There are few markets in the world that can go as haywire as those for cryptocurrencies, but the veteran traders who buy and sell them have become desensitized. KevinTDugan reports
Photo-Illustration: Intelligencer; Photo: Getty After a wild year that minted the most recent class of crypto nouveau riche, the price of bitcoin cratered to less than half of its November peak of $68,990 during a single weekend in January — a wipeout that sent just about every other digital token into the red, destroying with it more than $130 billion in 24 hours.
The always-extreme and always-on nature of the crypto markets has numbed the people who’ve made it their job to navigate the bubbles, scams, and randomness that have made these markets such a hostile environment. Take a look on Twitter or on Discord servers and you’ll still see the relentless optimism of the blockchain true believers, but now there are more memes about having to get a job working at McDonald’s, or posts detailing how someone lost everything they had.
Massive collapses aren’t new to markets, and the memories of the last financial crises are still fresh in the minds of some who’ve invested into digital currencies. “I remember sitting in my law office in March [2008], and that’s when Bear Stearns went under. I remember looking at Google Finance, and it’s down 50 percent, and my jaw hit the floor,” said Stefan Coolican, a former investment banker who’s now the chief financial officer at Toronto hedge fund Ether Capital.
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