The value of the cryptocurrency Bitcoin is in free fall. Last October, Bitcoin was trading around $126,000. After trading as low as $59,000 last week, it is now meandering around the $60,000 to $61,000 level. 

This punishing drawdown has destroyed over $200 billion in market capitalization. What makes the sharp decline in Bitcoin more painful is that while the cryptocurrencies, including Bitcoin, have been falling like rocks, United States equities have been enjoying a blistering rally. To illustrate, even though the Nasdaq Composite fell by 4% last Friday, it remains up around 11% from the start of the year.