Bit coin

[Jackalope]

“But at the end of the day, it drops like this for the same reason it previously skyrocketed the way it did — it is primarily held by rank speculators who lack a thesis for ownership rooted in fundamentals or reality or some definition of value. Speculation cuts both ways and reflects weak hands when things turn south.”

(Washington Post)

This is why crypto will probably never be anything but a vehicle for daytraders and speculators.