The entire crypto market is now worth an estimated $1.12 trillion - just a third of it's value six months ago.
The downturn comes at a time when crypto investing has gained wider acceptance by the finance industry. Many analysts say the crypto market is mirroring ongoing declines in traditional markets that have been hit by rising inflation and a spike in interest rates.
So can cryptocurrencies make a comeback, and is more scepticism warranted? Diehard investors are choosing to weather the storm and remain optimistic that crypto adoption will continue to grow. And in the face of global economic uncertainty, more traditional investors may continue looking to crypto to diversify their assets.