WSJ: Investors are worried about the arrival of a new round of "crypto winter."

According to The Wall Street Journal, the sell-off in the cryptocurrency market is intensifying. Bitcoin and other digital tokens are facing a broader downturn that is sweeping through all high-risk trades in the market. In recent months, unprofitable tech companies, speculative shell companies, and "Meme" stocks have fallen out of favor. Patrick Horsman, Chief Investment Officer of the crypto financial management firm BNB Plus, stated that as investors grow increasingly pessimistic about the market and economic outlook, they are reducing their risk exposure.

Horsman said, "I think we might see Bitcoin drop all the way back to $60,000. We don't think the pain is over."

Strong rebounds and nauseating declines have been a constant since the early days of the crypto industry. During the previous "crypto winter," Bitcoin and other major digital assets lost as much as 80% of their value before reversing. Each previous cycle (including the winter of 2022) was, to some extent, triggered by investor concerns over widespread fraud.

The current sell-off is both reassuring to some and perplexing to others because there is no new Mt. Gox or FTX—these collapses of crypto firms had previously fueled broader market crashes.