As Crypto Bubble Deflates, Traditional Markets Take Hit

Many companies that tried to catch the crypto wave in 2017 are now reeling the wake of cryptocurrency’s substantial price decline this year.

Thus far, Bitcoin has fallen nearly 70% from its all-time high, with most other cryptocurrencies doing far worse. Ethereum is down over 85% from its all-time high, and Ripple is down over a whopping 90%.

International Business Machines (IBM), which made a big push early in 2017 in offering enterprise blockchain systems, has declined over 5% year-to-date, after posting solid gains in the second half of 2017.

Long Blockchain (LBCC), which famously changed its name from Long Island Iced Tea last December in a surprising pivot to blockchain, has seen its stock fall over 98% from its high.