Crypto Reels From a $200 Billion Crash as Casino Crowd Moves On

Crypto’s riskiest tokens are crashing on a scale that stands out even by the industry’s own volatile standards, abandoned by retail speculators saddled with humiliating losses and a growing sense the game is rigged.

Cryptocurrencies beyond Bitcoin have been hit hardest in the market downturn that kicked off early October. A MarketVector index tracking 50 mid- and micro-cap tokens has fallen nearly 70% this year, hitting its weakest level since early 2020. Altcoins have now shed $200 billion on paper since the market peaked.

The retail tide that once lifted everything from Trump-branded coins to dog-theme tokens is no more. ...