constâncio](https://en.wikipedia.org/wiki/V%C3%ADtor_Const%C3%A2ncio "Vítor Constâncio"),[\[128\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-Constancio-128) and [Nout Wellink](https://en.wikipedia.org/wiki/Nout_Wellink "Nout Wellink").[\[129\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-129) The investors [Warren Buffett](https://en.wikipedia.org/wiki/Warren_Buffett "Warren Buffett") and [George Soros](https://en.wikipedia.org/wiki/George_Soros "George Soros") have respectively characterized it as a "mirage"[\[130\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-130) and a "bubble",[\[131\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-GnMSoros-131) while the business executives [Jack Ma](https://en.wikipedia.org/wiki/Jack_Ma "Jack Ma") and J.P. Morgan Chase CEO [Jamie Dimon](https://en.wikipedia.org/wiki/Jamie_Dimon "Jamie Dimon") have called it a "bubble"[\[132\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-Yang_Ma-132) and a "fraud",[\[133\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-Buffet_and_Dimon-133) respectively. However, Dimon said later he regrets calling Bitcoin a fraud.[\[134\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-134) Other notable skeptics are [Bill Gates](https://en.wikipedia.org/wiki/Bill_Gates "Bill Gates"), [Microsoft](https://en.wikipedia.org/wiki/Microsoft "Microsoft") co-founder and philanthropist;[\[135\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-CNBC-135) [Bruce Schneier](https://en.wikipedia.org/wiki/Bruce_Schneier "Bruce Schneier"), cryptographer, computer security expert, and public policy lecturer at [Harvard University](https://en.wikipedia.org/wiki/Harvard_University "Harvard University");[\[136\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-136) and [Molly White](https://en.wikipedia.org/wiki/Molly_White "Molly White"), author of the Web3 Is Going Just Great website.[\[137\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-137)[\[138\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-138)[\[139\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-139) Economic analysis of these market cycles suggests that cryptocurrency price dynamics are characteristic of speculative bubbles, driven more by market sentiment than by traditional economic fundamentals.[\[140\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-140) The increasing integration of crypto with the financial system means these shocks do not occur in isolation. Studies find significant spillover effects, where volatility in cryptocurrency markets transmits to traditional asset classes like equities and commodities.[\[141\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-141) More recent structural models confirm this transmission occurs by affecting overall investor risk appetite and that it extends to the broader macroeconomy, with a notable impact on long-term inflation. This demonstrates a concrete channel through which cryptocurrency bubbles and crashes can have broader economic consequences.[\[142\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-142) It has been suggested by Lee Reiners, a former [Federal Reserve](https://en.wikipedia.org/wiki/Federal_Reserve "Federal Reserve") economist, that "when this crypto bubble bursts — and it will burst — it will end up impacting people across the economy even if they don’t have direct investment in crypto”.[\[143\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-143) ## See also \[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_bubble&action=edit&section=16 "Edit section: See also")\] - [Blockchain § History](https://en.wikipedia.org/wiki/Blockchain#History "Blockchain"), a broader overview of the history of blockchain technology - [Cryptocurrency § History](https://en.wikipedia.org/wiki/Cryptocurrency#History "Cryptocurrency") - [Cryptocurrency and crime](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime "Cryptocurrency and crime") - [Crypto Ponzi scheme](https://en.wikipedia.org/wiki/Ponzi_scheme#Cryptocurrency_Ponzi "Ponzi scheme") ## References \[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_bubble&action=edit&section=17 "Edit section: References")\] 1. ^ [*a](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-FortuneMorris_1-0) [b](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-FortuneMorris_1-1) [c](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-FortuneMorris_1-2) [d](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-FortuneMorris_1-3) Morris, David Z. (2 January 2021). ["A brief history of Bitcoin bubbles"](https://fortune.com/crypto/2021/01/02/is-bitcoin-a-bubble-will-it-crash-again-history/). Fortune. Retrieved 23 May 2022. 2. [^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-2)* Stewart, Emily (6 March 2024). ["Bitcoin's all-time high reveals the true nature of crypto"](https://www.businessinsider.com/bitcoin-all-time-high-etfs-crypto-price-crash-boom-bust-2024-3). Business Insider. Retrieved 21 December 2024. 3. [^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-Popken_3-0) Popken, Ben (2 February 2018). ["Bitcoin loses more than half its value amid crypto crash"](https://www.nbcnews.com/tech/internet/bitcoin-loses-more-half-its-value-amid-crypto-crash-n844056). [NBC News](https://en.wikipedia.org/wiki/NBC_News "NBC News"). [Archived](https://web.archive.org/web/20181021073955/https://www.nbcnews.com/tech/internet/bitcoin-loses-more-half-its-value-amid-crypto-crash-n844056) from the original on 21 October 2018. 4. [^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-4) Silcoff, Sean (13 February 2018). ["OMERS-affiliated Ethereum Capital offering pinched, but not pulled, following choppy markets and cryptocrash"](https://www.theglobeandmail.com/report-on-business/ethereum-capital-financing-pinched-but-not-pulled-following-choppy-markets-and-cryptocrash/article37958224/). [The Globe and Mail](https://en.wikipedia.org/wiki/The_Globe_and_Mail "The Globe and Mail"). [The Woodbridge Company](https://en.wikipedia.org/wiki/The_Woodbridge_Company "The Woodbridge Company"). [Archived](https://web.archive.org/web/20181020091150/https://www.theglobeandmail.com/report-on-business/ethereum-capital-financing-pinched-but-not-pulled-following-choppy-markets-and-cryptocrash/article37958224/) from the original on 20 October 2018. 5. [^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-5) ["Crypto crash: bitcoin drops to lowest point since November"](http://www.theweek.co.uk/cryptocurrencies/91014/crypto-crash-bitcoin-and-ethereum-plummet-in-value). [The Week](https://en.wikipedia.org/wiki/The_Week "The Week"). 2 February 2018. [Archived](https://web.archive.org/web/20180705114343/http://www.theweek.co.uk/cryptocurrencies/91014/crypto-crash-bitcoin-and-ethereum-plummet-in-value) from the original on 5 July 2018. 6. [^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-6) Smith, Noah (8 February 2018). ["Crypto Cynics Stand to Profit the Most"](https://www.bloomberg.com/view/articles/2018-02-08/crypto-cynics-stand-to-profit-the-most). [Bloomberg](https://en.wikipedia.org/wiki/Bloomberg_News "Bloomberg News"). [Archived](https://web.archive.org/web/20180615111436/https://www.bloomberg.com/view/articles/2018-02-08/crypto-cynics-stand-to-profit-the-most) from the original on 15 June 2018. 7. [^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-7) Chaparro, Frank (2 February 2018). ["ROUBINI: 'The Mother Of All Bubbles And Biggest Bubble in Human History Comes Down Crashing'"](https://www.businessinsider.com/bitcoin-the-mother-of-all-bubbles-is-now-crashing-2018-2). [Business Insider](https://en.wikipedia.org/wiki/Business_Insider "Business Insider"). [Archived](https://web.archive.org/web/20181023034847/https://www.businessinsider.com/bitcoin-the-mother-of-all-bubbles-is-now-crashing-2018-2) from the original on 23 October 2018. 8. [^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-8) Kaplan, Michael (11 September 2018). ["Bitcoin crash: This man lost his savings when cryptocurrencies plunged"](https://money.cnn.com/2018/09/11/investing/bitcoin-crash-victim/index.html). [CNN](https://en.wikipedia.org/wiki/CNN "CNN"). [Archived](https://web.archive.org/web/20181012213956/https://money.cnn.com/2018/09/11/investing/bitcoin-crash-victim/index.html) from the original on 12 October 2018. 9. ^ [*a](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-BloombergCrash_9-0) [b](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-BloombergCrash_9-1) Patterson, Michael (12 September 2018). ["Crypto's 80% Plunge Is Now Worse Than the Dot-Com Crash"](https://www.bloomberg.com/news/articles/2018-09-12/crypto-s-crash-just-surpassed-dot-com-levels-as-losses-reach-80). [Bloomberg](https://en.wikipedia.org/wiki/Bloomberg_News "Bloomberg News"). [Archived](https://web.archive.org/web/20181011095706/https://www.bloomberg.com/news/articles/2018-09-12/crypto-s-crash-just-surpassed-dot-com-levels-as-losses-reach-80) from the original on 11 October 2018. 10. ^ [a](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-CryptoCollapse_10-0) [b](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-CryptoCollapse_10-1) Russolillo, Steven (26 November 2018). ["Bitcoin Continues Steep Fall as Cryptocurrency Collapse Worsens"](https://www.wsj.com/articles/bitcoin-falls-below-4-000-as-cryptocurrency-collapse-worsens-1543241154). [Wall Street Journal](https://en.wikipedia.org/wiki/Wall_Street_Journal "Wall Street Journal"). [ISSN](https://en.wikipedia.org/wiki/ISSN_$identifier$ "ISSN (identifier)") [0099-9660](https://search.worldcat.org/issn/0099-9660). 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[^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-114) ["TerraForm Class Action Notice: Scott+Scott Attorneys at Law LLP Files Securities Class Action Against Terraform Labs PTE. Ltd, its Executive Officers, and Insiders"](https://www.businesswire.com/news/home/20220620005602/en/TERRAFORM-CLASS-ACTION-NOTICE-ScottScott-Attorneys-at-Law-LLP-Files-Securities-Class-Action-Against-Terraform-Labs-PTE.-LTD-its-Executive-Officers-and-Insiders). [Business Wire](https://en.wikipedia.org/wiki/Business_Wire "Business Wire"). [Berkshire Hathaway](https://en.wikipedia.org/wiki/Berkshire_Hathaway "Berkshire Hathaway"). 2 February 2022. Retrieved 12 July 2022. 115. [^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-115) Kharpal, Arjun (8 July 2022). ["Embattled crypto lender Celsius is a 'fraud' and 'Ponzi scheme', lawsuit alleges"](https://www.cnbc.com/2022/07/08/crypto-lender-celsius-is-a-fraud-and-ponzi-scheme-lawsuit-claims.html). CNBC. Retrieved 8 July 2022. 116. [^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-116) Goldstein, Matthew; Yaffe-Bellany, David (21 July 2022). ["Ex-Coinbase Employee and 2 Others Charged With Insider Trading of Crypto Assets"](https://www.nytimes.com/2022/07/21/business/insider-trading-crypto-coinbase.html). The New York Times. [ISSN](https://en.wikipedia.org/wiki/ISSN_$identifier$ "ISSN (identifier)") [0362-4331](https://search.worldcat.org/issn/0362-4331). Retrieved 22 July 2022. 117. [^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-117) ["Abracadabra's MIM Stablecoin Briefly Lost Dollar Peg as FTX's FTT Token Tanked"](https://markets.businessinsider.com/news/currencies/abracadabras-mim-stablecoin-briefly-lost-dollar-peg-as-ftxs-ftt-token-tanked-1031886564). Business Insider. Retrieved 9 November 2022. 118. [^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-118) Sigalos, MacKenzie; Rooney, Kate (9 November 2022). ["Binance backs out of FTX rescue, leaving the crypto exchange on the brink of collapse"](https://www.cnbc.com/2022/11/09/binance-backs-out-of-ftx-rescue-leaving-the-crypto-exchange-on-the-brink-of-collapse.html). CNBC. Retrieved 9 November 2022. 119. [^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-119) Kiernan, Paul (9 November 2022). ["SEC, Justice Department investigating beleaguered crypto platform FTX"](https://www.marketwatch.com/story/sec-justice-department-investigating-beleaguered-crypto-platform-ftx-11668047256). MarketWatch. Retrieved 10 November 2022. 120. [^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-Krugman_120-0) Krugman, Paul (29 January 2018). ["Bubble, Bubble, Fraud and Trouble"](https://www.nytimes.com/2018/01/29/opinion/bitcoin-bubble-fraud.html). The New York Times. [Archived](https://web.archive.org/web/20180604124251/https://www.nytimes.com/2018/01/29/opinion/bitcoin-bubble-fraud.html) from the original on 4 June 2018. 121. 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[^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-Stiglitz_123-0) Costelloe, Kevin (29 November 2017). ["Bitcoin 'Ought to Be Outlawed,' Nobel Prize Winner Stiglitz Says"](https://www.bloomberg.com/news/articles/2017-11-29/bitcoin-ought-to-be-outlawed-nobel-prize-winner-stiglitz-says-jal10hxd). Bloomberg. [Archived](https://web.archive.org/web/20180612224313/https://www.bloomberg.com/news/articles/2017-11-29/bitcoin-ought-to-be-outlawed-nobel-prize-winner-stiglitz-says-jal10hxd) from the original on 12 June 2018. "It doesn't serve any socially useful function." 124. [^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-Thaler_124-0) ["Economics Nobel prize winner, Richard Thaler: 'The market that looks most like a bubble to me is Bitcoin and its brethren'"](https://econews.pt/2018/01/22/economics-nobel-prize-winner-richard-thaler-the-market-that-looks-most-like-a-bubble-to-me-is-bitcoin-and-its-brethren/). ECO Portuguese Economy. 22 January 2018. [Archived](https://web.archive.org/web/20180612140603/https://econews.pt/2018/01/22/economics-nobel-prize-winner-richard-thaler-the-market-that-looks-most-like-a-bubble-to-me-is-bitcoin-and-its-brethren/) from the original on 12 June 2018. 125. ^ [*a](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-4Nobels_125-0) [b](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-4Nobels_125-1) [c](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-4Nobels_125-2) [d](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-4Nobels_125-3) Wolff-Mann, Ethan (27 April 2018). ["'Only good for drug dealers': More Nobel prize winners snub bitcoin"](https://finance.yahoo.com/news/good-drug-dealers-nobel-prize-winners-snub-bitcoin-184903784.html). Yahoo Finance. [Archived](https://web.archive.org/web/20180612141128/https://finance.yahoo.com/news/good-drug-dealers-nobel-prize-winners-snub-bitcoin-184903784.html) from the original on 12 June 2018. 126. [^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-Kearns_126-0)* Kearns, Jeff (4 December 2013). ["Greenspan Says Bitcoin a Bubble Without Intrinsic Currency Value"](https://www.bloomberg.com/news/2013-12-04/greenspan-says-bitcoin-a-bubble-without-intrinsic-currency-value.html). bloomberg.com. Bloomberg LP. [Archived](https://web.archive.org/web/20131229054844/http://www.bloomberg.com/news/2013-12-04/greenspan-says-bitcoin-a-bubble-without-intrinsic-currency-value.html) from the original on 29 December 2013. 127. [^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-Carstens_127-0) ["Central banker takes stab at bitcoin 'bubble'"](https://phys.org/news/2018-02-central-banker-stab-bitcoin.html). Phys.org. AFP. 6 February 2018. [Archived](https://web.archive.org/web/20180612143028/https://phys.org/news/2018-02-central-banker-stab-bitcoin.html) from the original on 12 June 2018. 128. [^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-Constancio_128-0) ["Bitcoin is like Tulipmania, says ECB vice-president"](https://www.ft.com/content/18507a26-9fb4-11e7-8cd4-932067fbf946). The Financial Times. 22 September 2017. [Archived](https://web.archive.org/web/20170930234500/https://www.ft.com/content/18507a26-9fb4-11e7-8cd4-932067fbf946) from the original on 30 September 2017. 129. [^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-129) Hern, Alex (4 December 2013). ["Bitcoin hype worse than 'tulip mania', says Dutch central banker"](https://web.archive.org/web/20170320051840/https://www.theguardian.com/technology/2013/dec/04/bitcoin-bubble-tulip-dutch-banker). The Guardian. [ISSN](https://en.wikipedia.org/wiki/ISSN_$identifier$ "ISSN (identifier)") [0261-3077](https://search.worldcat.org/issn/0261-3077). Archived from [the original](https://www.theguardian.com/technology/2013/dec/04/bitcoin-bubble-tulip-dutch-banker) on 20 March 2017. Retrieved 17 December 2017. 130. [^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-130) Crippen, Alex (14 March 2014). ["Bitcoin? Here's what Warren Buffett is saying"](https://www.cnbc.com/2014/03/14/buffett-blasts-bitcoin-as-mirage-stay-away.html). CNBC. [Archived](https://web.archive.org/web/20170113070447/http://www.cnbc.com/2014/03/14/buffett-blasts-bitcoin-as-mirage-stay-away.html) from the original on 13 January 2017. Retrieved 11 January 2017. 131. [^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-GnMSoros_131-0) Porzecanski, Katia (25 January 2018). ["George Soros: Bitcoin is a bubble, Trump is a 'danger to the world'"](https://www.theglobeandmail.com/globe-investor/investment-ideas/george-soros-says-bitcoin-bubble-wont-have-sharp-break-like-others/article37739168/). Globe and Mail. Bloomberg News. [Archived](https://web.archive.org/web/20180609071424/https://www.theglobeandmail.com/globe-investor/investment-ideas/george-soros-says-bitcoin-bubble-wont-have-sharp-break-like-others/article37739168/) from the original on 9 June 2018. Retrieved 7 June 2018. 132. [^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-Yang_Ma_132-0) Yang, Yingzhi (18 May 2018). ["There's a bitcoin bubble, says Alibaba executive chairman Jack Ma"](https://www.scmp.com/tech/enterprises/article/2146648/theres-bitcoin-bubble-says-alibaba-executive-chairman-jack-ma). South China Morning Post. [Archived](https://web.archive.org/web/20180610214759/http://www.scmp.com/tech/enterprises/article/2146648/theres-bitcoin-bubble-says-alibaba-executive-chairman-jack-ma) from the original on 10 June 2018. Retrieved 10 June 2018. 133. [^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-Buffet_and_Dimon_133-0) Cheng, Evelyn (7 June 2018). ["Warren Buffett and Jamie Dimon on bitcoin: Beware"](https://www.cnbc.com/2018/06/07/warren-buffett-and-jamie-dimon-on-bitcoin-beware.html). CNBC. [Archived](https://web.archive.org/web/20180609122312/https://www.cnbc.com/2018/06/07/warren-buffett-and-jamie-dimon-on-bitcoin-beware.html) from the original on 9 June 2018. Retrieved 7 June 2018. 134. [^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-134) Kim, Tae (9 January 2018). ["Jamie Dimon says he regrets calling bitcoin a fraud and believes in the technology behind it"](https://www.cnbc.com/2018/01/09/jamie-dimon-says-he-regrets-calling-bitcoin-a-fraud.html). CNBC. Retrieved 31 December 2020. 135. [^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-CNBC_135-0) Browne, Ryan (15 June 2022). ["Bill Gates says crypto and NFTs are '100% based on greater fool theory'"](https://www.cnbc.com/2022/06/15/bill-gates-says-crypto-and-nfts-are-based-on-greater-fool-theory.html). [CNBC](https://en.wikipedia.org/wiki/CNBC "CNBC"). Retrieved 15 June 2022. 136. [^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-136) Avery, Dan (1 June 2022). ["Tech Experts Call on Lawmakers to Push Back Against Cryptocurrency Industry"](https://web.archive.org/web/20220602025804/https://www.cnet.com/personal-finance/crypto/tech-experts-call-on-lawmakers-to-push-back-against-cryptocurrency-industry/). CNET. Archived from [the original](https://www.cnet.com/personal-finance/crypto/tech-experts-call-on-lawmakers-to-push-back-against-cryptocurrency-industry/) on 2 June 2022. Retrieved 2 June 2022. "In an open letter on Wednesday, 26 computer scientists, software engineers and academics – including Harvard computer security expert Bruce Schneier and Google Cloud principal engineer Kelsey Hightower – urged Congress to 'resist pressure from digital asset industry financiers, lobbyists and boosters to create a regulatory safe haven for these risky, flawed and unproven digital financial instruments' ... The letter also cautioned that crypto assets are being used to promote 'unsound and highly volatile speculative investment schemes' to investors who may not understand the real risks. 'The claims that the blockchain advocates make are not true,' Schneier told the Financial Times. 'It's not secure, it's not decentralized. Any system where you forget your password and you lose your life savings is not a safe system.'" 137. [^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-137) De Vynck, Gerrit (29 May 2022). ["First she documented the alt-right. Now she's coming for crypto"](https://web.archive.org/web/20220531021347/https://www.washingtonpost.com/technology/2022/05/29/molly-white-crypto/). The Washington Post. Archived from [the original](https://www.washingtonpost.com/technology/2022/05/29/molly-white-crypto/) on 31 May 2022. Retrieved 31 May 2022. "A 28-year-old software engineer who writes Wikipedia articles for fun, White is an odd figure to make the crypto industry cower. On her website, 'Web3 is Going Just Great', White documents case after case of crypto malfeasance: investments that turn out to be scams, poorly-run projects that collapse under mismanagement and hacks that drain supporters' money. As much of the financial and tech elite has rallied around crypto, White has led a small but scrappy group of skeptics pushing the other way whose warnings have seemed vindicated by the cratering in recent weeks of cryptocurrency prices." 138. [^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-138) Pahwa, Nitish (12 May 2022). ["To Be Clear, Web3 Is Not Going Great"](https://web.archive.org/web/20220528020034/https://slate.com/technology/2022/05/crypto-crash-molly-white-web3-going-just-great.html). Slate. Archived from [the original](https://slate.com/technology/2022/05/crypto-crash-molly-white-web3-going-just-great.html) on 28 May 2022. Retrieved 31 May 2022. "One of the most prominent skeptics these days is Molly White, a software developer who started the blog Web3 Is Going Just Great last December ... The site has gotten quite popular among fellow doubters, and White herself has become a go-to voice countering the hype coming from crypto companies and maxis—even collaborating with other crypto watchers on a project fact-checking mainstream publications' praise of crypto." 139. [^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-139) Bernard, Zoe (29 April 2022). ["Crypto's CSI: How Molly White Became an 'Absolute Nightmare' for Web3 Evangelists"](https://web.archive.org/web/20220512215358/https://www.theinformation.com/articles/cryptos-csi-how-molly-white-became-an-absolute-nightmare-for-web3-evangelists). The Information. Archived from [the original](https://www.theinformation.com/articles/cryptos-csi-how-molly-white-became-an-absolute-nightmare-for-web3-evangelists) on 12 May 2022. Retrieved 31 May 2022. "Over the course of one week in April, Molly White's internet crime blotter Web3 Is Going Just Great documented 15 crypto-related offenses, each of which alone would hobble—or at least humiliate—most other industries ... White is in a unique position to catalog Web3's never-ending highlight reel of disasters. A software engineer who has worked in front-end development at enterprise software company HubSpot for the past six years, the 28-year-old has a sophisticated understanding of the blockchain's underlying technology." 140. [^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-140) Cheah, E. T.; Fry, J. (2015). "Speculative bubbles in Bitcoin markets? An empirical investigation into the fundamental value of Bitcoin". Economics Letters. 130: 32–36\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1016/j.econlet.2015.02.029](https://doi.org/10.1016%2Fj.econlet.2015.02.029). [hdl](https://en.wikipedia.org/wiki/Hdl_$identifier$ "Hdl (identifier)"):[10454/18101](https://hdl.handle.net/10454%2F18101). 141. [^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-141) Corbet, Shaen; Meegan, Andrew; Larkin, Charles; Lucey, Brian; Yarovaya, Larisa (2018). ["Exploring the dynamic relationships between cryptocurrencies and other financial assets"](https://figshare.com/articles/journal_contribution/23759697). Economics Letters. 165: 28–34\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1016/j.econlet.2018.01.004](https://doi.org/10.1016%2Fj.econlet.2018.01.004). 142. [^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-142) Chen, Zhengyang (2025). ["From Disruption to Integration: Cryptocurrency Prices, Financial Fluctuations, and Macroeconomy"](https://doi.org/10.3390%2Fjrfm18070360). Journal of Risk and Financial Management. 18 (7): 360. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.3390/jrfm18070360](https://doi.org/10.3390%2Fjrfm18070360). 143. [^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-143) Lipton, Eric; Yaffe-Bellany, David (21 January 2025). ["Trump's Cryptocurrency Surges to Become One of the World's Most Valuable"](https://www.nytimes.com/2025/01/19/us/politics/trump-cryptocurrency-surges.html). The New York Times. [ISSN](https://en.wikipedia.org/wiki/ISSN_$identifier$ "ISSN (identifier)") [0362-4331](https://search.worldcat.org/issn/0362-4331). Retrieved 21 January 2025. ## Further reading \[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_bubble&action=edit&section=18 "Edit section: Further reading")\] - ["Bitcoin Bulls and Bears"](https://www.bloomberg.com/features/bitcoin-bulls-bears/). Bloomberg. 8 June 2018. \| [v](https://en.wikipedia.org/wiki/Template:Financial_bubbles "Template:Financial bubbles") [t](https://en.wikipedia.org/wiki/Template_talk:Financial_bubbles "Template talk:Financial bubbles") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:Financial_bubbles "Special:EditPage/Template:Financial bubbles")[Financial bubbles](https://en.wikipedia.org/wiki/Economic_bubble "Economic bubble") \| \| \|---\|---\| \| [Market trend](https://en.wikipedia.org/wiki/Market_trend "Market trend") [Credit cycle](https://en.wikipedia.org/wiki/Credit_cycle "Credit cycle") [Irrational exuberance](https://en.wikipedia.org/wiki/Irrational_exuberance "Irrational exuberance") [Social contagion](https://en.wikipedia.org/wiki/Social_contagion "Social contagion") [Real-estate bubble](https://en.wikipedia.org/wiki/Real-estate_bubble "Real-estate bubble") [Stock market bubble](https://en.wikipedia.org/wiki/Stock_market_bubble "Stock market bubble") \| \| \| [Commercial revolution](https://en.wikipedia.org/wiki/Commercial_revolution "Commercial revolution") (1000–1760) \| [Tulip mania](https://en.wikipedia.org/wiki/Tulip_mania "Tulip mania") (1634–1637) [Mississippi bubble](https://en.wikipedia.org/wiki/John_Law%27s_Company "John Law's Company") (1684–1720) [South Sea bubble](https://en.wikipedia.org/wiki/South_Sea_Company "South Sea Company") (1711–1720) [Bengal Bubble of 1769](https://en.wikipedia.org/wiki/Bengal_Bubble_of_1769 "Bengal Bubble of 1769") (1757–1769) \| \| [1st Industrial Revolution](https://en.wikipedia.org/wiki/Industrial_Revolution "Industrial Revolution") (1760–1840) \| [Canal Mania](https://en.wikipedia.org/wiki/Canal_Mania "Canal Mania") (c. 1790–c. 1810) [Carolina gold rush](https://en.wikipedia.org/wiki/Carolina_gold_rush "Carolina gold rush") (1802–1825) [1810s Alabama real estate bubble](https://en.wikipedia.org/wiki/Alabama_real_estate_bubble_of_the_1810s "Alabama real estate bubble of the 1810s") [Georgia Gold Rush](https://en.wikipedia.org/wiki/Georgia_Gold_Rush "Georgia Gold Rush") (1828–c. 1840) [1830s Chicago real estate bubble](https://en.wikipedia.org/wiki/Chicago_real_estate_bubble_of_the_1830s "Chicago real estate bubble of the 1830s") [Chilean silver rush](https://en.wikipedia.org/wiki/Chilean_silver_rush "Chilean silver rush") (1832–1850) \| \| 1840–1870 \| [Railway Mania](https://en.wikipedia.org/wiki/Railway_Mania "Railway Mania") (c. 1840–c. 1850) [California gold rush](https://en.wikipedia.org/wiki/California_gold_rush "California gold rush") (1848–1855) [Queen Charlottes Gold Rush](https://en.wikipedia.org/wiki/Queen_Charlottes_Gold_Rush "Queen Charlottes Gold Rush") (1851) [Victorian gold rush](https://en.wikipedia.org/wiki/Victorian_gold_rush "Victorian gold rush") (1851–c. 1870) [New South Wales gold rush](https://en.wikipedia.org/wiki/New_South_Wales_gold_rush "New South Wales gold rush") (1851–1880) [Australian gold rushes](https://en.wikipedia.org/wiki/Australian_gold_rushes "Australian gold rushes") (1851–1914) [Fraser Canyon Gold Rush](https://en.wikipedia.org/wiki/Fraser_Canyon_Gold_Rush "Fraser Canyon Gold Rush") (1858) [Pike's Peak gold rush](https://en.wikipedia.org/wiki/Pike%27s_Peak_gold_rush "Pike's Peak gold rush") (1858–1861) [Rock Creek Gold Rush](https://en.wikipedia.org/wiki/Rock_Creek_Gold_Rush "Rock Creek Gold Rush") (1859) [Pennsylvania oil rush](https://en.wikipedia.org/wiki/Pennsylvania_oil_rush "Pennsylvania oil rush") (1859–1891) [Similkameen Gold Rush](https://en.wikipedia.org/wiki/Similkameen_Gold_Rush "Similkameen Gold Rush") (1860) [Stikine Gold Rush](https://en.wikipedia.org/wiki/Stikine_Gold_Rush "Stikine Gold Rush") (1861) [Colorado River mining boom](https://en.wikipedia.org/wiki/Steamboats_of_the_Colorado_River "Steamboats of the Colorado River") (1861–1864) [Otago gold rush](https://en.wikipedia.org/wiki/Otago_gold_rush "Otago gold rush") (1861–1864) [Cariboo Gold Rush](https://en.wikipedia.org/wiki/Cariboo_Gold_Rush "Cariboo Gold Rush") (1861–1867) [First Nova Scotia Gold Rush](https://en.wikipedia.org/wiki/Gold_mining_in_Nova_Scotia "Gold mining in Nova Scotia") (1861–1874) [West Coast gold rush](https://en.wikipedia.org/wiki/West_Coast_gold_rush "West Coast gold rush") (1864–1867) [Big Bend Gold Rush](https://en.wikipedia.org/wiki/Big_Bend_Gold_Rush "Big Bend Gold Rush") (c. 1865) [Vermilion Lake gold rush](https://en.wikipedia.org/wiki/Vermilion_Lake_gold_rush "Vermilion Lake gold rush") (1865–1867) [Kildonan Gold Rush](https://en.wikipedia.org/wiki/Kildonan_Gold_Rush "Kildonan Gold Rush") (1869) [Omineca Gold Rush](https://en.wikipedia.org/wiki/Omineca_Gold_Rush "Omineca Gold Rush") (1869) \| \| [2nd Industrial Revolution](https://en.wikipedia.org/wiki/Second_Industrial_Revolution "Second Industrial Revolution") (1870–1914) \| [1870s Lapland gold rush](https://en.wikipedia.org/wiki/Lapland_gold_rush "Lapland gold rush") [Coromandel Gold Rushes](https://en.wikipedia.org/wiki/Coromandel_Gold_Rushes "Coromandel Gold Rushes") (c. 1870–c. 1890) [Cassiar Gold Rush](https://en.wikipedia.org/wiki/Cassiar_Country "Cassiar Country") (c. 1870–c. 1890) [Black Hills gold rush](https://en.wikipedia.org/wiki/Black_Hills_gold_rush "Black Hills gold rush") (1874–1880) [Colorado Silver Boom](https://en.wikipedia.org/wiki/Colorado_Silver_Boom "Colorado Silver Boom") (1879–1893) [Western Australian gold rushes](https://en.wikipedia.org/wiki/Western_Australian_gold_rushes "Western Australian gold rushes") (c. 1880–c. 1900) [Indiana gas boom](https://en.wikipedia.org/wiki/Indiana_gas_boom "Indiana gas boom") (c. 1880–1903) [Ohio oil rush](https://en.wikipedia.org/wiki/Petroleum_industry_in_Ohio "Petroleum industry in Ohio") (c. 1880–c. 1930) [Tierra del Fuego gold rush](https://en.wikipedia.org/wiki/Tierra_del_Fuego_gold_rush "Tierra del Fuego gold rush") (1883–1906) [Cayoosh Gold Rush](https://en.wikipedia.org/wiki/Cayoosh_Gold_Rush "Cayoosh Gold Rush") (1884) [Witwatersrand Gold Rush](https://en.wikipedia.org/wiki/Witwatersrand_Gold_Rush "Witwatersrand Gold Rush") (1886) [Encilhamento](https://en.wikipedia.org/wiki/Encilhamento "Encilhamento") (1886–1890) [Cripple Creek Gold Rush](https://en.wikipedia.org/wiki/Cripple_Creek_Gold_Rush "Cripple Creek Gold Rush") (c. 1890–c. 1910) [Klondike Gold Rush](https://en.wikipedia.org/wiki/Klondike_Gold_Rush "Klondike Gold Rush") (1896–1899) [Second Nova Scotia Gold Rush](https://en.wikipedia.org/wiki/Gold_mining_in_Nova_Scotia "Gold mining in Nova Scotia") (1896–1903) [Kobuk River Stampede](https://en.wikipedia.org/wiki/Kobuk_River_Stampede "Kobuk River Stampede") (1897–1899) [Mount Baker gold rush](https://en.wikipedia.org/wiki/Mount_Baker_gold_rush "Mount Baker gold rush") (1897–c. 1925) [Nome Gold Rush](https://en.wikipedia.org/wiki/Nome_Gold_Rush "Nome Gold Rush") (1899–1909) [Fairbanks Gold Rush](https://en.wikipedia.org/wiki/Fairbanks_Gold_Rush "Fairbanks Gold Rush") (c. 1900–1918) [Texas oil boom](https://en.wikipedia.org/wiki/Texas_oil_boom "Texas oil boom") (1901–1918) [Cobalt silver rush](https://en.wikipedia.org/wiki/Cobalt_silver_rush "Cobalt silver rush") (1903–1918) [Porcupine Gold Rush](https://en.wikipedia.org/wiki/Porcupine_Gold_Rush "Porcupine Gold Rush") (1909–1918) \| \| [Interwar period](https://en.wikipedia.org/wiki/Interwar_period "Interwar period") (1918–1939) \| [1920s Florida land boom](https://en.wikipedia.org/wiki/Florida_land_boom_of_the_1920s "Florida land boom of the 1920s") (c. 1920–1925) [Fairbanks Gold Rush](https://en.wikipedia.org/wiki/Fairbanks_Gold_Rush "Fairbanks Gold Rush") (1918–c. 1930) [Texas oil boom](https://en.wikipedia.org/wiki/Texas_oil_boom "Texas oil boom") (1918–1945) [Cobalt silver rush](https://en.wikipedia.org/wiki/Cobalt_silver_rush "Cobalt silver rush") (1918–c. 1930) [Porcupine Gold Rush](https://en.wikipedia.org/wiki/Porcupine_Gold_Rush "Porcupine Gold Rush") (1918–1945) [1930s Kakamega gold rush](https://en.wikipedia.org/wiki/Kakamega_gold_rush "Kakamega gold rush") [Third Nova Scotia Gold Rush](https://en.wikipedia.org/wiki/Gold_mining_in_Nova_Scotia "Gold mining in Nova Scotia") (1932–1942) \| \| [Post–WWII expansion](https://en.wikipedia.org/wiki/Post%E2%80%93World_War_II_economic_expansion "Post–World War II economic expansion") (1945–1973) \| [Texas oil boom](https://en.wikipedia.org/wiki/Texas_oil_boom "Texas oil boom") (1945–c. 1950) [Porcupine Gold Rush](https://en.wikipedia.org/wiki/Porcupine_Gold_Rush "Porcupine Gold Rush") (1945–c. 1960) [Poseidon bubble](https://en.wikipedia.org/wiki/Poseidon_bubble "Poseidon bubble") (1969–1970) \| \| [The Great Inflation](https://en.wikipedia.org/wiki/Stagflation "Stagflation") (1973–1982) \| [1970s commodities boom](https://en.wikipedia.org/wiki/1970s_commodities_boom "1970s commodities boom") [Mexican oil boom](https://en.wikipedia.org/wiki/Mexican_oil_boom "Mexican oil boom") (1977–1981) [Silver Thursday](https://en.wikipedia.org/wiki/Silver_Thursday "Silver Thursday") (1980) [New Zealand property bubble](https://en.wikipedia.org/wiki/New_Zealand_property_bubble "New Zealand property bubble") (c. 1980–1982) \| \| [Great Moderation](https://en.wikipedia.org/wiki/Great_Moderation "Great Moderation")/ Great Regression (1982–2007) \| [1980s oil glut](https://en.wikipedia.org/wiki/1980s_oil_glut "1980s oil glut") [New Zealand property bubble](https://en.wikipedia.org/wiki/New_Zealand_property_bubble "New Zealand property bubble") (1982–) [Spanish property bubble](https://en.wikipedia.org/wiki/Spanish_property_bubble "Spanish property bubble") (1985–2008) [Japanese asset price bubble](https://en.wikipedia.org/wiki/Japanese_asset_price_bubble "Japanese asset price bubble") (1986–1990) [Dot-com bubble](https://en.wikipedia.org/wiki/Dot-com_bubble "Dot-com bubble") (1995–2000) [Baltic states housing bubble](https://en.wikipedia.org/wiki/Baltic_states_housing_bubble "Baltic states housing bubble") (2000–2006) [Irish property bubble](https://en.wikipedia.org/wiki/Irish_property_bubble "Irish property bubble") (c. 2000–2007) [2000s commodities boom](https://en.wikipedia.org/wiki/2000s_commodities_boom "2000s commodities boom") (2000–2008) [2000s Danish property bubble](https://en.wikipedia.org/wiki/Danish_property_bubble_of_2000s "Danish property bubble of 2000s") (2001–2006) [United States housing bubble](https://en.wikipedia.org/wiki/2000s_United_States_housing_bubble "2000s United States housing bubble") (2002–2006) [Romanian property bubble](https://en.wikipedia.org/wiki/Romanian_property_bubble "Romanian property bubble") (2002–2007) [Polish property bubble](https://en.wikipedia.org/wiki/Polish_property_bubble "Polish property bubble") (2002–2008) [Canadian property bubble](https://en.wikipedia.org/wiki/Canadian_property_bubble "Canadian property bubble") (2002–) [Chinese property bubble](https://en.wikipedia.org/wiki/Chinese_property_bubble_$2005%E2%80%932011$ "Chinese property bubble (2005–2011)") (2005–2011) [Lebanese housing bubble](https://en.wikipedia.org/wiki/Lebanese_housing_bubble "Lebanese housing bubble") (2005–2008) [Chinese stock bubble of 2007](https://en.wikipedia.org/wiki/Chinese_stock_bubble_of_2007 "Chinese stock bubble of 2007") [Uranium bubble of 2007](https://en.wikipedia.org/wiki/Uranium_bubble_of_2007 "Uranium bubble of 2007") \| \| [Information Age](https://en.wikipedia.org/wiki/Information_Age "Information Age") (2007–present) \| [2000s commodities boom](https://en.wikipedia.org/wiki/2000s_commodities_boom "2000s commodities boom") (2008–2014) [Lebanese housing bubble](https://en.wikipedia.org/wiki/Lebanese_housing_bubble "Lebanese housing bubble") (2008–) [Corporate debt bubble](https://en.wikipedia.org/wiki/Corporate_debt_bubble "Corporate debt bubble") (2008–) [Australian property bubble](https://en.wikipedia.org/wiki/Australian_property_bubble "Australian property bubble") (2010–) [Cryptocurrency bubble]() (2011–) [Everything bubble](https://en.wikipedia.org/wiki/Everything_bubble "Everything bubble") (2020–21) [AI bubble](https://en.wikipedia.org/wiki/AI_bubble "AI bubble") (2022–) \| \| [Carbon bubble](https://en.wikipedia.org/wiki/Carbon_bubble "Carbon bubble") [Green bubble](https://en.wikipedia.org/wiki/Green_bubble "Green bubble") [Social media stock bubble](https://en.wikipedia.org/wiki/Social_media_stock_bubble "Social media stock bubble") [Unicorn bubble](https://en.wikipedia.org/wiki/Unicorn_bubble "Unicorn bubble") [U.S. higher education bubble](https://en.wikipedia.org/wiki/Higher_education_bubble_in_the_United_States "Higher education bubble in the United States") \| \| \| [v](https://en.wikipedia.org/wiki/Template:United_States_%E2%80%93_Commonwealth_of_Nations_recessions "Template:United States – Commonwealth of Nations recessions") [t](https://en.wikipedia.org/wiki/Template_talk:United_States_%E2%80%93_Commonwealth_of_Nations_recessions "Template talk:United States – Commonwealth of Nations recessions") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:United_States_%E2%80%93_Commonwealth_of_Nations_recessions "Special:EditPage/Template:United States – Commonwealth of Nations recessions")[Economic history of the United States](https://en.wikipedia.org/wiki/Economic_history_of_the_United_States "Economic history of the United States") and Commonwealth of Nations countries \| \| \|---\|---\| \| [Commercial revolution](https://en.wikipedia.org/wiki/Commercial_revolution "Commercial revolution") (1000–1760) \| [Great Bullion Famine](https://en.wikipedia.org/wiki/Great_Bullion_Famine "Great Bullion Famine") (c. 1400–c. 1500) [Great Slump](https://en.wikipedia.org/wiki/Great_Slump_$15th_century$ "Great Slump (15th century)") (1430–1490) [The Great Debasement](https://en.wikipedia.org/wiki/The_Great_Debasement "The Great Debasement") (1544–1551) [Financial Revolution](https://en.wikipedia.org/wiki/Financial_Revolution "Financial Revolution") (1690–1800) [Slump of 1706](https://en.wikipedia.org/wiki/War_of_the_Spanish_Succession "War of the Spanish Succession") [Great Frost of 1709](https://en.wikipedia.org/wiki/Great_Frost_of_1709 "Great Frost of 1709") [South Sea bubble](https://en.wikipedia.org/wiki/South_Sea_Company "South Sea Company") (1713–1720) [Mississippi bubble](https://en.wikipedia.org/wiki/John_Law%27s_Company "John Law's Company") (1717–1720) [Economic impact of the Seven Years' War](https://en.wikipedia.org/wiki/Financial_costs_of_the_Seven_Years%27_War "Financial costs of the Seven Years' War") (1754–1763) \| \| [1st Industrial Revolution](https://en.wikipedia.org/wiki/Industrial_Revolution "Industrial Revolution")/ [Market Revolution](https://en.wikipedia.org/wiki/Market_Revolution "Market Revolution") (1760–1870) \| Industrial Revolution [Scotland](https://en.wikipedia.org/wiki/Industrial_Revolution_in_Scotland "Industrial Revolution in Scotland") [United States](https://en.wikipedia.org/wiki/Industrial_Revolution_in_the_United_States "Industrial Revolution in the United States") [Wales](https://en.wikipedia.org/wiki/Industrial_Revolution_in_Wales "Industrial Revolution in Wales") [Bengal Bubble of 1769](https://en.wikipedia.org/wiki/Bengal_Bubble_of_1769 "Bengal Bubble of 1769") (1769–1784) [British credit crisis of 1772–1773](https://en.wikipedia.org/wiki/British_credit_crisis_of_1772%E2%80%931773 "British credit crisis of 1772–1773") [American Revolutionary War inflation](https://en.wikipedia.org/wiki/Financial_costs_of_the_American_Revolutionary_War "Financial costs of the American Revolutionary War") (1775–1783) [Panic of 1785](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Early_recessions_and_crises_$1785%E2%80%931836$ "List of recessions in the United States") (1785–1788) [Copper Panic of 1789](https://en.wikipedia.org/wiki/Copper_Panic_of_1789 "Copper Panic of 1789")/[Panic of 1792](https://en.wikipedia.org/wiki/Panic_of_1792 "Panic of 1792") (1789–1793) [Canal Mania](https://en.wikipedia.org/wiki/Canal_Mania "Canal Mania") (c. 1790–c. 1810) [Panic of 1796–1797](https://en.wikipedia.org/wiki/Panic_of_1796%E2%80%931797 "Panic of 1796–1797") (1796–1799) [1802–1804 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Early_recessions_and_crises_$1785%E2%80%931836$ "List of recessions in the United States") [Carolina gold rush](https://en.wikipedia.org/wiki/Carolina_gold_rush "Carolina gold rush") (1802–1825) [Depression of 1807](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Early_recessions_and_crises_$1785%E2%80%931836$ "List of recessions in the United States") (1807–1810) [1810s Alabama real estate bubble](https://en.wikipedia.org/wiki/Alabama_real_estate_bubble_of_the_1810s "Alabama real estate bubble of the 1810s") [Alabama Fever](https://en.wikipedia.org/wiki/Alabama_Fever "Alabama Fever") [1812 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Early_recessions_and_crises_$1785%E2%80%931836$ "List of recessions in the United States") [Post-Napoleonic Depression](https://en.wikipedia.org/wiki/Post-Napoleonic_Depression "Post-Napoleonic Depression") (1815–1821) [1822–23 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Early_recessions_and_crises_$1785%E2%80%931836$ "List of recessions in the United States") [Panic of 1825](https://en.wikipedia.org/wiki/Panic_of_1825 "Panic of 1825") [Panic of 1826](https://en.wikipedia.org/wiki/Panic_of_1826 "Panic of 1826") [1828–29 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Early_recessions_and_crises_$1785%E2%80%931836$ "List of recessions in the United States") [Georgia Gold Rush](https://en.wikipedia.org/wiki/Georgia_Gold_Rush "Georgia Gold Rush") (1828–c. 1840) [1830s Chicago real estate bubble](https://en.wikipedia.org/wiki/Chicago_real_estate_bubble_of_the_1830s "Chicago real estate bubble of the 1830s") [1833–34 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Early_recessions_and_crises_$1785%E2%80%931836$ "List of recessions in the United States") [Panic of 1837](https://en.wikipedia.org/wiki/Panic_of_1837 "Panic of 1837") (1836–1838 and 1839–1843) [U.S. state defaults in the 1840s](https://en.wikipedia.org/wiki/U.S._state_defaults_in_the_1840s "U.S. state defaults in the 1840s") [Railway Mania](https://en.wikipedia.org/wiki/Railway_Mania "Railway Mania") (c. 1840–c. 1850) [Plank Road Boom](https://en.wikipedia.org/wiki/Plank_Road_Boom "Plank Road Boom") (1844–c. 1855) [1845–46 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_$1836%E2%80%931929$ "List of recessions in the United States") [Panic of 1847](https://en.wikipedia.org/wiki/Panic_of_1847 "Panic of 1847") (1847–1848) [California gold rush](https://en.wikipedia.org/wiki/California_gold_rush "California gold rush") (1848–1855) [British Columbia gold rushes](https://en.wikipedia.org/wiki/British_Columbia_gold_rushes "British Columbia gold rushes") [Queen Charlottes Gold Rush](https://en.wikipedia.org/wiki/Queen_Charlottes_Gold_Rush "Queen Charlottes Gold Rush"), 1851 [Fraser Canyon Gold Rush](https://en.wikipedia.org/wiki/Fraser_Canyon_Gold_Rush "Fraser Canyon Gold Rush"), 1858 [Rock Creek Gold Rush](https://en.wikipedia.org/wiki/Rock_Creek_Gold_Rush "Rock Creek Gold Rush"), 1859 [Similkameen Gold Rush](https://en.wikipedia.org/wiki/Similkameen_Gold_Rush "Similkameen Gold Rush"), 1860 [Stikine Gold Rush](https://en.wikipedia.org/wiki/Stikine_Gold_Rush "Stikine Gold Rush"), 1861 [Cariboo Gold Rush](https://en.wikipedia.org/wiki/Cariboo_Gold_Rush "Cariboo Gold Rush"), 1861–1867 [Wild Horse Creek Gold Rush](https://en.wikipedia.org/wiki/Fisherville,_British_Columbia "Fisherville, British Columbia"), 1863–1870 [Leechtown Gold Rush](https://en.wikipedia.org/wiki/Leechtown,_British_Columbia "Leechtown, British Columbia"), 1864–1865 [Big Bend Gold Rush](https://en.wikipedia.org/wiki/Big_Bend_Gold_Rush "Big Bend Gold Rush"), c. 1865 [Omineca Gold Rush](https://en.wikipedia.org/wiki/Omineca_Gold_Rush "Omineca Gold Rush"), 1869 [Victorian gold rush](https://en.wikipedia.org/wiki/Victorian_gold_rush "Victorian gold rush") (1851–c. 1870) [New South Wales gold rush](https://en.wikipedia.org/wiki/New_South_Wales_gold_rush "New South Wales gold rush") (1851–1880) [Australian gold rushes](https://en.wikipedia.org/wiki/Australian_gold_rushes "Australian gold rushes") (1851–1914) [1853–54 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_$1836%E2%80%931929$ "List of recessions in the United States") [Panic of 1857](https://en.wikipedia.org/wiki/Panic_of_1857 "Panic of 1857") (1857–1858) [Pike's Peak gold rush](https://en.wikipedia.org/wiki/Pike%27s_Peak_gold_rush "Pike's Peak gold rush") (1858–1861) [Pennsylvania oil rush](https://en.wikipedia.org/wiki/Pennsylvania_oil_rush "Pennsylvania oil rush") (1859–1891) [1860–61 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_$1836%E2%80%931929$ "List of recessions in the United States") [Colorado River mining boom](https://en.wikipedia.org/wiki/Steamboats_of_the_Colorado_River "Steamboats of the Colorado River") (1861–1864) [Otago gold rush](https://en.wikipedia.org/wiki/Otago_gold_rush "Otago gold rush") (1861–1864) [U.S. Civil War economy](https://en.wikipedia.org/wiki/Economic_history_of_the_American_Civil_War "Economic history of the American Civil War") (1861–1865) [First Nova Scotia Gold Rush](https://en.wikipedia.org/wiki/Gold_mining_in_Nova_Scotia "Gold mining in Nova Scotia") (1861–1874) [West Coast gold rush](https://en.wikipedia.org/wiki/West_Coast_gold_rush "West Coast gold rush") (1864–1867) [Panic of 1866](https://en.wikipedia.org/wiki/Panic_of_1866 "Panic of 1866") (1865–1867) [Vermilion Lake gold rush](https://en.wikipedia.org/wiki/Vermilion_Lake_gold_rush "Vermilion Lake gold rush") (1865–1867) [Kildonan Gold Rush](https://en.wikipedia.org/wiki/Kildonan_Gold_Rush "Kildonan Gold Rush") (1869) [Black Friday](https://en.wikipedia.org/wiki/Black_Friday_$1869$ "Black Friday (1869)") (1869–1870) \| \| [Gilded Age](https://en.wikipedia.org/wiki/Gilded_Age "Gilded Age")/ [2nd Industrial Revolution](https://en.wikipedia.org/wiki/Second_Industrial_Revolution "Second Industrial Revolution") (1870–1914) \| [Coromandel Gold Rushes](https://en.wikipedia.org/wiki/Coromandel_Gold_Rushes "Coromandel Gold Rushes") (c. 1870–c. 1890) [Cassiar Gold Rush](https://en.wikipedia.org/wiki/Cassiar_Country "Cassiar Country") (c. 1870–c. 1890) [Long Depression](https://en.wikipedia.org/wiki/Long_Depression "Long Depression") 1873–1879; [Panic of 1873](https://en.wikipedia.org/wiki/Panic_of_1873 "Panic of 1873") [Black Hills gold rush](https://en.wikipedia.org/wiki/Black_Hills_gold_rush "Black Hills gold rush") (1874–1880) [Colorado Silver Boom](https://en.wikipedia.org/wiki/Colorado_Silver_Boom "Colorado Silver Boom") (1879–1893) [Western Australian gold rushes](https://en.wikipedia.org/wiki/Western_Australian_gold_rushes "Western Australian gold rushes") (c. 1880–c. 1900) [Indiana gas boom](https://en.wikipedia.org/wiki/Indiana_gas_boom "Indiana gas boom") (c. 1880–1903) [Ohio oil rush](https://en.wikipedia.org/wiki/Petroleum_industry_in_Ohio "Petroleum industry in Ohio") (c. 1880–c. 1930) [Depression of 1882–1885](https://en.wikipedia.org/wiki/Depression_of_1882%E2%80%931885 "Depression of 1882–1885") [Panic of 1884](https://en.wikipedia.org/wiki/Panic_of_1884 "Panic of 1884") [Cayoosh Gold Rush](https://en.wikipedia.org/wiki/Cayoosh_Gold_Rush "Cayoosh Gold Rush") (1884) [Witwatersrand Gold Rush](https://en.wikipedia.org/wiki/Witwatersrand_Gold_Rush "Witwatersrand Gold Rush") (1886) [1887–88 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_$1836%E2%80%931929$ "List of recessions in the United States") [Baring crisis](https://en.wikipedia.org/wiki/Baring_crisis "Baring crisis") (1890–1891) [Cripple Creek Gold Rush](https://en.wikipedia.org/wiki/Cripple_Creek_Gold_Rush "Cripple Creek Gold Rush") (c. 1890–c. 1910) [Panic of 1893](https://en.wikipedia.org/wiki/Panic_of_1893 "Panic of 1893") (1893–1897) [Australian banking crisis of 1893](https://en.wikipedia.org/wiki/Australian_banking_crisis_of_1893 "Australian banking crisis of 1893") [Black Monday](https://en.wikipedia.org/wiki/Black_Monday_$1894$ "Black Monday (1894)") (1894) [Panic of 1896](https://en.wikipedia.org/wiki/Panic_of_1896 "Panic of 1896") [Klondike Gold Rush](https://en.wikipedia.org/wiki/Klondike_Gold_Rush "Klondike Gold Rush") (1896–1899) [Second Nova Scotia Gold Rush](https://en.wikipedia.org/wiki/Gold_mining_in_Nova_Scotia "Gold mining in Nova Scotia") (1896–1903) [Kobuk River Stampede](https://en.wikipedia.org/wiki/Kobuk_River_Stampede "Kobuk River Stampede") (1897–1899) [Mount Baker gold rush](https://en.wikipedia.org/wiki/Mount_Baker_gold_rush "Mount Baker gold rush") (1897–c. 1925) [1899–1900 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_$1836%E2%80%931929$ "List of recessions in the United States") [Nome Gold Rush](https://en.wikipedia.org/wiki/Nome_Gold_Rush "Nome Gold Rush") (1899–1909) [Fairbanks Gold Rush](https://en.wikipedia.org/wiki/Fairbanks_Gold_Rush "Fairbanks Gold Rush") (c. 1900–c. 1930) [Texas oil boom](https://en.wikipedia.org/wiki/Texas_oil_boom "Texas oil boom") (1901–c. 1950) [Panic of 1901](https://en.wikipedia.org/wiki/Panic_of_1901 "Panic of 1901") (1902–1904) [Cobalt silver rush](https://en.wikipedia.org/wiki/Cobalt_silver_rush "Cobalt silver rush") (1903–c. 1930) [Panic of 1907](https://en.wikipedia.org/wiki/Panic_of_1907 "Panic of 1907") (1907–1908) [Porcupine Gold Rush](https://en.wikipedia.org/wiki/Porcupine_Gold_Rush "Porcupine Gold Rush") (1909–c. 1960) [Panic of 1910–11](https://en.wikipedia.org/wiki/Panic_of_1910%E2%80%9311 "Panic of 1910–11") (1910–1912) [Financial crisis of 1914](https://en.wikipedia.org/wiki/Financial_crisis_of_1914 "Financial crisis of 1914") (1913–14) \| \| World War home fronts/ [Interwar period](https://en.wikipedia.org/wiki/Interwar_period "Interwar period") (1914–1945) \| [World War I economy](https://en.wikipedia.org/wiki/Economic_history_of_World_War_I "Economic history of World War I") and [home fronts](https://en.wikipedia.org/wiki/Home_front_during_World_War_I "Home front during World War I") [Australia](https://en.wikipedia.org/wiki/Australia_in_World_War_I#Home_front "Australia in World War I") [Canada](https://en.wikipedia.org/wiki/Canada_in_World_War_I#Home_Front "Canada in World War I") [United Kingdom](https://en.wikipedia.org/wiki/History_of_the_United_Kingdom_during_the_First_World_War "History of the United Kingdom during the First World War") [United States](https://en.wikipedia.org/wiki/United_States_home_front_during_World_War_I "United States home front during World War I") [Post–World War I recession](https://en.wikipedia.org/wiki/Post%E2%80%93World_War_I_recession "Post–World War I recession") (1918–1919) [Recession of 1920–1921](https://en.wikipedia.org/wiki/Recession_of_1920%E2%80%931921 "Recession of 1920–1921") [1920s Florida land boom](https://en.wikipedia.org/wiki/Florida_land_boom_of_the_1920s "Florida land boom of the 1920s") (c. 1920–1925) [Roaring Twenties](https://en.wikipedia.org/wiki/Roaring_Twenties "Roaring Twenties") [1923–1924 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_$1836%E2%80%931929$ "List of recessions in the United States") [1926–1927 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_$1836%E2%80%931929$ "List of recessions in the United States") [Great Depression](https://en.wikipedia.org/wiki/Great_Depression "Great Depression") 1929–1939; [Wall Street crash of 1929](https://en.wikipedia.org/wiki/Wall_Street_crash_of_1929 "Wall Street crash of 1929") [Panic of 1930](https://en.wikipedia.org/wiki/Panic_of_1930 "Panic of 1930") [Great Contraction](https://en.wikipedia.org/wiki/Great_Contraction "Great Contraction"), 1929–1933 [Recession of 1937–1938](https://en.wikipedia.org/wiki/Recession_of_1937%E2%80%931938 "Recession of 1937–1938") [Australia](https://en.wikipedia.org/wiki/Great_Depression_in_Australia "Great Depression in Australia") [Canada](https://en.wikipedia.org/wiki/Great_Depression_in_Canada "Great Depression in Canada") [India](https://en.wikipedia.org/wiki/Great_Depression_in_India "Great Depression in India") [South Africa](https://en.wikipedia.org/wiki/Great_Depression_in_South_Africa "Great Depression in South Africa") [United Kingdom](https://en.wikipedia.org/wiki/Great_Depression_in_the_United_Kingdom "Great Depression in the United Kingdom") [United States](https://en.wikipedia.org/wiki/Great_Depression_in_the_United_States "Great Depression in the United States") [1930s Kakamega gold rush](https://en.wikipedia.org/wiki/Kakamega_gold_rush "Kakamega gold rush") [Third Nova Scotia Gold Rush](https://en.wikipedia.org/wiki/Gold_mining_in_Nova_Scotia "Gold mining in Nova Scotia") (1932–1942) [World War II home front](https://en.wikipedia.org/wiki/Home_front_during_World_War_II "Home front during World War II") [Australia](https://en.wikipedia.org/wiki/Australian_home_front_during_World_War_II "Australian home front during World War II") [Canada](https://en.wikipedia.org/wiki/Canada_in_World_War_II#Home_front "Canada in World War II") [United Kingdom](https://en.wikipedia.org/wiki/British_home_front_during_World_War_II "British home front during World War II") [United States](https://en.wikipedia.org/wiki/United_States_home_front_during_World_War_II "United States home front during World War II") \| \| [Post–WWII expansion](https://en.wikipedia.org/wiki/Post%E2%80%93World_War_II_economic_expansion "Post–World War II economic expansion")/ [1970s stagflation](https://en.wikipedia.org/wiki/Stagflation "Stagflation") (1945–1982) \| [Great Compression](https://en.wikipedia.org/wiki/Great_Compression "Great Compression") [1945 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Great_Depression_onward_$1929%E2%80%93present$ "List of recessions in the United States") [Recession of 1949](https://en.wikipedia.org/wiki/Recession_of_1949 "Recession of 1949") (1948–1949) [Hong Kong and Singapore Asian Tiger expansions](https://en.wikipedia.org/wiki/Four_Asian_Tigers "Four Asian Tigers") (1950–1990) [1951 Canada recession](https://en.wikipedia.org/wiki/List_of_recessions_in_Canada "List of recessions in Canada") [Recession of 1953](https://en.wikipedia.org/wiki/Recession_of_1953 "Recession of 1953") (1953–1954) [Recession of 1958](https://en.wikipedia.org/wiki/Recession_of_1958 "Recession of 1958") (1957–1958) [Recession of 1960–1961](https://en.wikipedia.org/wiki/Recession_of_1960%E2%80%931961 "Recession of 1960–1961") [Kennedy Slide of 1962](https://en.wikipedia.org/wiki/Kennedy_Slide_of_1962 "Kennedy Slide of 1962") [Poseidon bubble](https://en.wikipedia.org/wiki/Poseidon_bubble "Poseidon bubble") (1969–1970) [Recession of 1969–1970](https://en.wikipedia.org/wiki/Recession_of_1969%E2%80%931970 "Recession of 1969–1970") [1970s commodities boom](https://en.wikipedia.org/wiki/1970s_commodities_boom "1970s commodities boom") [1973–1975 recession](https://en.wikipedia.org/wiki/1973%E2%80%931975_recession "1973–1975 recession") [1973–1974 stock market crash](https://en.wikipedia.org/wiki/1973%E2%80%931974_stock_market_crash "1973–1974 stock market crash") [Secondary banking crisis of 1973–1975](https://en.wikipedia.org/wiki/Secondary_banking_crisis_of_1973%E2%80%931975 "Secondary banking crisis of 1973–1975") [1970s energy crisis](https://en.wikipedia.org/wiki/1970s_energy_crisis "1970s energy crisis") 1973–1980; [1973 oil crisis](https://en.wikipedia.org/wiki/1973_oil_crisis "1973 oil crisis") [1979 oil crisis](https://en.wikipedia.org/wiki/1979_oil_crisis "1979 oil crisis") [Steel crisis](https://en.wikipedia.org/wiki/Steel_crisis "Steel crisis") (1973–1982) [1976 sterling crisis](https://en.wikipedia.org/wiki/1976_sterling_crisis "1976 sterling crisis") [Silver Thursday](https://en.wikipedia.org/wiki/Silver_Thursday "Silver Thursday") (1980) [Early 1980s recession](https://en.wikipedia.org/wiki/Early_1980s_recession "Early 1980s recession") 1980–1982; [United States](https://en.wikipedia.org/wiki/Early_1980s_recession_in_the_United_States "Early 1980s recession in the United States") \| \| [Computer Age](https://en.wikipedia.org/wiki/Information_Age "Information Age")/ [Second Gilded Age](https://en.wikipedia.org/wiki/Second_Gilded_Age "Second Gilded Age") (1982–present) \| [Great Moderation](https://en.wikipedia.org/wiki/Great_Moderation "Great Moderation") (1982–2007) [1980s oil glut](https://en.wikipedia.org/wiki/1980s_oil_glut "1980s oil glut") [Black Saturday](https://en.wikipedia.org/wiki/Black_Saturday_$1983$ "Black Saturday (1983)") (1983) [New Zealand property bubble](https://en.wikipedia.org/wiki/New_Zealand_property_bubble "New Zealand property bubble") (c. 1985–) [Savings and loan crisis](https://en.wikipedia.org/wiki/Savings_and_loan_crisis "Savings and loan crisis") (1986–1995) [Black Monday](https://en.wikipedia.org/wiki/Black_Monday_$1987$ "Black Monday (1987)") (1987) [Friday the 13th mini-crash](https://en.wikipedia.org/wiki/Friday_the_13th_mini-crash "Friday the 13th mini-crash") (1989) [Early 1990s recession](https://en.wikipedia.org/wiki/Early_1990s_recession "Early 1990s recession") 1990–1991; [Australia](https://en.wikipedia.org/wiki/Early_1990s_recession_in_Australia "Early 1990s recession in Australia") [United States](https://en.wikipedia.org/wiki/Early_1990s_recession_in_the_United_States "Early 1990s recession in the United States") [1990 oil price shock](https://en.wikipedia.org/wiki/1990_oil_price_shock "1990 oil price shock") [Rhode Island banking crisis](https://en.wikipedia.org/wiki/Rhode_Island_banking_crisis "Rhode Island banking crisis") (1990–1992) [1991 Indian economic crisis](https://en.wikipedia.org/wiki/1991_Indian_economic_crisis "1991 Indian economic crisis") [1990s United States boom](https://en.wikipedia.org/wiki/1990s_United_States_boom "1990s United States boom") (1991–2001) [1990s India economic boom](https://en.wikipedia.org/wiki/Economic_liberalisation_in_India "Economic liberalisation in India") [Hyperinflation in Zimbabwe](https://en.wikipedia.org/wiki/Hyperinflation_in_Zimbabwe "Hyperinflation in Zimbabwe") (1991–present) [Black Wednesday](https://en.wikipedia.org/wiki/Black_Wednesday "Black Wednesday") (1992) [1994 bond market crisis](https://en.wikipedia.org/wiki/1994_bond_market_crisis "1994 bond market crisis") [1994 Papua New Guinea financial crisis](https://en.wikipedia.org/wiki/1994_Papua_New_Guinea_financial_crisis "1994 Papua New Guinea financial crisis") [Dot-com bubble](https://en.wikipedia.org/wiki/Dot-com_bubble "Dot-com bubble") 1995–2004; [Stock market downturn of 2002](https://en.wikipedia.org/wiki/Stock_market_downturn_of_2002 "Stock market downturn of 2002") [1997 Asian financial crisis](https://en.wikipedia.org/wiki/1997_Asian_financial_crisis "1997 Asian financial crisis") [October 27, 1997, mini-crash](https://en.wikipedia.org/wiki/October_27,_1997,_mini-crash "October 27, 1997, mini-crash") [Early 2000s recession](https://en.wikipedia.org/wiki/Early_2000s_recession "Early 2000s recession") 2001; [9/11 stock market crash](https://en.wikipedia.org/wiki/Economic_effects_of_the_September_11_attacks "Economic effects of the September 11 attacks") [2000s commodities boom](https://en.wikipedia.org/wiki/2000s_commodities_boom "2000s commodities boom") (2000–2014) [United States housing bubble](https://en.wikipedia.org/wiki/2000s_United_States_housing_bubble "2000s United States housing bubble") (2002–2006) [Canadian property bubble](https://en.wikipedia.org/wiki/Canadian_property_bubble "Canadian property bubble") (2002–) [2003 Myanmar banking crisis](https://en.wikipedia.org/wiki/2003_Myanmar_banking_crisis "2003 Myanmar banking crisis") [2000s energy crisis](https://en.wikipedia.org/wiki/2000s_energy_crisis "2000s energy crisis") (2003–2008) [North Dakota oil boom](https://en.wikipedia.org/wiki/North_Dakota_oil_boom "North Dakota oil boom") (2006–2015) [Uranium bubble of 2007](https://en.wikipedia.org/wiki/Uranium_bubble_of_2007 "Uranium bubble of 2007") [Great Recession](https://en.wikipedia.org/wiki/Great_Recession "Great Recession") 2007–2009; [Australia and New Zealand](https://en.wikipedia.org/wiki/Great_Recession_in_Oceania "Great Recession in Oceania") [Bangladesh, India, Malaysia, Pakistan, and Sri Lanka](https://en.wikipedia.org/wiki/Great_Recession_in_Asia "Great Recession in Asia") [British West Indies](https://en.wikipedia.org/wiki/Great_Recession_in_South_America "Great Recession in South America") [Canada](https://en.wikipedia.org/wiki/Great_Recession_in_the_Americas "Great Recession in the Americas") [South Africa](https://en.wikipedia.org/wiki/Great_Recession_in_Africa "Great Recession in Africa") [United Kingdom](https://en.wikipedia.org/wiki/Great_Recession_in_Europe#United_Kingdom "Great Recession in Europe") [United States](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States "Great Recession in the United States") [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") [September](https://en.wikipedia.org/wiki/Global_financial_crisis_in_September_2008 "Global financial crisis in September 2008") [October](https://en.wikipedia.org/wiki/Global_financial_crisis_in_October_2008 "Global financial crisis in October 2008") [November](https://en.wikipedia.org/wiki/Global_financial_crisis_in_November_2008 "Global financial crisis in November 2008") [December](https://en.wikipedia.org/wiki/Global_financial_crisis_in_December_2008 "Global financial crisis in December 2008") [2009](https://en.wikipedia.org/wiki/Global_financial_crisis_in_2009 "Global financial crisis in 2009") [Subprime mortgage crisis](https://en.wikipedia.org/wiki/Subprime_mortgage_crisis "Subprime mortgage crisis") [2000s U.S. housing market correction](https://en.wikipedia.org/wiki/2000s_United_States_housing_market_correction "2000s United States housing market correction") [U.S. bear market of 2007–2009](https://en.wikipedia.org/wiki/United_States_bear_market_of_2007%E2%80%932009 "United States bear market of 2007–2009") [2007–2010 U.S. bank failures](https://en.wikipedia.org/wiki/List_of_banks_acquired_or_bankrupted_in_the_United_States_during_the_2008_financial_crisis "List of banks acquired or bankrupted in the United States during the 2008 financial crisis") [Corporate debt bubble](https://en.wikipedia.org/wiki/Corporate_debt_bubble "Corporate debt bubble") (2008–) [Blue Monday Crash 2009](https://en.wikipedia.org/wiki/Blue_Monday_Crash_2009 "Blue Monday Crash 2009") [2010 flash crash](https://en.wikipedia.org/wiki/2010_flash_crash "2010 flash crash") [Malaysia Tiger Cub expansion](https://en.wikipedia.org/wiki/Tiger_Cub_Economies "Tiger Cub Economies") (2010s) [Australian property bubble](https://en.wikipedia.org/wiki/Australian_property_bubble "Australian property bubble") (2010–) [August 2011 stock markets fall](https://en.wikipedia.org/wiki/August_2011_stock_markets_fall "August 2011 stock markets fall") [Black Monday](https://en.wikipedia.org/wiki/Black_Monday_$2011$ "Black Monday (2011)") [2011 Bangladesh share market scam](https://en.wikipedia.org/wiki/2011_Bangladesh_share_market_scam "2011 Bangladesh share market scam") [Cryptocurrency bubble]() (2011–) [Puerto Rican government-debt crisis](https://en.wikipedia.org/wiki/Puerto_Rican_government-debt_crisis "Puerto Rican government-debt crisis") (2014–2022) [2015–2016 stock market selloff](https://en.wikipedia.org/wiki/2015%E2%80%932016_stock_market_selloff "2015–2016 stock market selloff") [Brexit stock market crash](https://en.wikipedia.org/wiki/Economic_effects_of_Brexit "Economic effects of Brexit") (2016) [2017 Sri Lankan fuel crisis](https://en.wikipedia.org/wiki/2017_Sri_Lankan_fuel_crisis "2017 Sri Lankan fuel crisis") [Ghana banking crisis](https://en.wikipedia.org/wiki/Ghana_banking_crisis "Ghana banking crisis") (2017–2018) [Sri Lankan economic crisis](https://en.wikipedia.org/wiki/Sri_Lankan_economic_crisis_$2019%E2%80%932024$ "Sri Lankan economic crisis (2019–2024)") (2019–2024) [COVID-19 recession](https://en.wikipedia.org/wiki/COVID-19_recession "COVID-19 recession") 2020–2022; [2020 stock market crash](https://en.wikipedia.org/wiki/2020_stock_market_crash "2020 stock market crash") [financial market impact](https://en.wikipedia.org/wiki/Financial_market_impact_of_the_COVID-19_pandemic "Financial market impact of the COVID-19 pandemic") [sectoral impacts](https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic "Economic impact of the COVID-19 pandemic") [shortages](https://en.wikipedia.org/wiki/Shortages_related_to_the_COVID-19_pandemic "Shortages related to the COVID-19 pandemic") [Canada](https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic_in_Canada "Economic impact of the COVID-19 pandemic in Canada") [India](https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic_in_India "Economic impact of the COVID-19 pandemic in India") [Malaysia](https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic_in_Malaysia "Economic impact of the COVID-19 pandemic in Malaysia") [New Zealand](https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic_in_New_Zealand "Economic impact of the COVID-19 pandemic in New Zealand") [United Kingdom](https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic_in_the_United_Kingdom "Economic impact of the COVID-19 pandemic in the United Kingdom") [United States](https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic_in_the_United_States "Economic impact of the COVID-19 pandemic in the United States") [2020s commodities boom](https://en.wikipedia.org/wiki/2020s_commodities_boom "2020s commodities boom") [Global energy crisis](https://en.wikipedia.org/wiki/Global_energy_crisis_$2021%E2%80%932023$ "Global energy crisis (2021–2023)") 2021–2023; [2021 United Kingdom natural gas supplier crisis](https://en.wikipedia.org/wiki/2021_United_Kingdom_natural_gas_supplier_crisis "2021 United Kingdom natural gas supplier crisis") [regional effects](https://en.wikipedia.org/wiki/Regional_effects_of_the_2021%E2%80%932023_global_energy_crisis "Regional effects of the 2021–2023 global energy crisis") [2021–2023 global supply chain crisis](https://en.wikipedia.org/wiki/2021%E2%80%932023_global_supply_chain_crisis "2021–2023 global supply chain crisis") [2021–2023 inflation surge](https://en.wikipedia.org/wiki/2021%E2%80%932023_inflation_surge "2021–2023 inflation surge") [Pakistani economic crisis](https://en.wikipedia.org/wiki/Pakistani_economic_crisis_$2021%E2%80%932024$ "Pakistani economic crisis (2021–2024)") (2021–2024) [2022 stock market decline](https://en.wikipedia.org/wiki/2022_stock_market_decline "2022 stock market decline") [2022–2023 global food crises](https://en.wikipedia.org/wiki/2022%E2%80%932023_global_food_crises "2022–2023 global food crises") [2023 United Kingdom recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_Kingdom "List of recessions in the United Kingdom") [2023 United States banking crisis](https://en.wikipedia.org/wiki/2023_United_States_banking_crisis "2023 United States banking crisis") [2025 stock market crash](https://en.wikipedia.org/wiki/2025_stock_market_crash "2025 stock market crash") \| \| Countries and sectors \| [Australia](https://en.wikipedia.org/wiki/Economic_history_of_Australia "Economic history of Australia") [rail transport](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Australia "History of rail transport in Australia") [slavery](https://en.wikipedia.org/wiki/Slavery_in_Australia "Slavery in Australia") [whaling](https://en.wikipedia.org/wiki/Whaling_in_Australia "Whaling in Australia")/[Western Australia](https://en.wikipedia.org/wiki/Whaling_in_Western_Australia "Whaling in Western Australia") [Canada](https://en.wikipedia.org/wiki/Economic_history_of_Canada "Economic history of Canada") [agriculture](https://en.wikipedia.org/wiki/History_of_agriculture_in_Canada "History of agriculture in Canada") [currencies](https://en.wikipedia.org/wiki/History_of_Canadian_currencies "History of Canadian currencies") [early banking system](https://en.wikipedia.org/wiki/Early_Canadian_banking_system "Early Canadian banking system") [list of recessions](https://en.wikipedia.org/wiki/List_of_recessions_in_Canada "List of recessions in Canada") [petroleum industry](https://en.wikipedia.org/wiki/History_of_the_petroleum_industry_in_Canada "History of the petroleum industry in Canada") [rail transport](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Canada "History of rail transport in Canada") [slavery](https://en.wikipedia.org/wiki/Slavery_in_Canada "Slavery in Canada") [technological and industrial](https://en.wikipedia.org/wiki/Technological_and_industrial_history_of_Canada "Technological and industrial history of Canada") [whaling](https://en.wikipedia.org/wiki/Whaling_in_Canada "Whaling in Canada")/[Pacific Northwest](https://en.wikipedia.org/wiki/Whaling_on_the_Pacific_Northwest_Coast "Whaling on the Pacific Northwest Coast") [Ghana](https://en.wikipedia.org/wiki/Economic_history_of_Ghana "Economic history of Ghana") [India](https://en.wikipedia.org/wiki/Economic_history_of_India "Economic history of India") [agriculture](https://en.wikipedia.org/wiki/History_of_agriculture_in_the_Indian_subcontinent "History of agriculture in the Indian subcontinent") [Company rule](https://en.wikipedia.org/wiki/Economy_of_India_under_Company_rule "Economy of India under Company rule") [maritime](https://en.wikipedia.org/wiki/Indian_maritime_history "Indian maritime history") [British Raj](https://en.wikipedia.org/wiki/Economy_of_India_under_the_British_Raj "Economy of India under the British Raj") [Deindustrialisation](https://en.wikipedia.org/wiki/De-industrialisation_of_India "De-industrialisation of India") [salt tax](https://en.wikipedia.org/wiki/History_of_the_salt_tax_in_British_India "History of the salt tax in British India") [slavery](https://en.wikipedia.org/wiki/Slavery_in_India "Slavery in India") [Malaysia](https://en.wikipedia.org/wiki/Economic_history_of_Malaysia "Economic history of Malaysia") [New Zealand](https://en.wikipedia.org/wiki/Economic_history_of_New_Zealand "Economic history of New Zealand") [whaling](https://en.wikipedia.org/wiki/Whaling_in_New_Zealand "Whaling in New Zealand") [Nigeria](https://en.wikipedia.org/wiki/Economic_history_of_Nigeria "Economic history of Nigeria") [slavery](https://en.wikipedia.org/wiki/Slavery_in_Nigeria "Slavery in Nigeria") [Pakistan](https://en.wikipedia.org/wiki/Economic_history_of_Pakistan "Economic history of Pakistan") [maritime](https://en.wikipedia.org/wiki/Maritime_history_of_Pakistan "Maritime history of Pakistan") [rail transport](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Pakistan "History of rail transport in Pakistan") [South Africa](https://en.wikipedia.org/wiki/Economic_history_of_South_Africa "Economic history of South Africa") [slavery](https://en.wikipedia.org/wiki/Slavery_in_South_Africa "Slavery in South Africa") [whaling](https://en.wikipedia.org/wiki/Whaling_in_South_Africa "Whaling in South Africa") [Uganda](https://en.wikipedia.org/wiki/Economic_history_of_Uganda "Economic history of Uganda") [United Kingdom](https://en.wikipedia.org/wiki/Economic_history_of_the_United_Kingdom "Economic history of the United Kingdom") [Agricultural Revolution](https://en.wikipedia.org/wiki/British_Agricultural_Revolution "British Agricultural Revolution") [Atlantic slave trade](https://en.wikipedia.org/wiki/Atlantic_slave_trade "Atlantic slave trade") [banking](https://en.wikipedia.org/wiki/History_of_banking_in_the_United_Kingdom "History of banking in the United Kingdom") [British Empire](https://en.wikipedia.org/wiki/Economy_of_the_British_Empire "Economy of the British Empire") [English fiscal system](https://en.wikipedia.org/wiki/History_of_the_English_fiscal_system "History of the English fiscal system") [Interwar unemployment and poverty](https://en.wikipedia.org/wiki/Interwar_unemployment_and_poverty_in_the_United_Kingdom "Interwar unemployment and poverty in the United Kingdom") [list of recessions](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_Kingdom "List of recessions in the United Kingdom") [maritime](https://en.wikipedia.org/wiki/Maritime_history_of_the_United_Kingdom "Maritime history of the United Kingdom")/[England](https://en.wikipedia.org/wiki/Maritime_history_of_England "Maritime history of England")/[Scotland](https://en.wikipedia.org/wiki/Maritime_history_of_Scotland "Maritime history of Scotland") [Middle Ages England](https://en.wikipedia.org/wiki/Economy_of_England_in_the_Middle_Ages "Economy of England in the Middle Ages")/[agriculture](https://en.wikipedia.org/wiki/Economics_of_English_agriculture_in_the_Middle_Ages "Economics of English agriculture in the Middle Ages") [national debt](https://en.wikipedia.org/wiki/History_of_the_British_national_debt "History of the British national debt") [Scotland](https://en.wikipedia.org/wiki/Economic_history_of_Scotland "Economic history of Scotland")/[agriculture](https://en.wikipedia.org/wiki/History_of_agriculture_in_Scotland "History of agriculture in Scotland")/[Middle Ages](https://en.wikipedia.org/wiki/Economy_of_Scotland_in_the_Middle_Ages "Economy of Scotland in the Middle Ages") [rail transport](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Great_Britain "History of rail transport in Great Britain")/[pre–1830](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Great_Britain_to_1830 "History of rail transport in Great Britain to 1830")/[1830–1922](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Great_Britain_1830%E2%80%931922 "History of rail transport in Great Britain 1830–1922")/[1923–1947](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Great_Britain_1923%E2%80%931947 "History of rail transport in Great Britain 1923–1947")/[1948–1994](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Great_Britain_1948%E2%80%931994 "History of rail transport in Great Britain 1948–1994")/[1995–present](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Great_Britain_1995_to_date "History of rail transport in Great Britain 1995 to date") [slavery](https://en.wikipedia.org/wiki/Slavery_in_Britain "Slavery in Britain") [trade unions](https://en.wikipedia.org/wiki/History_of_trade_unions_in_the_United_Kingdom "History of trade unions in the United Kingdom") [Victorian era](https://en.wikipedia.org/wiki/Economy,_industry,_and_trade_of_the_Victorian_era "Economy, industry, and trade of the Victorian era") [Wales](https://en.wikipedia.org/wiki/Economic_history_of_Wales "Economic history of Wales") [whaling](https://en.wikipedia.org/wiki/Whaling_in_the_United_Kingdom "Whaling in the United Kingdom")/[Scotland](https://en.wikipedia.org/wiki/Whaling_in_Scotland "Whaling in Scotland") [United States](https://en.wikipedia.org/wiki/Economic_history_of_the_United_States "Economic history of the United States") [agriculture](https://en.wikipedia.org/wiki/History_of_agriculture_in_the_United_States "History of agriculture in the United States") [banking](https://en.wikipedia.org/wiki/History_of_banking_in_the_United_States "History of banking in the United States")/[colonial-era credit](https://en.wikipedia.org/wiki/Credit_in_the_Thirteen_Colonies "Credit in the Thirteen Colonies")/[cooperatives](https://en.wikipedia.org/wiki/History_of_cooperatives_in_the_United_States "History of cooperatives in the United States")/[investment banking](https://en.wikipedia.org/wiki/History_of_investment_banking_in_the_United_States "History of investment banking in the United States")/[wildcat banking](https://en.wikipedia.org/wiki/Wildcat_banking "Wildcat banking") [business](https://en.wikipedia.org/wiki/American_business_history "American business history") [central banking](https://en.wikipedia.org/wiki/History_of_central_banking_in_the_United_States "History of central banking in the United States") [coal mining](https://en.wikipedia.org/wiki/History_of_coal_mining_in_the_United_States "History of coal mining in the United States") [indentured servitude](https://en.wikipedia.org/wiki/Indentured_servitude_in_British_America "Indentured servitude in British America") [iron and steel industry](https://en.wikipedia.org/wiki/History_of_the_iron_and_steel_industry_in_the_United_States "History of the iron and steel industry in the United States") [labor](https://en.wikipedia.org/wiki/Labor_history_of_the_United_States "Labor history of the United States") [list of economic expansions](https://en.wikipedia.org/wiki/List_of_economic_expansions_in_the_United_States "List of economic expansions in the United States") [list of recessions](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States "List of recessions in the United States") [lumber industry](https://en.wikipedia.org/wiki/History_of_the_lumber_industry_in_the_United_States "History of the lumber industry in the United States") [maritime](https://en.wikipedia.org/wiki/History_of_the_United_States_Merchant_Marine "History of the United States Merchant Marine")/[colonial-era](https://en.wikipedia.org/wiki/Maritime_history_of_Colonial_America "Maritime history of Colonial America")/[1776–1799](https://en.wikipedia.org/wiki/Maritime_history_of_the_United_States_$1776%E2%80%931799$ "Maritime history of the United States (1776–1799)")/[1800–1899](https://en.wikipedia.org/wiki/Maritime_history_of_the_United_States_$1800%E2%80%931899$ "Maritime history of the United States (1800–1899)")/[1900–1999](https://en.wikipedia.org/wiki/Maritime_history_of_the_United_States_$1900%E2%80%931999$ "Maritime history of the United States (1900–1999)")/[2000–present](https://en.wikipedia.org/wiki/Maritime_history_of_the_United_States_$2000%E2%80%93present$ "Maritime history of the United States (2000–present)") [monetary policy](https://en.wikipedia.org/wiki/History_of_monetary_policy_in_the_United_States "History of monetary policy in the United States") [poverty](https://en.wikipedia.org/wiki/History_of_poverty_in_the_United_States "History of poverty in the United States") [petroleum industry](https://en.wikipedia.org/wiki/History_of_the_petroleum_industry_in_the_United_States "History of the petroleum industry in the United States")/[oil shale](https://en.wikipedia.org/wiki/History_of_the_oil_shale_industry_in_the_United_States "History of the oil shale industry in the United States") [public debt](https://en.wikipedia.org/wiki/History_of_the_United_States_public_debt "History of the United States public debt") [rail transportation](https://en.wikipedia.org/wiki/History_of_rail_transportation_in_the_United_States "History of rail transportation in the United States") [slavery](https://en.wikipedia.org/wiki/Slavery_in_the_United_States "Slavery in the United States")/[colonial-era slavery](https://en.wikipedia.org/wiki/Slavery_in_the_colonial_history_of_the_United_States "Slavery in the colonial history of the United States")/[forced labor](https://en.wikipedia.org/wiki/History_of_forced_labor_in_the_United_States "History of forced labor in the United States")/[slave trade](https://en.wikipedia.org/wiki/Slave_trade_in_the_United_States "Slave trade in the United States")/[slave markets](https://en.wikipedia.org/wiki/Slave_markets_and_slave_jails_in_the_United_States "Slave markets and slave jails in the United States") [tariffs](https://en.wikipedia.org/wiki/History_of_tariffs_in_the_United_States "History of tariffs in the United States") [taxation](https://en.wikipedia.org/wiki/History_of_taxation_in_the_United_States "History of taxation in the United States") [technological and industrial](https://en.wikipedia.org/wiki/Technological_and_industrial_history_of_the_United_States "Technological and industrial history of the United States") [United States dollar](https://en.wikipedia.org/wiki/History_of_the_United_States_dollar "History of the United States dollar") [whaling](https://en.wikipedia.org/wiki/Whaling_in_the_United_States "Whaling in the United States") [Zimbabwe](https://en.wikipedia.org/wiki/Economic_history_of_Zimbabwe "Economic history of Zimbabwe") \| \| [Business cycle](https://en.wikipedia.org/wiki/Business_cycle "Business cycle") topics \| [Aggregate demand](https://en.wikipedia.org/wiki/Aggregate_demand "Aggregate demand")/[Supply](https://en.wikipedia.org/wiki/Aggregate_supply "Aggregate supply") [Effective demand](https://en.wikipedia.org/wiki/Effective_demand "Effective demand") [General glut](https://en.wikipedia.org/wiki/General_glut "General glut") [Model](https://en.wikipedia.org/wiki/AD%E2%80%93AS_model "AD–AS model") [Overproduction](https://en.wikipedia.org/wiki/Overproduction "Overproduction") [Paradox of thrift](https://en.wikipedia.org/wiki/Paradox_of_thrift "Paradox of thrift") [Price-and-wage stickiness](https://en.wikipedia.org/wiki/Nominal_rigidity "Nominal rigidity") [Underconsumption](https://en.wikipedia.org/wiki/Underconsumption "Underconsumption") [Inflation](https://en.wikipedia.org/wiki/Inflation "Inflation") and [unemployment](https://en.wikipedia.org/wiki/Unemployment "Unemployment") [Chronic](https://en.wikipedia.org/wiki/Chronic_inflation "Chronic inflation") [Classical dichotomy](https://en.wikipedia.org/wiki/Classical_dichotomy "Classical dichotomy") [Debasement](https://en.wikipedia.org/wiki/Debasement "Debasement") [Debt monetization](https://en.wikipedia.org/wiki/Debt_monetization "Debt monetization") [Demand-pull](https://en.wikipedia.org/wiki/Demand-pull_inflation "Demand-pull inflation")/[cost-push](https://en.wikipedia.org/wiki/Cost-push_inflation "Cost-push inflation")/[built-in inflation](https://en.wikipedia.org/wiki/Inertial_inflation "Inertial inflation") [Deflation](https://en.wikipedia.org/wiki/Deflation "Deflation") [Disinflation](https://en.wikipedia.org/wiki/Disinflation "Disinflation") [Full employment](https://en.wikipedia.org/wiki/Full_employment "Full employment") [Hyperinflation](https://en.wikipedia.org/wiki/Hyperinflation "Hyperinflation") [Money supply](https://en.wikipedia.org/wiki/Money_supply "Money supply")/[demand](https://en.wikipedia.org/wiki/Demand_for_money "Demand for money") [NAIRU](https://en.wikipedia.org/wiki/NAIRU "NAIRU") [Natural rate of unemployment](https://en.wikipedia.org/wiki/Natural_rate_of_unemployment "Natural rate of unemployment") [Neutrality of money](https://en.wikipedia.org/wiki/Neutrality_of_money "Neutrality of money") [Phillips curve](https://en.wikipedia.org/wiki/Phillips_curve "Phillips curve") [Price level](https://en.wikipedia.org/wiki/Price_level "Price level") [Real and nominal value](https://en.wikipedia.org/wiki/Real_and_nominal_value "Real and nominal value") [Sahm rule](https://en.wikipedia.org/wiki/Sahm_rule "Sahm rule") [Velocity of money](https://en.wikipedia.org/wiki/Velocity_of_money "Velocity of money") [Expansion](https://en.wikipedia.org/wiki/Economic_expansion "Economic expansion") [Miracle](https://en.wikipedia.org/wiki/Economic_miracle "Economic miracle") [Recovery](https://en.wikipedia.org/wiki/Economic_recovery "Economic recovery") [Stagnation](https://en.wikipedia.org/wiki/Economic_stagnation "Economic stagnation") [Interest rate](https://en.wikipedia.org/wiki/Interest_rate "Interest rate") [Nominal interest rate](https://en.wikipedia.org/wiki/Nominal_interest_rate "Nominal interest rate") [Real interest rate](https://en.wikipedia.org/wiki/Real_interest_rate "Real interest rate") [Yield curve](https://en.wikipedia.org/wiki/Yield_curve "Yield curve")/[Inverted](https://en.wikipedia.org/wiki/Inverted_yield_curve "Inverted yield curve") [Recession](https://en.wikipedia.org/wiki/Recession "Recession") [Balance sheet](https://en.wikipedia.org/wiki/Balance_sheet_recession "Balance sheet recession") [Depression](https://en.wikipedia.org/wiki/Economic_depression "Economic depression") [Global](https://en.wikipedia.org/wiki/Global_recession "Global recession") [Rolling](https://en.wikipedia.org/wiki/Rolling_recession "Rolling recession") [Shapes](https://en.wikipedia.org/wiki/Recession_shapes "Recession shapes") [Stagflation](https://en.wikipedia.org/wiki/Stagflation "Stagflation") [Shock](https://en.wikipedia.org/wiki/Shock_$economics$ "Shock (economics)") [Demand](https://en.wikipedia.org/wiki/Demand_shock "Demand shock") [Supply](https://en.wikipedia.org/wiki/Supply_shock "Supply shock") \| \| [Credit cycle](https://en.wikipedia.org/wiki/Credit_cycle "Credit cycle") topics \| [Financial bubble](https://en.wikipedia.org/wiki/Economic_bubble "Economic bubble") [Commodity booms](https://en.wikipedia.org/wiki/List_of_commodity_booms "List of commodity booms")/[diamond rush](https://en.wikipedia.org/wiki/Diamond_rush "Diamond rush")/[gold rush](https://en.wikipedia.org/wiki/Gold_rush "Gold rush")/[oil boom](https://en.wikipedia.org/wiki/Oil_boom "Oil boom") [Real-estate bubble](https://en.wikipedia.org/wiki/Real-estate_bubble "Real-estate bubble")/[housing bubble](https://en.wikipedia.org/wiki/Housing_bubble "Housing bubble")/[boomtown](https://en.wikipedia.org/wiki/Boomtown "Boomtown")/[ghost town](https://en.wikipedia.org/wiki/Ghost_town "Ghost town") [Speculation](https://en.wikipedia.org/wiki/Speculation "Speculation") [Stock market bubble](https://en.wikipedia.org/wiki/Stock_market_bubble "Stock market bubble") [Financial crisis](https://en.wikipedia.org/wiki/Financial_crisis "Financial crisis") [Bank run](https://en.wikipedia.org/wiki/Bank_run "Bank run")/[bank failure](https://en.wikipedia.org/wiki/Bank_failure "Bank failure") [Commodity price shocks](https://en.wikipedia.org/wiki/Commodity_price_shocks "Commodity price shocks") [Credit crunch](https://en.wikipedia.org/wiki/Credit_crunch "Credit crunch") [Currency crisis](https://en.wikipedia.org/wiki/Currency_crisis "Currency crisis") [Debt crisis](https://en.wikipedia.org/wiki/Debt_crisis "Debt crisis") [Energy crisis](https://en.wikipedia.org/wiki/Energy_crisis "Energy crisis") [Liquidity crisis](https://en.wikipedia.org/wiki/Liquidity_crisis "Liquidity crisis")/[accounting](https://en.wikipedia.org/wiki/Accounting_liquidity "Accounting liquidity")/[capital](https://en.wikipedia.org/wiki/Liquid_capital "Liquid capital")/[funding](https://en.wikipedia.org/wiki/Funding_liquidity "Funding liquidity")/[market](https://en.wikipedia.org/wiki/Market_liquidity "Market liquidity") [Minsky moment](https://en.wikipedia.org/wiki/Minsky_moment "Minsky moment")/[leverage cycle](https://en.wikipedia.org/wiki/Leverage_cycle "Leverage cycle") [Stock market crash](https://en.wikipedia.org/wiki/Stock_market_crash "Stock market crash")/[Flash crash](https://en.wikipedia.org/wiki/Flash_crash "Flash crash") [Social contagion](https://en.wikipedia.org/wiki/Social_contagion "Social contagion") [Financial contagion](https://en.wikipedia.org/wiki/Financial_contagion "Financial contagion") [Irrational exuberance](https://en.wikipedia.org/wiki/Irrational_exuberance "Irrational exuberance") [Market trend](https://en.wikipedia.org/wiki/Market_trend "Market trend") Proposed bubbles [AI bubble](https://en.wikipedia.org/wiki/AI_bubble "AI bubble")/[AI boom](https://en.wikipedia.org/wiki/AI_boom "AI boom")/[Fourth Industrial Revolution](https://en.wikipedia.org/wiki/Fourth_Industrial_Revolution "Fourth Industrial Revolution")/[Imagination Age](https://en.wikipedia.org/wiki/Imagination_Age "Imagination Age") [Carbon bubble](https://en.wikipedia.org/wiki/Carbon_bubble "Carbon bubble")/[Age of Oil](https://en.wikipedia.org/wiki/Age_of_Oil "Age of Oil")/[Peak oil](https://en.wikipedia.org/wiki/Peak_oil "Peak oil") [Everything bubble](https://en.wikipedia.org/wiki/Everything_bubble "Everything bubble") [Green bubble](https://en.wikipedia.org/wiki/Green_bubble "Green bubble") [Social media stock bubble](https://en.wikipedia.org/wiki/Social_media_stock_bubble "Social media stock bubble") [Unicorn bubble](https://en.wikipedia.org/wiki/Unicorn_bubble "Unicorn bubble") [U.S. higher education bubble](https://en.wikipedia.org/wiki/Higher_education_bubble_in_the_United_States "Higher education bubble in the United States") \| \| [v](https://en.wikipedia.org/wiki/Template:Cryptocurrencies "Template:Cryptocurrencies") [t](https://en.wikipedia.org/wiki/Template_talk:Cryptocurrencies "Template talk:Cryptocurrencies") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:Cryptocurrencies "Special:EditPage/Template:Cryptocurrencies")[Cryptocurrencies](https://en.wikipedia.org/wiki/Cryptocurrency "Cryptocurrency") \| \| \|---\|---\| \| Technology \| [Blockchain](https://en.wikipedia.org/wiki/Blockchain "Blockchain") [Cryptocurrency tumbler](https://en.wikipedia.org/wiki/Cryptocurrency_tumbler "Cryptocurrency tumbler") [Cryptocurrency wallet](https://en.wikipedia.org/wiki/Cryptocurrency_wallet "Cryptocurrency wallet") [Cryptographic hash function](https://en.wikipedia.org/wiki/Cryptographic_hash_function "Cryptographic hash function") [Decentralized exchange](https://en.wikipedia.org/wiki/Decentralized_finance#Decentralized_exchanges "Decentralized finance") [Decentralized finance](https://en.wikipedia.org/wiki/Decentralized_finance "Decentralized finance") [Distributed ledger](https://en.wikipedia.org/wiki/Distributed_ledger "Distributed ledger") [Fork](https://en.wikipedia.org/wiki/Fork_$blockchain$ "Fork (blockchain)") [Lightning Network](https://en.wikipedia.org/wiki/Lightning_Network "Lightning Network") [MetaMask](https://en.wikipedia.org/wiki/MetaMask "MetaMask") [Smart contract](https://en.wikipedia.org/wiki/Smart_contract "Smart contract") [Web3](https://en.wikipedia.org/wiki/Web3 "Web3") \| \| [Consensus](https://en.wikipedia.org/wiki/Consensus_$computer_science$ "Consensus (computer science)") mechanisms \| [Proof of authority](https://en.wikipedia.org/wiki/Proof_of_authority "Proof of authority") [Proof of space](https://en.wikipedia.org/wiki/Proof_of_space "Proof of space") [Proof of stake](https://en.wikipedia.org/wiki/Proof_of_stake "Proof of stake") [Proof of work](https://en.wikipedia.org/wiki/Proof_of_work "Proof of work") \| \| [Proof of work](https://en.wikipedia.org/wiki/Proof_of_work "Proof of work") currencies \| \| \| \| \| \| [SHA-256](https://en.wikipedia.org/wiki/SHA-2 "SHA-2")\-based \| [Bitcoin](https://en.wikipedia.org/wiki/Bitcoin "Bitcoin") [Bitcoin Cash](https://en.wikipedia.org/wiki/Bitcoin_Cash "Bitcoin Cash") [Counterparty](https://en.wikipedia.org/wiki/Counterparty_$platform$ "Counterparty (platform)") [LBRY](https://en.wikipedia.org/wiki/LBRY "LBRY") [MazaCoin](https://en.wikipedia.org/wiki/MazaCoin "MazaCoin") [Namecoin](https://en.wikipedia.org/wiki/Namecoin "Namecoin") [Peercoin](https://en.wikipedia.org/wiki/Peercoin "Peercoin") [Titcoin](https://en.wikipedia.org/wiki/Titcoin "Titcoin") \| \| [Ethash](https://en.wikipedia.org/wiki/Ethereum "Ethereum")\-based \| [Ethereum](https://en.wikipedia.org/wiki/Ethereum "Ethereum") (1.0) [Ethereum Classic](https://en.wikipedia.org/wiki/Ethereum_Classic "Ethereum Classic") \| \| [Scrypt](https://en.wikipedia.org/wiki/Scrypt "Scrypt")\-based \| [Auroracoin](https://en.wikipedia.org/wiki/Auroracoin "Auroracoin") [Bitconnect](https://en.wikipedia.org/wiki/Bitconnect "Bitconnect") [Coinye](https://en.wikipedia.org/wiki/Coinye "Coinye") [Dogecoin](https://en.wikipedia.org/wiki/Dogecoin "Dogecoin") [Litecoin](https://en.wikipedia.org/wiki/Litecoin "Litecoin") \| \| [Equihash](https://en.wikipedia.org/wiki/Equihash "Equihash")\-based \| [Bitcoin Gold](https://en.wikipedia.org/wiki/Bitcoin_Gold "Bitcoin Gold") [Zcash](https://en.wikipedia.org/wiki/Zcash "Zcash") \| \| RandomX-based \| [Monero](https://en.wikipedia.org/wiki/Monero "Monero") \| \| [X11](https://en.wikipedia.org/wiki/Dash_$cryptocurrency$#X11 "Dash (cryptocurrency)")\-based \| [Dash](https://en.wikipedia.org/wiki/Dash_$cryptocurrency$ "Dash (cryptocurrency)") [Petro](https://en.wikipedia.org/wiki/Petro_$token$ "Petro (token)") \| \| Other \| [AmbaCoin](https://en.wikipedia.org/wiki/AmbaCoin "AmbaCoin") [Firo](https://en.wikipedia.org/wiki/Firo_$cryptocurrency$ "Firo (cryptocurrency)") [IOTA](https://en.wikipedia.org/wiki/IOTA_$technology$ "IOTA (technology)") [Nervos Network](https://en.wikipedia.org/wiki/Nervos_Network "Nervos Network") [Primecoin](https://en.wikipedia.org/wiki/Primecoin "Primecoin") [Verge](https://en.wikipedia.org/wiki/Verge_$cryptocurrency$ "Verge (cryptocurrency)") [Vertcoin](https://en.wikipedia.org/wiki/Vertcoin "Vertcoin") \| \| [Proof of stake](https://en.wikipedia.org/wiki/Proof_of_stake "Proof of stake") currencies \| [Algorand](https://en.wikipedia.org/wiki/Algorand "Algorand") [Avalanche](https://en.wikipedia.org/wiki/Avalanche_$blockchain_platform$ "Avalanche (blockchain platform)") [Cardano](https://en.wikipedia.org/wiki/Cardano_$blockchain_platform$ "Cardano (blockchain platform)") [EOS.IO](https://en.wikipedia.org/wiki/EOS.IO "EOS.IO") [Ethereum](https://en.wikipedia.org/wiki/Ethereum "Ethereum") (2.0) [Gridcoin](https://en.wikipedia.org/wiki/Gridcoin "Gridcoin") [ICON](https://en.wikipedia.org/wiki/ICON_$blockchain_platform$ "ICON (blockchain platform)") [Injective](https://en.wikipedia.org/wiki/Injective_$blockchain$ "Injective (blockchain)") [Kin](https://en.wikipedia.org/wiki/Kin_$cryptocurrency$ "Kin (cryptocurrency)") [Nxt](https://en.wikipedia.org/wiki/Nxt "Nxt") [Peercoin](https://en.wikipedia.org/wiki/Peercoin "Peercoin") [Polkadot](https://en.wikipedia.org/wiki/Polkadot_$blockchain_platform$ "Polkadot (blockchain platform)") [Solana](https://en.wikipedia.org/wiki/Solana_$blockchain_platform$ "Solana (blockchain platform)") [Steem](https://en.wikipedia.org/wiki/Steemit "Steemit") [Tezos](https://en.wikipedia.org/wiki/Tezos "Tezos") [TON](https://en.wikipedia.org/wiki/The_Open_Network "The Open Network") \| \| [ERC-20](https://en.wikipedia.org/wiki/ERC-20 "ERC-20") tokens \| [Augur](https://en.wikipedia.org/wiki/Augur_$software$ "Augur (software)") [Aventus](https://en.wikipedia.org/wiki/Aventus_$protocol$ "Aventus (protocol)") [Basic Attention Token](https://en.wikipedia.org/wiki/Brave_$web_browser$#Basic_Attention_Token "Brave (web browser)") [Chainlink](https://en.wikipedia.org/wiki/Chainlink_$blockchain_oracle$ "Chainlink (blockchain oracle)") [Kin](https://en.wikipedia.org/wiki/Kin_$cryptocurrency$ "Kin (cryptocurrency)") [KodakCoin](https://en.wikipedia.org/wiki/KodakCoin "KodakCoin") [Minds](https://en.wikipedia.org/wiki/Minds_$social_network$ "Minds (social network)") [Polygon](https://en.wikipedia.org/wiki/Polygon_$blockchain$ "Polygon (blockchain)") [Shiba Inu](https://en.wikipedia.org/wiki/Shiba_Inu_$cryptocurrency$ "Shiba Inu (cryptocurrency)") [The DAO](https://en.wikipedia.org/wiki/The_DAO "The DAO") [TRON](https://en.wikipedia.org/wiki/Tron_$blockchain$ "Tron (blockchain)") \| \| [Stablecoins](https://en.wikipedia.org/wiki/Stablecoin "Stablecoin") \| [Dai](https://en.wikipedia.org/wiki/Dai_$cryptocurrency$ "Dai (cryptocurrency)") [Diem](https://en.wikipedia.org/wiki/Diem_$digital_currency$ "Diem (digital currency)") [Pax](https://en.wikipedia.org/wiki/Paxos_Trust_Company#Paxos_Standard "Paxos Trust Company") [Terra](https://en.wikipedia.org/wiki/Terra_$blockchain$ "Terra (blockchain)") [Tether](https://en.wikipedia.org/wiki/Tether_$cryptocurrency$ "Tether (cryptocurrency)") [USD Coin](https://en.wikipedia.org/wiki/USDC_$cryptocurrency$ "USDC (cryptocurrency)") \| \| [Meme coins](https://en.wikipedia.org/wiki/Meme_coins "Meme coins") \| [CAR](https://en.wikipedia.org/wiki/$CAR "$CAR") [Chill Guy](https://en.wikipedia.org/wiki/$CHILLGUY "$CHILLGUY") [Coinye](https://en.wikipedia.org/wiki/Coinye "Coinye") [Dogecoin](https://en.wikipedia.org/wiki/Dogecoin "Dogecoin") [LGBcoin](https://en.wikipedia.org/wiki/LGBcoin "LGBcoin") [Libra](https://en.wikipedia.org/wiki/$Libra "$Libra") [Melania](https://en.wikipedia.org/wiki/$Melania "$Melania") [Pawthereum](https://en.wikipedia.org/wiki/Pawthereum "Pawthereum") [Trump](https://en.wikipedia.org/wiki/$Trump "$Trump") \| \| Other currencies \| [Chia](https://en.wikipedia.org/wiki/Chia_$cryptocurrency$ "Chia (cryptocurrency)") [Filecoin](https://en.wikipedia.org/wiki/Filecoin "Filecoin") [HBAR (Hashgraph)](https://en.wikipedia.org/wiki/Hashgraph "Hashgraph") [Helium](https://en.wikipedia.org/wiki/Helium_Network "Helium Network") [Luna](https://en.wikipedia.org/wiki/Terra_$blockchain$ "Terra (blockchain)") [MobileCoin](https://en.wikipedia.org/wiki/MobileCoin "MobileCoin") [Nano](https://en.wikipedia.org/wiki/Nano_$cryptocurrency$ "Nano (cryptocurrency)") [NEO](https://en.wikipedia.org/wiki/NEO_$cryptocurrency$ "NEO (cryptocurrency)") [SafeMoon](https://en.wikipedia.org/wiki/SafeMoon "SafeMoon") [Stellar](https://en.wikipedia.org/wiki/Stellar_$payment_network$ "Stellar (payment network)") [WhopperCoin](https://en.wikipedia.org/wiki/WhopperCoin "WhopperCoin") [XRP Ledger](https://en.wikipedia.org/wiki/XRP_Ledger "XRP Ledger") \| \| [Inactive currencies](https://en.wikipedia.org/wiki/List_of_cryptocurrencies#Inactive_currencies "List of cryptocurrencies") \| [BitConnect](https://en.wikipedia.org/wiki/Bitconnect "Bitconnect") [Coinye](https://en.wikipedia.org/wiki/Coinye "Coinye") [KodakCoin](https://en.wikipedia.org/wiki/KodakCoin "KodakCoin") [OneCoin](https://en.wikipedia.org/wiki/OneCoin "OneCoin") [Petro](https://en.wikipedia.org/wiki/Petro_$token$ "Petro (token)") \| \| Crypto service companies \| [Hyperledger](https://en.wikipedia.org/wiki/Hyperledger "Hyperledger") [IQ.Wiki](https://en.wikipedia.org/wiki/IQ.Wiki "IQ.Wiki") [Initiative Q](https://en.wikipedia.org/wiki/Quahl "Quahl") \| \| Related topics \| [\$Libra cryptocurrency scandal](https://en.wikipedia.org/wiki/$Libra_cryptocurrency_scandal "$Libra cryptocurrency scandal") [2023 United States banking crisis](https://en.wikipedia.org/wiki/2023_United_States_banking_crisis "2023 United States banking crisis") [Airdrop](https://en.wikipedia.org/wiki/Airdrop_$cryptocurrency$ "Airdrop (cryptocurrency)") [Bitcoin in El Salvador](https://en.wikipedia.org/wiki/Bitcoin_in_El_Salvador "Bitcoin in El Salvador") [BitLicense](https://en.wikipedia.org/wiki/BitLicense "BitLicense") [Blockchain game](https://en.wikipedia.org/wiki/Blockchain_game "Blockchain game") [Complementary currency](https://en.wikipedia.org/wiki/Complementary_currency "Complementary currency") [Crypto-anarchy](https://en.wikipedia.org/wiki/Crypto-anarchy "Crypto-anarchy") [Cryptocurrency and crime](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime "Cryptocurrency and crime") [Bankruptcy of FTX](https://en.wikipedia.org/wiki/Bankruptcy_of_FTX "Bankruptcy of FTX") [Trial of Sam Bankman-Fried](https://en.wikipedia.org/wiki/Trial_of_Sam_Bankman-Fried "Trial of Sam Bankman-Fried") [Scam center](https://en.wikipedia.org/wiki/Scam_center "Scam center") [Pig butchering scam](https://en.wikipedia.org/wiki/Pig_butchering_scam "Pig butchering scam") [Cryptocurrencies in Europe](https://en.wikipedia.org/wiki/Cryptocurrencies_in_Europe "Cryptocurrencies in Europe") [Cryptocurrencies in Puerto Rico](https://en.wikipedia.org/wiki/Cryptocurrencies_in_Puerto_Rico "Cryptocurrencies in Puerto Rico") [Cryptocurrency bubble]() [Cryptocurrency in Australia](https://en.wikipedia.org/wiki/Cryptocurrency_in_Australia "Cryptocurrency in Australia") [Cryptocurrency in Nigeria](https://en.wikipedia.org/wiki/Cryptocurrency_in_Nigeria "Cryptocurrency in Nigeria") [Cryptocurrency scams](https://en.wikipedia.org/wiki/Category:Cryptocurrency_scams "Category:Cryptocurrency scams") [Digital currency](https://en.wikipedia.org/wiki/Digital_currency "Digital currency") [Decentralized autonomous organization](https://en.wikipedia.org/wiki/Decentralized_autonomous_organization "Decentralized autonomous organization") [Decentralized application](https://en.wikipedia.org/wiki/Decentralized_application "Decentralized application") [Distributed ledger technology law](https://en.wikipedia.org/wiki/Distributed_ledger_technology_law "Distributed ledger technology law") [Double-spending](https://en.wikipedia.org/wiki/Double-spending "Double-spending") [Environmental impact](https://en.wikipedia.org/wiki/Environmental_impact_of_bitcoin "Environmental impact of bitcoin") [Initial coin offering](https://en.wikipedia.org/wiki/Initial_coin_offering "Initial coin offering") [Initial exchange offering](https://en.wikipedia.org/wiki/Initial_exchange_offering "Initial exchange offering") [List of cryptocurrencies](https://en.wikipedia.org/wiki/List_of_cryptocurrencies "List of cryptocurrencies") [Non-fungible token](https://en.wikipedia.org/wiki/Non-fungible_token "Non-fungible token") [Token money](https://en.wikipedia.org/wiki/Token_money "Token money") [United States Strategic Bitcoin Reserve](https://en.wikipedia.org/wiki/Strategic_bitcoin_reserve_$United_States$ "Strategic bitcoin reserve (United States)") [Virtual currency](https://en.wikipedia.org/wiki/Virtual_currency "Virtual currency") [Voiceverse NFT plagiarism scandal](https://en.wikipedia.org/wiki/Voiceverse_NFT_plagiarism_scandal "Voiceverse NFT plagiarism scandal") \| \| ![](https://upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/20px-Symbol_category_class.svg.png) [Category](https://en.wikipedia.org/wiki/Category:Cryptocurrencies "Category:Cryptocurrencies") [![](https://upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/20px-Commons-logo.svg.png)](https://en.wikipedia.org/wiki/File:Commons-logo.svg "Commons page") [Commons](https://commons.wikimedia.org/wiki/Category:Cryptocurrency "commons:Category:Cryptocurrency") ![](https://upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/20px-Symbol_list_class.svg.png) [List](https://en.wikipedia.org/wiki/List_of_cryptocurrencies "List of cryptocurrencies") \| \| ![](https://en.wikipedia.org/wiki/Special:CentralAutoLogin/start?useformat=desktop&type=1x1&usesul3=1) Retrieved from 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Readable Markdown	From Wikipedia, the free encyclopedia [![](https://upload.wikimedia.org/wikipedia/commons/thumb/7/75/Bitcoin_price_daily.webp/250px-Bitcoin_price_daily.webp.png)](https://en.wikipedia.org/wiki/File:Bitcoin_price_daily.webp) Bitcoin price daily, 2015–2022 [![](https://upload.wikimedia.org/wikipedia/commons/thumb/8/81/Ethereum_price_daily.webp/250px-Ethereum_price_daily.webp.png)](https://en.wikipedia.org/wiki/File:Ethereum_price_daily.webp) Ethereum price daily, 2017–2022 A cryptocurrency bubble is a phenomenon where the [market](https://en.wikipedia.org/wiki/Market_$economics$ "Market (economics)") increasingly considers the going price of [cryptocurrency](https://en.wikipedia.org/wiki/Cryptocurrency "Cryptocurrency") assets to be inflated against their hypothetical value. The [history of cryptocurrency](https://en.wikipedia.org/wiki/History_of_cryptocurrency "History of cryptocurrency") has been marked by several [speculative bubbles](https://en.wikipedia.org/wiki/Speculative_bubble "Speculative bubble") on a boom to bust cycle.[\[1\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-FortuneMorris-1)[\[2\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-2) Some economists and prominent investors have expressed the view that the entire cryptocurrency market constitutes a speculative bubble. Adherents of this view include [Berkshire Hathaway](https://en.wikipedia.org/wiki/Berkshire_Hathaway "Berkshire Hathaway") board member [Warren Buffett](https://en.wikipedia.org/wiki/Warren_Buffett "Warren Buffett") and several [laureates of the Nobel Memorial Prize in Economic Sciences](https://en.wikipedia.org/wiki/List_of_Nobel_Memorial_Prize_laureates_in_Economics "List of Nobel Memorial Prize laureates in Economics"), central bankers, and investors. ### 2011 booms and crashes \[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_bubble&action=edit&section=2 "Edit section: 2011 booms and crashes")\] In February 2011, the price of [Bitcoin](https://en.wikipedia.org/wiki/Bitcoin "Bitcoin") rose to [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")1\.06, then fell to [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")0\.67 that April. This spike was encouraged by several [Slashdot](https://en.wikipedia.org/wiki/Slashdot "Slashdot") posts about it.[\[1\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-FortuneMorris-1) In June 2011, Bitcoin's price again rose, to [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")29\.58. This came after attention from a [Gawker](https://en.wikipedia.org/wiki/Gawker "Gawker") article about the dark web market [Silk Road](https://en.wikipedia.org/wiki/Silk_Road_$marketplace$ "Silk Road (marketplace)"). The price then fell to [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")2\.14 that November.[\[1\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-FortuneMorris-1) ### 2013 boom and 2014–15 crash \[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_bubble&action=edit&section=3 "Edit section: 2013 boom and 2014–15 crash")\] In November 2013, Bitcoin's price rose to [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")1,127.45. It then gradually declined, bottoming out at [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")172\.15 in January 2015.[\[1\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-FortuneMorris-1) ### 2017 boom and 2018 crash \[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_bubble&action=edit&section=4 "Edit section: 2017 boom and 2018 crash")\] The 2018 cryptocurrency crash[\[3\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-Popken-3)[\[4\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-4)[\[5\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-5)[\[6\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-6)[\[7\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-7) (also known as the Bitcoin crash[\[8\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-8) and the Great crypto crash[\[9\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-BloombergCrash-9)) was the sell-off of most [cryptocurrencies](https://en.wikipedia.org/wiki/Cryptocurrency "Cryptocurrency") starting in January 2018. After an unprecedented boom in 2017, the price of Bitcoin fell by about 65% from 6 January to 6 February 2018. Subsequently, nearly all other cryptocurrencies followed Bitcoin's crash. By September 2018, cryptocurrencies collapsed 80% from their peak in January 2018, making the 2018 cryptocurrency crash worse than the [dot-com bubble](https://en.wikipedia.org/wiki/Dot-com_bubble "Dot-com bubble")'s 78% collapse.[\[9\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-BloombergCrash-9) By 26 November, Bitcoin also fell by 80% from its peak, having lost almost one-third of its value in the previous week.[\[10\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-CryptoCollapse-10) A January 2018 article by CBS cautioned about possible [fraud](https://en.wikipedia.org/wiki/Fraud "Fraud"), citing the case of [BitConnect](https://en.wikipedia.org/wiki/BitConnect "BitConnect"), a British company which received a [cease-and-desist order](https://en.wikipedia.org/wiki/Cease-and-desist_order "Cease-and-desist order") from the [Texas State Securities Board](https://en.wikipedia.org/wiki/Texas_State_Securities_Board "Texas State Securities Board"). [BitConnect](https://en.wikipedia.org/wiki/Bitconnect "Bitconnect") had promised very high monthly returns but had not registered with state securities regulators or given their office address.[\[11\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-11) In November 2018, the total current value for Bitcoin fell below \$100 billion for the first time since October 2017,[\[12\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-Huang-2018-12)[\[13\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-FortuneMeyer-13) and the price of Bitcoin fell below \$4,000, representing an 80 percent decline from its peak the previous January.[\[10\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-CryptoCollapse-10) Bitcoin reached a low of around \$3,100 in December 2018.[\[14\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-14)[\[15\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-15) #### Timeline of the crash \[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_bubble&action=edit&section=5 "Edit section: Timeline of the crash")\] - 17 December 2017: Bitcoin's price briefly reaches a new all-time high of \$19,783.06.[\[16\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-16) - 22 December 2017: Bitcoin falls below \$11,000, a fall of 45% from its peak.[\[17\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-17) - 12 January 2018: Amidst rumors that South Korea could be preparing to ban trading in cryptocurrency, the price of Bitcoin depreciates by 12 percent.[\[18\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-18)[\[19\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-19) - 26 January 2018: [Coincheck](https://en.wikipedia.org/wiki/Coincheck "Coincheck"), Japan's largest [cryptocurrency](https://en.wikipedia.org/wiki/Cryptocurrency "Cryptocurrency") [OTC](https://en.wikipedia.org/wiki/Over-the-counter_$finance$ "Over-the-counter (finance)") market, is hacked. US\$530 million of the NEM are stolen by the hacker, causing Coincheck to indefinitely suspend trading. The loss is the largest ever so far by an incident of theft.[\[20\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-20) - Late March 2018: [Facebook](https://en.wikipedia.org/wiki/Facebook "Facebook"), [Google](https://en.wikipedia.org/wiki/Google "Google"), and [Twitter](https://en.wikipedia.org/wiki/Twitter "Twitter") ban advertisements for [initial coin offerings](https://en.wikipedia.org/wiki/Initial_coin_offering "Initial coin offering") (ICO) and token sales.[\[21\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-21) - 15 November 2018: Bitcoin's total current value falls below \$100 billion for the first time since October 2017 and the price of Bitcoin falls to \$5,500.[\[12\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-Huang-2018-12)[\[13\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-FortuneMeyer-13) #### Initial coin offerings \[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_bubble&action=edit&section=6 "Edit section: Initial coin offerings")\] [Wired](https://en.wikipedia.org/wiki/Wired_$magazine$ "Wired (magazine)") noted in 2017 that the bubble in [initial coin offerings](https://en.wikipedia.org/wiki/Initial_coin_offering "Initial coin offering") (ICOs) was about to burst.[\[22\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-22) Some investors bought ICOs in hopes of participating in the financial gains similar to those enjoyed by early Bitcoin or Ethereum speculators.[\[23\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-23) In June 2018, Ella Zhang of Binance Labs, a division of the cryptocurrency exchange [Binance](https://en.wikipedia.org/wiki/Binance "Binance"), stated that she was hoping to see the bubble in ICOs collapse. She promised to help "fight scams and shit coins".[\[24\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-Zhang-24) ### 2020–21 boom and 2022 crash \[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_bubble&action=edit&section=7 "Edit section: 2020–21 boom and 2022 crash")\] From 8 to 12 March 2020, the price of Bitcoin fell by 30 percent from \$8,901 to \$6,206.[\[25\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-25) By October 2020, Bitcoin was trading for approximately \$13,200.[\[26\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-26) In November 2020, Bitcoin again surpassed its previous all-time high of over \$19,000.[\[27\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-27) In early 2021, Bitcoin's price fluctuated wildly,[\[28\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-28) rising to \$34,792.47 on 3 January 2021 before crashing by 17 percent the next day[\[29\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-BICooper-29) and reaching above \$40,000 for the first time on 7 January. On 11 January, the UK [Financial Conduct Authority](https://en.wikipedia.org/wiki/Financial_Conduct_Authority "Financial Conduct Authority") warned investors against lending or investments in cryptoassets, that they should be prepared "to lose all their money".[\[30\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-30) On 16 February, Bitcoin reached \$50,000 for the first time.[\[31\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-31) On 13 March, Bitcoin surpassed \$61,000 for the first time.[\[32\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-32) Following a smaller correction in February, Bitcoin plunged from its peak above \$64,000 on 14 April to below \$49,000 on 23 April, representing a 23% mini-crash in less than 10 days, dipping below the March bottom trading range and wiping half a trillion dollars from the combined crypto total current value.[\[33\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-33) On 14 April, [Coinbase](https://en.wikipedia.org/wiki/Coinbase "Coinbase"), a much hyped crypto exchange, went public on the [NASDAQ](https://en.wikipedia.org/wiki/Nasdaq "Nasdaq"). Their shares grew by over 31% on their first day to \$328.28, pushing their market cap to \$85.8B.[\[34\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-34) Other cryptocurrencies' prices also sharply rose, then followed by losses of value during this period. In May 2021, the value of [Dogecoin](https://en.wikipedia.org/wiki/Dogecoin "Dogecoin"), originally created as a joke, increased to 20,000% of value in one year.[\[35\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-35) It then dropped by 93% shortly after.[\[36\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-36) By 19 May, Bitcoin had dropped in value by 30% to \$31,000, [Ethereum](https://en.wikipedia.org/wiki/Ethereum "Ethereum") by 40%, and Dogecoin by 45%. Nearly all cryptocurrencies were down by double-digit percentages.[\[37\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-BusinessToday-37) Major cryptocurrency exchange Binance went down amid a market-wide price crash and traders are now seeking justice for their losses.[\[38\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-38) This was partly in response to [Elon Musk](https://en.wikipedia.org/wiki/Elon_Musk "Elon Musk")'s announcement that [Tesla](https://en.wikipedia.org/wiki/Tesla,_Inc. "Tesla, Inc.") would suspend payments using the Bitcoin network due to environmental concerns, along with an announcement from the [People's Bank of China](https://en.wikipedia.org/wiki/People%27s_Bank_of_China "People's Bank of China") reiterating that digital currencies cannot be used for payments.[\[37\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-BusinessToday-37) Bitcoin and other cryptocurrencies experienced a solid recovery after [Elon Musk](https://en.wikipedia.org/wiki/Elon_Musk "Elon Musk") met with leading [Bitcoin mining](https://en.wikipedia.org/wiki/Bitcoin_mining "Bitcoin mining") companies to develop more sustainable and efficient Bitcoin mining.[\[39\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-39) After bottoming out on 19 July, by early September Bitcoin had reached \$52,633.54 while Ethereum grew by over 100% to \$3,952.13. After a short but significant fall, both cryptos peaked on 7 November 2021 at \$67,566.83 and \$4,812.09, respectively. The NASDAQ would peak 12 days later on 19 November at 16,057.44. In September, Bitcoin officially became legal tender in [El Salvador](https://en.wikipedia.org/wiki/El_Salvador "El Salvador") with many news sources wondering what countries would be next.[\[40\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-40) As of October 2021, China has continued shutting down crypto trading and mining activities. As of October 2024, Tesla has not yet resumed payment with Bitcoin, although they do accept payment with Dogecoin on select items.[\[41\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-41) After its peak, the crypto market began to fall with the rest of the market. By the end of 2021, Bitcoin had fallen nearly 30% from its peak down to \$47,686.81, and [Ethereum](https://en.wikipedia.org/wiki/Ethereum "Ethereum") had fallen about 23% to \$3,769.70. In December 2022, [The Washington Post](https://en.wikipedia.org/wiki/The_Washington_Post "The Washington Post") reported that there was "the sense that the crypto bubble has definitively popped, taking with it billions of dollars of investments made by regular people, pension funds, venture capitalists, and traditional companies".[\[42\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-42) \| Date \| Event \| \|---\|---\| \| 13 February 2022 \| Four crypto agencies purchase [Super Bowl](https://en.wikipedia.org/wiki/Super_Bowl "Super Bowl") ads: Coinbase, [FTX](https://en.wikipedia.org/wiki/FTX_$company$ "FTX (company)"), [eToro](https://en.wikipedia.org/wiki/EToro "EToro"), and [Crypto.com](https://en.wikipedia.org/wiki/Crypto.com "Crypto.com"). Coinbase becomes one of the most downloaded apps after their ad airs.[\[43\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-43) \| \| Early April \| The [U.S. Securities and Exchange Commission](https://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commission "U.S. Securities and Exchange Commission") (SEC) announce that they would begin to put regulations on the crypto agencies, setting the stage for a broad selloff.[\[44\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-44) \| \| 4 April \| [Bitmex](https://en.wikipedia.org/wiki/BitMEX "BitMEX") becomes the first crypto agency to announce layoffs, laying off 25% of its workers.[\[45\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-TechCrunch-45) \| \| 3 May \| The Federal Reserve raises interest rates by 0.5%, triggering a broad market selloff.[\[46\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-46) Over eight days, Bitcoin falls 27% to just over \$29,000, while Ethereum falls 33.5% to around \$1,960. The [NASDAQ](https://en.wikipedia.org/wiki/Nasdaq "Nasdaq") falls 12.5% during the following five days after the announcement. \| \| 10 May \| Coinbase, with shares down nearly 80% from their peak, announces that if they went bankrupt people would lose their funds. The CEO later announces that they were at no risk of bankruptcy.[\[47\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-47) \| \| 5-13 May \| TerraUSD and Luna, two stablecoins run by [Terra](https://en.wikipedia.org/wiki/Terra_$blockchain$ "Terra (blockchain)"), lose their pegs to the US Dollar and collapse, with the former being worth \$0.10 and the latter nearly nothing.[\[48\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-48) \| \| 12 June \| [Celsius Network](https://en.wikipedia.org/wiki/Celsius_Network "Celsius Network"), a crypto exchange, announces the halt of all withdrawals and transfers.[\[49\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-49) Bitcoin falls 15% the following day to nearly \$22,500, while Ethereum falls to \$1,200. A wave of layoffs from other crypto agencies accompanies this, including from Crypto.com and Coinbase.[\[45\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-TechCrunch-45) \| \| 13 June \| [Tron's](https://en.wikipedia.org/wiki/Tron_$cryptocurrency$ "Tron (cryptocurrency)") algorithmic [stablecoin](https://en.wikipedia.org/wiki/Stablecoin "Stablecoin"), USDD, loses its peg to the US dollar.[\[50\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-50) \| \| 17 June \| Bitcoin dips below \$20,000 for the first time since December 2020, and Ethereum falls below \$1,000 for the first time since January 2021. Babel Finance, a crypto lender based in [Hong Kong](https://en.wikipedia.org/wiki/Hong_Kong "Hong Kong"), freezes withdrawals.[\[51\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-51) \| \| 23 June \| CoinFlex pauses withdrawals after a counterparty, which it later named as [Roger Ver](https://en.wikipedia.org/wiki/Roger_Ver "Roger Ver"), experienced liquidity issues and failed to repay a \$47 million stablecoin margin call.[\[52\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-52) \| \| 27 June \| [Three Arrows Capital](https://en.wikipedia.org/wiki/Three_Arrows_Capital "Three Arrows Capital"), a cryptocurrency [hedge fund](https://en.wikipedia.org/wiki/Hedge_fund "Hedge fund"), [defaults](https://en.wikipedia.org/wiki/Default_$finance$ "Default (finance)") on a \$670 million loan from [Voyager Digital](https://en.wikipedia.org/wiki/Voyager_Digital "Voyager Digital"), a cryptocurrency broker.[\[53\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-53) \| \| 30 June \| FTX announces they could acquire [BlockFi](https://en.wikipedia.org/wiki/BlockFi "BlockFi"), a crypto firm that had laid off 20% of their staff.[\[54\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-54) \| \| Late June \| Many crypto agencies begin to rethink their spending as their funds begin to dwindle.[\[55\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-55) \| \| 2 July \| [Three Arrows Capital](https://en.wikipedia.org/wiki/Three_Arrows_Capital "Three Arrows Capital") declares bankruptcy, owing 27 creditors a total of US\$3.5 billion.[\[56\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-56) \| \| 4 July \| Vauld, a [Singapore](https://en.wikipedia.org/wiki/Singapore "Singapore")\-based crypto lender backed by Coinbase and [Peter Thiel](https://en.wikipedia.org/wiki/Peter_Thiel "Peter Thiel"), halts withdrawals and trading on its platform.[\[57\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-57) \| \| 5 July \| [eToro](https://en.wikipedia.org/wiki/EToro "EToro") terminates their [special-purpose acquisition company](https://en.wikipedia.org/wiki/Special-purpose_acquisition_company "Special-purpose acquisition company") (SPAC) deal and lays off 6% of their workforce.[\[58\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-58) Crypto broker Voyager Digital files for [Chapter 11 bankruptcy](https://en.wikipedia.org/wiki/Chapter_11,_Title_11,_United_States_Code "Chapter 11, Title 11, United States Code").[\[59\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-59) \| \| 6 July \| [Genesis Trading](https://en.wikipedia.org/wiki/Digital_Currency_Group "Digital Currency Group") discloses that it was exposed in the Three Arrows Capital bankruptcy.[\[60\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-60) \| \| 8 July \| [Blockchain.com](https://en.wikipedia.org/wiki/Blockchain.com "Blockchain.com") announces to its shareholders that it faces a potential \$270 million loss from loans made to Three Arrows Capital.[\[61\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-61)[\[62\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-62) \| \| 11 July \| Crypto miners in Texas temporarily shut down as an intense [heat wave](https://en.wikipedia.org/wiki/Heat_wave "Heat wave") puts a strain on the energy grid.[\[63\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-63) The [Financial Stability Board](https://en.wikipedia.org/wiki/Financial_Stability_Board "Financial Stability Board") (FSB) states that crypto "must be subject to effective regulation and oversight commensurate to the risks they pose".[\[64\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-64) \| \| 12 July \| A filing with the [United States Bankruptcy Court for the Southern District of New York](https://en.wikipedia.org/wiki/United_States_Bankruptcy_Court_for_the_Southern_District_of_New_York "United States Bankruptcy Court for the Southern District of New York") from attorneys representing Three Arrows Capital creditors states that the company founders' [current whereabouts were unknown](https://en.wikipedia.org/wiki/Fugitive "Fugitive").[\[65\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-65) The court freezes the company's assets.[\[66\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-66) \| \| 14 July \| [Celsius Network](https://en.wikipedia.org/wiki/Celsius_Network "Celsius Network") declares bankruptcy.[\[67\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-Reuters-67) \| \| 19 July \| [SkyBridge Capital](https://en.wikipedia.org/wiki/SkyBridge_Capital "SkyBridge Capital") freezes withdrawals.[\[68\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-68) \| \| 20 July \| Vauld files for protection against creditors, the equivalent of bankruptcy in Singapore.[\[69\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-69) Zipmex, a Southeast Asian exchange, freezes withdrawals.[\[70\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-70) \| \| 25 July \| Coinbase comes under SEC investigation for potentially lying to their customers. This leads to a 21% drop in their stock the next day.[\[71\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-71) \| \| 8 August \| Singapore-based cryptocurrency lender and borrower Hodlnaut suspends withdrawals.[\[72\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-72) \| \| 7–8 November \| FTT, [FTX's](https://en.wikipedia.org/wiki/FTX "FTX") main crypto coin, crashes and loses 80% of its value as the result of a [run](https://en.wikipedia.org/wiki/Bank_run "Bank run") on the exchange.[\[73\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-Sigalos-73) \| \| 10 November \| BlockFi halts withdrawals due to the turmoil from FTX.[\[74\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-74) The largest stablecoin, [Tether](https://en.wikipedia.org/wiki/Tether_$cryptocurrency$ "Tether (cryptocurrency)"), loses its peg to the US dollar.[\[75\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-75) \| \| 11 November \| [FTX declares bankruptcy](https://en.wikipedia.org/wiki/Bankruptcy_of_FTX "Bankruptcy of FTX").[\[76\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-Bankruptcy-76) \| \| 16 November \| Both Genesis Global Trading and [Gemini](https://en.wikipedia.org/wiki/Gemini_$company$ "Gemini (company)") halt withdrawals.[\[77\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-77) \| \| 28 November \| [BlockFi](https://en.wikipedia.org/wiki/BlockFi "BlockFi") declares bankruptcy, citing exposure to FTX as the main cause.[\[78\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-78) \| \| 20 January 2023 \| Genesis files for Chapter 11 bankruptcy from exposure to FTX.[\[79\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-79) \| \| 12 February 2023 \| Following the collapse of several big exchanges, no crypto agency purchased a Super Bowl ad.[\[80\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-80) \| \| 2 March 2023 \| Shares in [Silvergate Capital](https://en.wikipedia.org/wiki/Silvergate_Bank "Silvergate Bank"), an influential banker to the cryptocurrency industry, plunge 57.7% after the group said in a filing with the [SEC](https://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commission "U.S. Securities and Exchange Commission") that it would not be able to submit its annual [10-K report](https://en.wikipedia.org/wiki/Form_10-K "Form 10-K") in time.[\[81\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-81)[\[82\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-82) \| \| 7 March 2023 \| The SEC freezes BKCoin transactions and accuses it of being a fraud after they raised \$100M.[\[83\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-83) \| \| 8–9 March 2023 \| Silvergate Capital announces plans to liquidate its bank.[\[84\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-84)[\[85\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-85) \| \| 10–12 March 2023 \| Shares in [Signature Bank](https://en.wikipedia.org/wiki/Signature_Bank "Signature Bank"), one of the main banks to the cryptocurrency industry, drop as much as 32%, leading to its closure by the [New York State Department of Financial Services](https://en.wikipedia.org/wiki/New_York_State_Department_of_Financial_Services "New York State Department of Financial Services") in a bid to prevent the [spreading banking crisis](https://en.wikipedia.org/wiki/2023_United_States_banking_crisis "2023 United States banking crisis").[\[86\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-86)[\[87\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-Li2023-87) \| \| 20 June 2023 \| [New Zealand](https://en.wikipedia.org/wiki/New_Zealand "New Zealand")–based ethical travel company We Are Bamboo loses millions of dollars on cryptocurrency trading before announcing it was folding and would not be refunding hundreds of customers for their prepaid trips, according to a report from liquidators [BDO](https://en.wikipedia.org/wiki/BDO_Global "BDO Global").[\[88\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-88) \| \| 15 August 2023 \| [Auckland](https://en.wikipedia.org/wiki/Auckland "Auckland")\-based cryptocurrency exchange Dasset goes into voluntary liquidation, leaving customers unable to access their funds and with the firm unresponsive to complaints.[\[89\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-89) \| \| 22 January 2024 \| Terraform, creator of [TerraUSD](https://en.wikipedia.org/wiki/Terra_$blockchain$ "Terra (blockchain)") and Luna, files for Chapter 11 bankruptcy, over one and a half years after the collapse of their coins.[\[90\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-90) \| \| 14 February 2024 \| The liquidator of the [Kim Dotcom](https://en.wikipedia.org/wiki/Kim_Dotcom "Kim Dotcom")\-founded Bitcache indicated the company will be yet another cryptocurrency company failure that takes some untangling.[\[91\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-91) \| ### 2025 boom and 2026 crash \[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_bubble&action=edit&section=10 "Edit section: 2025 boom and 2026 crash")\] After the partial decrease in 2022, the value of Bitcoin rose again, reaching a new all-time high in October of 2025, when it was valued at [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")125,835.92.[\[92\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-92) It fell short of the US\$200,000 expectation of [Standard Chartered](https://en.wikipedia.org/wiki/Standard_Chartered "Standard Chartered") analysts, however, leading one analyst to warn of a possible "bitcoin winter".[\[93\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-93) By February 2026 the price of Bitcoin was lower than when President [Trump was elected in 2024](https://en.wikipedia.org/wiki/2024_United_States_presidential_election "2024 United States presidential election"). with the industry concerned about a new “crypto winter". [The New York Times](https://en.wikipedia.org/wiki/The_New_York_Times "The New York Times") called the slide "one of the worst crises in the crypto industry since 2022".[\[94\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-94) Nobel economics laureate [Paul Krugman](https://en.wikipedia.org/wiki/Paul_Krugman "Paul Krugman") said, "It does feel like we’re seeing a real crisis of faith right now."[\[95\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-95) [Bloomberg Intelligence](https://en.wikipedia.org/wiki/Bloomberg_L.P. "Bloomberg L.P.") strategist Mike McGlone warned that the cryptocurrency market “bubble is imploding” with Bitcoin’s price set to decrease to US\$10,000.[\[96\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-96) #### Collapse of Terra-Luna \[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_bubble&action=edit&section=12 "Edit section: Collapse of Terra-Luna")\] In May 2022, the [stablecoin](https://en.wikipedia.org/wiki/Stablecoin "Stablecoin") [TerraUSD](https://en.wikipedia.org/wiki/TerraUSD "TerraUSD") fell to US\$0.10.[\[97\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-97) This was supposed to be pegged to the US dollar via a complex algorithmic relationship with its support coin Luna. The loss of the peg resulted in Luna falling to almost zero, down from its high of \$119.51.[\[98\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-98) The collapse wiped out \$45 billion of total current value in a week.[\[99\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-99) On 25 May, a proposal was approved to reissue a new Luna cryptocurrency and to decouple from and abandon the devalued UST stablecoin.[\[100\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-100)[\[101\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-101) The new Luna coin lost value in the opening days of being listed on exchanges.[\[102\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-102) In the wake of Terra-Luna's collapse, another algorithmic stablecoin, DEI, lost its peg to the dollar and started to collapse.[\[103\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-103)[\[104\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-104) [Kwon Do-hyung](https://en.wikipedia.org/wiki/Kwon_Do-hyung "Kwon Do-hyung"), the founder of [Terra-Luna](https://en.wikipedia.org/wiki/Terra-Luna "Terra-Luna"), is wanted by [South Korea](https://en.wikipedia.org/wiki/South_Korea "South Korea") and the [US](https://en.wikipedia.org/wiki/US "US") for his role as the creator of the cryptocurrency [stablecoin](https://en.wikipedia.org/wiki/Stablecoin "Stablecoin") which was guaranteed by an algorithm rather than with appropriate funds, after the loss of 40 billion dollars by investors. He has been arrested in [Montenegro](https://en.wikipedia.org/wiki/Montenegro "Montenegro").[\[105\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-105) #### Private litigation in the United States \[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_bubble&action=edit&section=13 "Edit section: Private litigation in the United States")\] On 7 January 2022, a class-action lawsuit was filed against EthereumMax alleging it to be a [pump and dump](https://en.wikipedia.org/wiki/Pump_and_dump "Pump and dump") scheme with media personality [Kim Kardashian](https://en.wikipedia.org/wiki/Kim_Kardashian "Kim Kardashian"), former professional boxer [Floyd Mayweather Jr.](https://en.wikipedia.org/wiki/Floyd_Mayweather_Jr. "Floyd Mayweather Jr."), former [NBA](https://en.wikipedia.org/wiki/National_Basketball_Association "National Basketball Association") player [Paul Pierce](https://en.wikipedia.org/wiki/Paul_Pierce "Paul Pierce"), and other celebrities also being named in the lawsuit for [promoting](https://en.wikipedia.org/wiki/False_advertising "False advertising") the Ether cryptocurrency on their [social media accounts](https://en.wikipedia.org/wiki/Influencer_marketing "Influencer marketing").[\[106\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-106)[\[107\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-107) On 18 February, the [United States Court of Appeals for the Eleventh Circuit](https://en.wikipedia.org/wiki/United_States_Court_of_Appeals_for_the_Eleventh_Circuit "United States Court of Appeals for the Eleventh Circuit") ruled in a lawsuit against [Bitconnect](https://en.wikipedia.org/wiki/Bitconnect "Bitconnect") that the [Securities Act of 1933](https://en.wikipedia.org/wiki/Securities_Act_of_1933 "Securities Act of 1933") extends to [targeted solicitation](https://en.wikipedia.org/wiki/Targeted_advertising "Targeted advertising") using social media.[\[108\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-108) On the same day, a class-action lawsuit was filed against [SafeMoon](https://en.wikipedia.org/wiki/SafeMoon "SafeMoon") alleging it to also be a pump and dump scheme with professional boxer [Jake Paul](https://en.wikipedia.org/wiki/Jake_Paul "Jake Paul"), musician [Nick Carter](https://en.wikipedia.org/wiki/Nick_Carter "Nick Carter"), rappers [Soulja Boy](https://en.wikipedia.org/wiki/Soulja_Boy "Soulja Boy") and [Lil Yachty](https://en.wikipedia.org/wiki/Lil_Yachty "Lil Yachty"), and social media personality Ben Phillips also being named in the lawsuit for promoting the SafeMoon cryptocurrency with misleading information on their social media accounts.[\[109\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-109)[\[110\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-110) On 1 April, a class-action lawsuit was filed in Florida against the [LGBcoin](https://en.wikipedia.org/wiki/Let%27s_Go_Brandon#Brandon_Brown_sponsorship "Let's Go Brandon") cryptocurrency company, [NASCAR](https://en.wikipedia.org/wiki/NASCAR "NASCAR"), professional [stock car racing](https://en.wikipedia.org/wiki/Stock_car_racing "Stock car racing") driver [Brandon Brown](https://en.wikipedia.org/wiki/Brandon_Brown_$racing_driver$ "Brandon Brown (racing driver)"), and political commentator [Candace Owens](https://en.wikipedia.org/wiki/Candace_Owens "Candace Owens") alleging that the defendants made [false](https://en.wikipedia.org/wiki/False_statements_of_fact "False statements of fact") or misleading statements about the LGBcoin and that the founders of the company had engaged in a pump and dump scheme.[\[111\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-111) On 13 April, [Coinbase](https://en.wikipedia.org/wiki/Coinbase "Coinbase") received a class-action [securities fraud](https://en.wikipedia.org/wiki/Securities_fraud "Securities fraud") lawsuit from its shareholders for including false and misleading statements and [omissions](https://en.wikipedia.org/wiki/Omission_$law$ "Omission (law)") in the [registration statement](https://en.wikipedia.org/wiki/Registration_statement "Registration statement") and [prospectus](https://en.wikipedia.org/wiki/Prospectus_$finance$ "Prospectus (finance)") of its [initial public offering](https://en.wikipedia.org/wiki/Initial_public_offering "Initial public offering").[\[112\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-112) On 13 June, [Binance](https://en.wikipedia.org/wiki/Binance "Binance") received a class-action lawsuit from more than 2,000 investors accusing the company of false advertising in promoting TerraUSD.[\[113\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-113) On 17 June, [TerraForm Labs](https://en.wikipedia.org/wiki/Terra_$blockchain$ "Terra (blockchain)") received a class-action lawsuit in the United States alleging the company misled investors in violation of federal and California securities laws in marketing its cryptocurrencies in a manner that resembled [securities](https://en.wikipedia.org/wiki/Security_$finance$ "Security (finance)").[\[114\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-114) On 7 July, [Celsius Network](https://en.wikipedia.org/wiki/Celsius_Network "Celsius Network") received a lawsuit from a former cryptocurrency investment manager alleging the company failed to implement adequate [risk management](https://en.wikipedia.org/wiki/Risk_management "Risk management") strategies or accounting practices to [hedge](https://en.wikipedia.org/wiki/Hedge_$finance$ "Hedge (finance)") the firm against cryptocurrency price fluctuations and protect its ability to repay its [depositors](https://en.wikipedia.org/wiki/Deposit_account "Deposit account"), and that the company was operating an effective [Ponzi scheme](https://en.wikipedia.org/wiki/Ponzi_scheme "Ponzi scheme").[\[115\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-115) On 21 July, an ex-[Coinbase](https://en.wikipedia.org/wiki/Coinbase "Coinbase") employee and 2 other men were charged with [wire fraud](https://en.wikipedia.org/wiki/Mail_and_wire_fraud "Mail and wire fraud") and conspiracy to commit wire fraud. This marked the first time charges were brought to people involving crypto assets.[\[116\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-116) In early November 2022, [Binance](https://en.wikipedia.org/wiki/Binance "Binance"), one of the largest crypto exchanges in the world, announced it would be dissolving its holdings in FTX Token (FTT) with reports that most of [FTX](https://en.wikipedia.org/wiki/FTX_$company$ "FTX (company)") [liquidity](https://en.wikipedia.org/wiki/Liquidity "Liquidity") was based in this coin and was very unstable. This announcement came shortly after article surfaced stating that Alameda Research, a trading firm affiliated with FTX held a significant amount of FTT. This resulted in a [run](https://en.wikipedia.org/wiki/Bank_run "Bank run") on FTX resulting in 90% of all FTT being withdrawn. The price of FTT fell from \$22 on 7 November to under \$5.00 on 8 November, an 80% drop.[\[73\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-Sigalos-73) Abracadabra.com's stablecoin "magic internet money" (MIM) also briefly lost its peg to the [US dollar](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar") for the first time since May 2022.[\[117\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-117) This all resulted in a [liquidity crisis](https://en.wikipedia.org/wiki/Liquidity_crisis "Liquidity crisis") with the company unable to pay off the withdrawals. On 8 November, rival Binance announced plans to buy the company to save it from collapse. This sent shockwaves through the crypto market and led to a 10% drop in [Bitcoin](https://en.wikipedia.org/wiki/Bitcoin "Bitcoin") price and a 15% drop in Ether price. The following day, however, Binance immediately withdrew its offer causing Bitcoin and Ether to plummet another 14% and 16%, respectively, to their lowest levels since November 2020.[\[118\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-118) The same day, the SEC and Justice Department launched an investigation into the company.[\[119\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-119) FTX filed for bankruptcy protection on 11 November.[\[76\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-Bankruptcy-76) ## Characterization as a bubble \[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_bubble&action=edit&section=15 "Edit section: Characterization as a bubble")\] [Bitcoin](https://en.wikipedia.org/wiki/Bitcoin "Bitcoin") has been characterized as a [speculative bubble](https://en.wikipedia.org/wiki/Speculative_bubble "Speculative bubble") by eight [winners of the Nobel Memorial Prize in Economic Sciences](https://en.wikipedia.org/wiki/List_of_Nobel_Memorial_Prize_laureates_in_Economics "List of Nobel Memorial Prize laureates in Economics"): [Paul Krugman](https://en.wikipedia.org/wiki/Paul_Krugman "Paul Krugman"),[\[120\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-Krugman-120)[\[121\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-121) [Robert J. Shiller](https://en.wikipedia.org/wiki/Robert_J._Shiller "Robert J. Shiller"),[\[122\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-Shiller_2014-122) [Joseph Stiglitz](https://en.wikipedia.org/wiki/Joseph_Stiglitz "Joseph Stiglitz"),[\[123\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-Stiglitz-123) [Richard Thaler](https://en.wikipedia.org/wiki/Richard_Thaler "Richard Thaler"),[\[124\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-Thaler-124) [James Heckman](https://en.wikipedia.org/wiki/James_Heckman "James Heckman"),[\[125\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-4Nobels-125) [Thomas Sargent](https://en.wikipedia.org/wiki/Thomas_Sargent "Thomas Sargent"),[\[125\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-4Nobels-125) [Angus Deaton](https://en.wikipedia.org/wiki/Angus_Deaton "Angus Deaton"),[\[125\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-4Nobels-125) and [Oliver Hart](https://en.wikipedia.org/wiki/Oliver_Hart_$economist$ "Oliver Hart (economist)");[\[125\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-4Nobels-125) and by central bank officials including [Alan Greenspan](https://en.wikipedia.org/wiki/Alan_Greenspan "Alan Greenspan"),[\[126\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-Kearns-126) [Agustín Carstens](https://en.wikipedia.org/wiki/Agust%C3%ADn_Carstens "Agustín Carstens"),[\[127\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-Carstens-127) [Vítor Constâncio](https://en.wikipedia.org/wiki/V%C3%ADtor_Const%C3%A2ncio "Vítor Constâncio"),[\[128\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-Constancio-128) and [Nout Wellink](https://en.wikipedia.org/wiki/Nout_Wellink "Nout Wellink").[\[129\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-129) The investors [Warren Buffett](https://en.wikipedia.org/wiki/Warren_Buffett "Warren Buffett") and [George Soros](https://en.wikipedia.org/wiki/George_Soros "George Soros") have respectively characterized it as a "mirage"[\[130\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-130) and a "bubble",[\[131\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-GnMSoros-131) while the business executives [Jack Ma](https://en.wikipedia.org/wiki/Jack_Ma "Jack Ma") and J.P. Morgan Chase CEO [Jamie Dimon](https://en.wikipedia.org/wiki/Jamie_Dimon "Jamie Dimon") have called it a "bubble"[\[132\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-Yang_Ma-132) and a "fraud",[\[133\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-Buffet_and_Dimon-133) respectively. However, Dimon said later he regrets calling Bitcoin a fraud.[\[134\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-134) Other notable skeptics are [Bill Gates](https://en.wikipedia.org/wiki/Bill_Gates "Bill Gates"), [Microsoft](https://en.wikipedia.org/wiki/Microsoft "Microsoft") co-founder and philanthropist;[\[135\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-CNBC-135) [Bruce Schneier](https://en.wikipedia.org/wiki/Bruce_Schneier "Bruce Schneier"), cryptographer, computer security expert, and public policy lecturer at [Harvard University](https://en.wikipedia.org/wiki/Harvard_University "Harvard University");[\[136\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-136) and [Molly White](https://en.wikipedia.org/wiki/Molly_White "Molly White"), author of the Web3 Is Going Just Great website.[\[137\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-137)[\[138\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-138)[\[139\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-139) Economic analysis of these market cycles suggests that cryptocurrency price dynamics are characteristic of speculative bubbles, driven more by market sentiment than by traditional economic fundamentals.[\[140\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-140) The increasing integration of crypto with the financial system means these shocks do not occur in isolation. Studies find significant spillover effects, where volatility in cryptocurrency markets transmits to traditional asset classes like equities and commodities.[\[141\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-141) More recent structural models confirm this transmission occurs by affecting overall investor risk appetite and that it extends to the broader macroeconomy, with a notable impact on long-term inflation. This demonstrates a concrete channel through which cryptocurrency bubbles and crashes can have broader economic consequences.[\[142\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-142) It has been suggested by Lee Reiners, a former [Federal Reserve](https://en.wikipedia.org/wiki/Federal_Reserve "Federal Reserve") economist, that "when this crypto bubble bursts — and it will burst — it will end up impacting people across the economy even if they don’t have direct investment in crypto”.[\[143\]](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_note-143) - [Blockchain § History](https://en.wikipedia.org/wiki/Blockchain#History "Blockchain"), a broader overview of the history of blockchain technology - [Cryptocurrency § History](https://en.wikipedia.org/wiki/Cryptocurrency#History "Cryptocurrency") - [Cryptocurrency and crime](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime "Cryptocurrency and crime") - [Crypto Ponzi scheme](https://en.wikipedia.org/wiki/Ponzi_scheme#Cryptocurrency_Ponzi "Ponzi scheme") 1. ^ [*a](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-FortuneMorris_1-0) [b](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-FortuneMorris_1-1) [c](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-FortuneMorris_1-2) [d](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-FortuneMorris_1-3) Morris, David Z. 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[CNBC](https://en.wikipedia.org/wiki/CNBC "CNBC"). Retrieved 15 June 2022. 136. [^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-136) Avery, Dan (1 June 2022). ["Tech Experts Call on Lawmakers to Push Back Against Cryptocurrency Industry"](https://web.archive.org/web/20220602025804/https://www.cnet.com/personal-finance/crypto/tech-experts-call-on-lawmakers-to-push-back-against-cryptocurrency-industry/). CNET. Archived from [the original](https://www.cnet.com/personal-finance/crypto/tech-experts-call-on-lawmakers-to-push-back-against-cryptocurrency-industry/) on 2 June 2022. Retrieved 2 June 2022. "In an open letter on Wednesday, 26 computer scientists, software engineers and academics – including Harvard computer security expert Bruce Schneier and Google Cloud principal engineer Kelsey Hightower – urged Congress to 'resist pressure from digital asset industry financiers, lobbyists and boosters to create a regulatory safe haven for these risky, flawed and unproven digital financial instruments' ... The letter also cautioned that crypto assets are being used to promote 'unsound and highly volatile speculative investment schemes' to investors who may not understand the real risks. 'The claims that the blockchain advocates make are not true,' Schneier told the Financial Times. 'It's not secure, it's not decentralized. Any system where you forget your password and you lose your life savings is not a safe system.'" 137. [^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-137) De Vynck, Gerrit (29 May 2022). ["First she documented the alt-right. Now she's coming for crypto"](https://web.archive.org/web/20220531021347/https://www.washingtonpost.com/technology/2022/05/29/molly-white-crypto/). The Washington Post. Archived from [the original](https://www.washingtonpost.com/technology/2022/05/29/molly-white-crypto/) on 31 May 2022. Retrieved 31 May 2022. "A 28-year-old software engineer who writes Wikipedia articles for fun, White is an odd figure to make the crypto industry cower. On her website, 'Web3 is Going Just Great', White documents case after case of crypto malfeasance: investments that turn out to be scams, poorly-run projects that collapse under mismanagement and hacks that drain supporters' money. As much of the financial and tech elite has rallied around crypto, White has led a small but scrappy group of skeptics pushing the other way whose warnings have seemed vindicated by the cratering in recent weeks of cryptocurrency prices." 138. [^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-138) Pahwa, Nitish (12 May 2022). ["To Be Clear, Web3 Is Not Going Great"](https://web.archive.org/web/20220528020034/https://slate.com/technology/2022/05/crypto-crash-molly-white-web3-going-just-great.html). Slate. Archived from [the original](https://slate.com/technology/2022/05/crypto-crash-molly-white-web3-going-just-great.html) on 28 May 2022. Retrieved 31 May 2022. "One of the most prominent skeptics these days is Molly White, a software developer who started the blog Web3 Is Going Just Great last December ... The site has gotten quite popular among fellow doubters, and White herself has become a go-to voice countering the hype coming from crypto companies and maxis—even collaborating with other crypto watchers on a project fact-checking mainstream publications' praise of crypto." 139. [^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-139) Bernard, Zoe (29 April 2022). ["Crypto's CSI: How Molly White Became an 'Absolute Nightmare' for Web3 Evangelists"](https://web.archive.org/web/20220512215358/https://www.theinformation.com/articles/cryptos-csi-how-molly-white-became-an-absolute-nightmare-for-web3-evangelists). The Information. Archived from [the original](https://www.theinformation.com/articles/cryptos-csi-how-molly-white-became-an-absolute-nightmare-for-web3-evangelists) on 12 May 2022. Retrieved 31 May 2022. "Over the course of one week in April, Molly White's internet crime blotter Web3 Is Going Just Great documented 15 crypto-related offenses, each of which alone would hobble—or at least humiliate—most other industries ... White is in a unique position to catalog Web3's never-ending highlight reel of disasters. A software engineer who has worked in front-end development at enterprise software company HubSpot for the past six years, the 28-year-old has a sophisticated understanding of the blockchain's underlying technology." 140. [^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-140) Cheah, E. T.; Fry, J. (2015). "Speculative bubbles in Bitcoin markets? An empirical investigation into the fundamental value of Bitcoin". Economics Letters. 130: 32–36\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1016/j.econlet.2015.02.029](https://doi.org/10.1016%2Fj.econlet.2015.02.029). [hdl](https://en.wikipedia.org/wiki/Hdl_$identifier$ "Hdl (identifier)"):[10454/18101](https://hdl.handle.net/10454%2F18101). 141. [^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-141) Corbet, Shaen; Meegan, Andrew; Larkin, Charles; Lucey, Brian; Yarovaya, Larisa (2018). ["Exploring the dynamic relationships between cryptocurrencies and other financial assets"](https://figshare.com/articles/journal_contribution/23759697). Economics Letters. 165: 28–34\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1016/j.econlet.2018.01.004](https://doi.org/10.1016%2Fj.econlet.2018.01.004). 142. [^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-142) Chen, Zhengyang (2025). ["From Disruption to Integration: Cryptocurrency Prices, Financial Fluctuations, and Macroeconomy"](https://doi.org/10.3390%2Fjrfm18070360). Journal of Risk and Financial Management. 18 (7): 360. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.3390/jrfm18070360](https://doi.org/10.3390%2Fjrfm18070360). 143. [^](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#cite_ref-143) Lipton, Eric; Yaffe-Bellany, David (21 January 2025). ["Trump's Cryptocurrency Surges to Become One of the World's Most Valuable"](https://www.nytimes.com/2025/01/19/us/politics/trump-cryptocurrency-surges.html). The New York Times. [ISSN](https://en.wikipedia.org/wiki/ISSN_$identifier$ "ISSN (identifier)") [0362-4331](https://search.worldcat.org/issn/0362-4331). Retrieved 21 January 2025. - ["Bitcoin Bulls and Bears"](https://www.bloomberg.com/features/bitcoin-bulls-bears/). Bloomberg. 8 June 2018.
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