Why cryptocurrencies have gone from the next hot thing to a full-on meltdown

The mobile phone icon for the Coinbase app is shown in this photo, in New York, Tuesday, April 13, 2021. (AP Photo/Richard Drew, File)

The cryptocurrency world is in chaos.

Just months ago, crypto companies were advertising heavily during the Super Bowl after virtual currencies enjoyed a dizzying rally in 2021.

Today, Bitcoin and other cryptos are plunging, and companies such as Coinbase, which runs the largest crypto exchange in the U.S, are announcing layoffs.