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Morning Report:听The crypto market is taking blows this month. With recent news about a crackdown in the Chinese market, it’s a choppy September for the nascent industry.

Cryptos have posted stellar gains this year. Collectively, the market cap for cryptos went from around $17 or $18 billion at the start of the year to ten times that amount鈥攌issing the $179 billion mark in early September, according to .

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The commodity-asset-token-coin-currency cohort has since pulled back steeply, dropping from its $179 billion peak to $121.5 billion. That’s a loss of just over 32 percent.

Here’s the one month market cap听听for cryptos:

And here’s how that one month chart belies the :

The downturn serves as a great reminder that the crypto run is not permanent. And for those who bought bitcoin near $5,000 or ethereum near $400, it’s tough innings.

Something that we can take refuge in, however, is the small fact that the crypto market is testing new boundaries in both technology and finance. Sure, it could implode under sell-side pressure, rising government intervention, and new coins driving prices of older coins down. But for now, cryptos are still liquid and worth about two Ubers.

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