Global protocol wars threaten bitcoin's future

Bitcoin's recent speed wobble and market swings are changing the strategic reserve conversation, but nations are still eyeing crypto as if it's oil or gold

- Lindsey Schutters

By the time you read this, the tech world might be on fire. (I'm writing on the eve of Nvidia's Q3 earnings.) But, since you're interested in crypto, I'm going to assume that checking your bitcoin gains this week made you mutter something unprintable... You're not alone.

The world's favourite digital gold has wiped out its 2025 gains, plunging more than 26% from its peak and briefly dipping below $90,000.

Tech stocks weren't much better, but the crypto pain hit differently because this wasn't just "number go down". This was the market reminding us that digital currency is still the wildest horse in the financial paddock.

The reasons for the crash are almost boringly traditional: a global "risk-off" mood, the US reserve bank suddenly acting coy about rate cuts, and long-term holders locking in profits after a monster rally. Add some thinning order books after October's flash crash, and bitcoin's volatility dial turned itself back to "classic".