Crypto stocks erase billions as Bitcoin, altcoins move into bear market

Crypto stocks are caught in a brutal free fall, mirroring the market-wide slump in Bitcoin and altcoins.

Coinbase, the biggest crypto exchange in the U.S., has crashed from nearly $350 per share in November to $190. This decline has brought its market cap from $86 billion to $48 billion—a $38 billion wipe out.