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Crypto is anything but strong right now
After more than a year, the freeze of a deep crypto winter has lifted. Bitcoin prices have reached new heightsventure capital firms raise funds to invest in cryptocurrency startups, and the jubilant crypto bros return to mock the skeptics with the words “have fun staying poor.” Once again, people who invest millions of dollars in memecoins depicting dogs in knitted hats or drooling cartoon sloths are being portrayed as the smart money. When the developer of the lazy coin, Slerf, accidentally destroyed $10 million of the funds he had raised from early buyersthe attention only fueled a massive increase in trading volume – worth $2.7 billion in 24 hours.
This speculative mania is familiar to veterans of the last crypto boom, 2021 to 2022. Instead of “metaverse,” everyone now just says “AI.” What is new is a semblance of normality, a transformation of reputation. While the average crypto fan of the last boom spoke in terms of Lamborghini And get rich quick programsthe new industry spokespeople are CEOs in suits who focus on regulatory conformity, politicians whose favorite word is “innovation,” and traditional financial institutions touting cryptocurrencies as a wise way to diversify your portfolio. The problem for the rest of us is that crypto markets remain riddled with manipulation and scams.