By Robert Hackett
March 3, 2018

Good morning, Cyber Saturday readers.

While Friday’s nor’easter soaked the coast in all manner of precipitation, I pondered two other storms a-brewing in the business world: a correction in the cybersecurity market and the undeniable, insuppressible arrival of cryptocurrency.

First, cybersecurity concerns have raised tremendous sums of venture capital in recent years—and now we’re beginning to see a shakeout. Private market money ain’t as free-flowing as it once was. Companies like Ping Identity, McAfee, Barracuda Networks, and now PhishMe (since renamed “Cofense”) have sold wholly or in part to private equity buyers. As funding and prospects for exits thin, expect more companies to have a harder time justifying inflated valuations.

Meanwhile, the cryptosquall bears down in full force—and if you listen close, you can hear the joints of the financial establishment creaking. Following the lead of Bank of America, J.P. Morgan Chase warned investors for the first time in its annual report that cryptocurrency could pose a risk to its business. (For more on that, see this newsletter’s “access granted” section below.) In the same week, Circle, a Goldman Sachs-backed financial tech startup, shocked the public by buying a cryptocurrency exchange, news first reported by yours truly. And Garrett Camp, cofounder and chairman of Uber, unveiled a proposal for a brand new cryptocurrency, called Eco, that he hopes to transform into a global payment system.

Once the winds die down, we’ll see whose structures are left standing.

Have a great weekend.

Robert Hackett

@rhhackett

robert.hackett@fortune.com

Welcome to the Cyber Saturday edition of Data Sheet, Fortune’s daily tech newsletter. Fortune reporter Robert Hackett here. You may reach Robert Hackett via Twitter, Cryptocat, Jabber (see OTR fingerprint on my about.me), PGP encrypted email (see public key on my Keybase.io), Wickr, Signal, or however you (securely) prefer. Feedback welcome.

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