Feeling the chill: What is the 'crypto winter'?

All cryptocurrencies have suffered a comparable fall at the same time. The global crypto market has fallen to US$1 trillion, from an estimated US$3 trillion (RM13.3 trillion) as recently as seven months ago, according to the website Coingecko. — Bloomberg

With Bitcoin losing 65% of its value since its all-time high in November 2021, the global cryptocurrency market falling below US$1 trillion (RM4.4 trillion), and layoffs on the horizon at major cryptocurrency firms, in recent weeks - all industry indicators have been showing red. So much so that there is now talk of a "crypto winter."

Could the cryptocurrency market be fizzling out, or is it just going through a bad patch? The sector is clearly contracting, after an incredible rise in 2021. Experts are now even talking about a "crypto winter," a nod to the series Game of Thrones and the House Stark motto, "winter is coming," a kind of warning that a lasting conflict could erupt at any time. And this seems to be exactly what's happening with cryptocurrencies.