The get-rich-quick days of crypto are over. Investors are losing their shirts, but industry players say this is healthy

. As days go on, more and more firms, companies, and platforms alike are coming forward with updates on their financial health or lack thereof.From big players to everyday investors, the impact is being felt far and wide. Even major cryptocurrency-related companies, likeand headcount reductions—several of them having just spent millions on Super Bowl ads as crypto’s market cap was near its peak.

Urban compared the current state of the crypto market to the bursting of the internet bubble in 2000. Looking ahead, he predicts that alongside the distress, innovation will come out of this time period. Many others echoed his remarks. This downturn has revealed the crypto-related projects and funds that were “utilizing more risk than what was prudent,” Miller said. “Similar to other downturns, many players become forced sellers and are subsequently washed out.”

The “biggest thing” to come out of this downturn will be a “focus on fundamentals,” says Tom Dunleavy, Messari senior research analyst.

Lolz investors fomoed the top and got rekt

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Crypto industry gripped by anxiety as bitcoin wobbles near key $20,000 levelHONG KONG : The cryptocurrency industry was on edge on Monday morning as investors feared contagion from problems at major crypto players could unleash a major shakeout if not contained.Bitcoin which has lost 57 per cent so far this year and 37 per cent this month, fell below $20,000 over the weekend for after this news will come any moment will follow the stock markets on wall street where it will plummet
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