Between a collapse in prices, layoffs, and high-profile defaults, the winds of the next so-called cryptocurrency winter are blowing for


Bitcoin


and other digital assets. 

Bitcoin was trading near $20,200 late on Wednesday afternoon, down by more than two-thirds from an all-time high near $69,000 hit in November 2021. It is off 56% since the beginning of the year as June nears its end, while the


S&P 500


has lost a bit less than 20%. Other tokens like Ether, Solana, and Dogecoin have fared even worse, and the market capitalization of the entire crypto economy has been reduced to $945 billion from nearly $3 trillion in less than eight months, according to CoinMarketCap.