After a brutal and volatile week, bitcoin was down slightly on Monday. Crypto tokens have lost more than $1 trillion in market value since their October peak, according to Deutsche Bank, stoking fears that the sell-off has further to run.

Crypto die-hards have been here before, in the “crypto winter” of 2021 and 2022 and the collapse of Sam Bankman-Fried’s FTX. But the market is much bigger today — around $3 trillion globally — after the Securities and Exchange Commission last year approved spot bitcoin exchange-traded funds and the Trump administration embraced digital tokens.

The increased exposure has given rise to fears of a crypto rout slamming Wall Street this time.

“This is no longer a hobbyist asset class,” Lisa Shalett, the chief investment officer at Morgan Stanley Wealth Mana

See Full Page