Put On Your Crypto Winter Coats

Hello from Team Crypto at Bloomberg, and thank you for being one of the first people to subscribe to our newsletter. We're looking forward to your feedback (and best memes, if we're honest). For today's issue, international man of mystery and Senior Executive Editor for Markets Chris Nagi breaks down the big chill settling over crypto markets. You can sign up here.

An evocative, and currently trending, phrase in the already teeming vernacular surrounding Bitcoin longs is “crypto winter,” the recurrent situation in which doldrums set in for months after a major price slump and everyone must sit there wondering if the market will ever move again. The idea, new by historical standards, is — like everything else subject to the Twitter metabolism — rapidly being depleted of meaning through viral overuse by worried crypto brethren after a brutal few days of sharp selling.