Skip to main content
  • Home
  • About
  • Faculty Experts
  • For The Media
  • ’Cuse Conversations Podcast
  • Topics
    • Alumni
    • Events
    • Faculty
    • Students
    • All Topics
  • Contact
  • Submit
Business & Economy
  • All News
  • Arts & Culture
  • Business & Economy
  • Campus & Community
  • Health & Society
  • Media, Law & Policy
  • STEM
  • Veterans
  • University Statements
  • Syracuse University Impact
  • |
  • The Peel
  • Athletics
Sections
  • All News
  • Arts & Culture
  • Business & Economy
  • Campus & Community
  • Health & Society
  • Media, Law & Policy
  • STEM
  • Veterans
  • University Statements
  • Syracuse University Impact
  • |
  • The Peel
  • Athletics
  • Home
  • About
  • Faculty Experts
  • For The Media
  • ’Cuse Conversations Podcast
  • Topics
    • Alumni
    • Events
    • Faculty
    • Students
    • All Topics
  • Contact
  • Submit
Business & Economy

Cryptocurrency Market Downturn Will Take Out Lesser Coins

Tuesday, August 21, 2018, By Daryl Lovell
Share

Bitcoin and other major cryptocurrency prices have plummeted in the last few days, making it a tough week for the crypto market.

Lee McKnight is an associate professor in the School of Information Studies at Syracuse University who has taught several courses on blockchain management.

McKnight says:

“It is not just the Turkish Lira that has taken a bath of late; many crypto-coins are down almost 50 percent over the past seven days.

“Bitcoin remains the leader of the cyber-pack with a current market cap of just over $100 billion today; while many lesser coins have lost much more of their ‘value.’

“Still, 58 coins have a market cap of over $100 million. Are these relatively liquid coins worth investors – excuse me, speculators – taking a chance and piling in at this time? Should we buy cryptocoins at 50 percent off? Hard to say.

“While many lesser emerging market currencies have also been hammered by the downturn in the Turkish Lira, the downturn in cryptocurrency markets in 2018 will take out some of the lesser coins. These include many scams/bad ideas, and likely, some new, innovative coins struggling for their place in the market, who would, could or should have gone to market in 2016.

“I expect most of the 1833 listed crypto-coins will only live on immutably beyond 2018 on the ‘Way Back Machine of the Internet’ archive before long, as the reality of the brain-dead easy (for geeks, students, and scammers) creation of a new coin becomes better understood.

“But that is normal in a time when new technology and markets are emerging.

“I also am confident that by 2019, it will begin to be obvious to many of the currency speculators that they have been focusing their time, money, and speculation in the wrong direction. Real, sustainable blockchained market value can be, and is being created in part with the use of blockchain technologies for decentralized trusted data management.”

 

To request interviews or get more information:

Daryl Lovell
Media Relations Manager
Division of Communications and Marketing

T 315.443.1184   M 315.380.0206
dalovell@syr.edu | @DarylLovell

820 Comstock Avenue, Suite 308, Syracuse, NY 13244
news.syr.edu | syracuse.edu

Syracuse University

  • Author
  • Faculty Experts

Daryl Lovell

  • Lee W. McKnight

  • Recent
  • Tiffany Xu Named Harry der Boghosian Fellow for 2025-26
    Friday, June 20, 2025, By Julie Sharkey
  • Registration Open for Esports Campus Takeover Hosted by University and Gen.G
    Thursday, June 19, 2025, By Matt Michael
  • 2 Whitman Students Earn Prestigious AWESOME Scholarship
    Tuesday, June 17, 2025, By News Staff
  • WiSE Hosts the 2025 Norma Slepecky Memorial Lecture and Undergraduate Research Prize Award Ceremony
    Friday, June 13, 2025, By News Staff
  • Inaugural Meredith Professor Faculty Fellows Announced
    Friday, June 13, 2025, By Wendy S. Loughlin

More In Business & Economy

Whitman Honors Outstanding Alumni and Friends at 2025 Awards and Appreciation Event

Vice Chancellor and Whitman School of Management Executive Dean Mike Haynie and Interim Dean Alex McKelvie, along with other staff and faculty members of the Whitman School, gathered in New York City on May 15 to recognize a select group…

Libraries Innovation Scholar Launches Utopia, a Transparent Beauty Brand

Trey Augliano ’27, a rising junior in the Whitman School of Management majoring in entrepreneurship and emerging enterprises and marketing management, recently launched Utopia Beauty, a science-driven beauty retailer that promises to bring transparency and trust to the personal care…

Registration Open for Sports, Entertainment and Innovation Conference July 8-10 in Las Vegas  

The second annual Sports, Entertainment and Innovation Conference (SEICon)—named by Zoomph as one of the best sports business conferences of 2025—will be held from July 8-10 at MGM’s iconic Bellagio Hotel in Las Vegas. SEICon is a partnership between UNLV…

Blackstone LaunchPad Student Start-Ups Win in the 2025 New York Business Plan Competition

Three Syracuse University Libraries’ Blackstone LaunchPad (LaunchPad) student start-up teams won prizes in the finals of the New York Business Plan Competition (NYBPC), powered by Upstate Capital Association of NY, held in Albany on April 24. Carolyn Fernandes G’25 (College…

2025 Raymond von Dran iPrize and Hunter Brooks Watson Spirit of Entrepreneurship Award Winners Announced

Winners of the 2025 School of Information Studies’ (iSchool) Raymond von Dran (RvD) Fund for Student Entrepreneurship iPrize competition and the Hunter Brooks Watson (HBW) Spirit of Entrepreneurship Award were announced on April 10 at the Blackstone LaunchPad in Bird…

Subscribe to SU Today

If you need help with your subscription, contact sunews@syr.edu.

Connect With Us

  • Facebook
  • @SyracuseUNews
  • Youtube
  • Facebook
  • Instagram
  • Youtube
  • LinkedIn
  • @SyracuseU
  • @SyracuseUNews
  • Social Media Directory
  • Accessibility
  • Privacy
  • Campus Status
  • Syracuse.edu
© 2025 Syracuse University News. All Rights Reserved.