Wall Street Has Its Worst Week Since March 2020

Stocks are perhaps the most widely understood measure of the financial mood, but other markets were plenty shaken, too.

Cryptocurrencies, which some believe should act as havens in times of inflation and turmoil, have had a torrid time. Bitcoin lost nearly 30 percent of its value this week alone, falling to its lowest level since 2020. Some of the crypto industry’s biggest players, like Coinbase, Gemini and Crypto.com, announced layoffs. Celsius, an experimental crypto bank, abruptly halted withdrawals.

With cryptocurrencies, and with stocks, it’s possible investors could lose a lot more money before things get better.

“There’s a lot more pain left,” Mr. Damodaran said.

Article source: https://www.nytimes.com/2022/06/17/business/stock-market.html