Bitcoin briefly fell below $20,000 on Wednesday as a number of factors from macroeconomic worries to issues with cryptocurrency companies continue to weigh on the market.

ENGLEWOOD, Colo. — The cryptocurrency market was in ruins. But Tyler and Cameron Winklevoss were jamming.The billionaire twins, best known for their supporting role in the creation of Facebook, twirled and shimmied across the stage with their new cover band, Mars Junction, at a concert venue outside Denver last week, the latest stop on

Then came the pandemic. As governments closed down businesses and handed out money to people unable to work, central banks embarked on the most exorbitant money creation programs in history. Much of that money found its way into crypto markets, raising prices to unprecedented levels and fueling the rapid growth of high-yield lending, complex synthetic

Three Arrows Capital plunged deeper into financial turmoil Wednesday after a court in the British Virgin Islands ordered the crypto-focused hedge fund into liquidation following its failure to repay creditors as the value of bitcoin and other cryptocurrencies have nosedived.The liquidation order comes after a high-profile notice of default: On Monday

This interview has been edited and condensed for clarity.WIRED: I want your take on the current moment. What the hell is going on with crypto? Is this an existential crisis?Changpeng “CZ” Zhao: When you get hundreds of millions of people trading assets, it just goes through cycles. It is definitely not an existential crisis.

The amount of electricity consumed by the largest cryptocurrency networks has decreased by up to 50% as the “crypto winter” continues to eat at the incomes of “miners” and financial contagion spreads further throughout the sector.The electricity consumption of the bitcoin network has fallen by a third from its high of 11 June, down to