The coldest crypto winter yet

Finance & economics | ButtonwoodThe coldest crypto winter yetAn asset class that is all about vibes suddenly has awful vibesShareIllustration: Satoshi Kambayashi Feb 10th 2026|4 min readChill winds have been battering America’s eastern seaboard for weeks, driving temperatures in places to their lowest in decades. But that has nothing on the deep freeze into which investors have shoved crypto assets. The value of a bitcoin has dropped from $124,000 in early October to around $70,000 today, and the market value of all cryptocurrencies has fallen by more than $2trn. Though the asset class has slumped before, its boosters now seem more despondent than ever. Already have an account?Log in Continue with a free trial Get full access to our independent journalism for free Free trial Or create a free account to unlock just this article Create account Explore moreShareReuse this contentThe Economist TodayHandpicked stories, in your inboxA daily newsletter with the best of our journalismSign upYes, I agree to receive exclusive content, offers and updates to products and services from The Economist Group. I can change these preferences at any time.More from Finance & economicsAmerica’s welfare state is more European than you think State-level policies are making up for stingy federal provisionA viral research note on AI gets its economics wrongToo much of a good thingThe AI productivity boom is not here (yet)Artificial intelligence is improving fast. Its effect on output, not so much ButtonwoodMarkets are churning furiously beneath a calm surfaceAI is prompting investors to reassess every business model under the sunDonald Trump answers a Supreme Court rebuke with new tariff threatsThe immediate economic impact will be more uncertaintyThe EU is thrashing out a more muscular set of economic policies The bloc is done playing nicely