Crypto exchanges are bleeding users, crypto companies are laying off workers with at least one contemplating restructuring. Numerous factors drove the rise, but crypto investors often shared a belief that the existing financial system had failed and crypto was the future. Ads for crypto companies are now splashed across Major League Baseball umpires’ uniforms and several major-league and college-sports venues. ‘With crypto, everyone is a genius in a bull market,’ said billionaire crypto investor Mark Cuban. “Long-term, we’re huge believers in crypto,” saidShaun Maguire,a partner at Sequoia Capital who invests in crypto.

Source: Wall Street Journal June 18, 2022 08:06 UTC