Bitcoin’s Meltdown Ravaging Hedge Funds

What a difference a year makes in the world of digital currencies.

Bitcoin was flying more than 1,000% higher in 2017, and with venture capital and institutional firms flush with cash, investors deployed funds to tap into what must have seemed like a bottomless pot of gold.

However, 2018 has been anything but that. Bitcoin BTCUSD, +2.68% is in its fifth-largest drawdown since 2010, losing nearly 80% of its value from its December 2017 high, and that cash that was once plentiful, has dried up for some, while other so-called crypto hedge funds set to close their doors. Since Nov. 1, the price of a single bitcoin has lost 27% in value, compared with 67% from the beginning of the year and 77% since its December 2017 all-time high.

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