Crypto winter is here, but who can say when it actually began? It has now been about a month since the price of bitcoin started to drop off its $6,400 level, falling by almost half in that time. But many assets were already down more than 80% from their 2018 highs before the latest plunge. Even as prices remain low, however, market infrastructure continues to develop: Coinbase said it would list 31 new cryptocurrencies, and the Winklevii launched a mobile app for their exchange, Gemini.

We have a jam-packed newsletter this week. I talked to investors about how they are recalibrating after the bull market of 2017 fell apart in 2018. I also spoke to employees affected by layoffs at ConsenSys about the disorganization at the company’s consulting arm, one of the main targets in the layoffs.