Is this the epic bursting of the bubble the bears have been waiting for? Not yet. The selloff certainly looks like a reversal of the herd buy-in that hit fever pitch this year. But, in absolute price terms, cryptocurrencies are only looking very marginally less insane.
Even after sinking 35 per cent from a record high, Bitcoin is still 1,200 per cent higher than where it was at the end of 2016. And corrections are common in this market. Bitcoin dropped 13 per cent in one day just three months ago, and 22 per cent in one day back in 2015.