Crypto Crash / Crypto Crash, kinda like Tomaeto / Tomato. Did people lose a bit, maybe a few billions, will certain people benefit greatly by buying low? The answer to your question is YES. El Salvador has already grabbed large shares of bitcoin at its lowpoint.
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Friday the 13th May of 2022 marks the day the digital currencies plunged, causing somewhat of a “Crypto Winter” that has lost investors billions and is fueling fears that it is the harbinger of a wider stock market crash.
Ethereum included… dropping over 20% in the last 24 hours. this digital downturn has hammered recent investors who purchased during pandemic years.
Bitcoin was the original digital currency started in 2009 to bypass central banks, and an increasing number of offshoot currencies have been founded in recent years as well as digital art called non-fungible tokens.
They have all been sharply decreasing in value over the past few days including one currency that has lost 98% of its value as fears for the global economy spread and investors start to sell off risky assets.
More than $200billion has been wiped off the cryptocurrency market today alone.
However investors in more traditional stocks are also hurting, with US tech stocks also plunging in recent weeks including Amazon which has fallen 30% in a month.
The FTSE 100 was down 2.5 % this morning after official figures showed the UK economy growing slower than expected in the first quarter – and going into reverse in the final month and 2%, respectively.
Many amateur investors took to buying stocks and digital currencies during the Covid pandemic and made money because values were generally rising in a so-called bear market.
Ethereum has now lost more than half of its value this year in the Crypto crash, Bitcoin has shed a third of its value since January and Luna with 99% of its value wiped out in the last 48 hours with suicide hotlines pinned to the currency’s Reddit page as a result.
Popular digital currency exchange Coinbase warned users could lose all of their money if the company goes bankrupt due to the crypto crash.
During the pandemic, record low interest rates intending to boost economies led to investors buying riskier assets like cryptocurrency with higher rates of return.
As skyrocketing inflation leads to a rise in interest rates in order to safeguard savings, these assets are being sold in favor of safer government bonds – which will provide better returns.
The Bank of England pushed up interest rates by 0.25% to a 13-year high of 1% on May 5.
The Federal Reserve also raised their interest rates to 1% on May 4 – with further rises expected to fend off the worst effect of inflation.
The NASDAQ experienced its sharpest one-day fall since June 2020 earlier this week and the crypto hit implies an increasing integration between crypto and traditional markets.
The index which features several high-profile tech companies, finished May 5 trading at $12,317.69 with shopping sites such as Etsy and eBay driving the fall.
See the market on Coinbase, the two companies saw their values drop 16.8% and 11.7% respectively, after announcing lower than expected revenue estimates.
All our gathered writing is for learning entertainment purposes only and is not purposing you to invest in any type of stock/token what you aren’t prepared to miss. Join us in the metaverse.