It’s been an absolute bloodbath over the last 48 hours in the crypto-currency trading market. The world’s leading cryptocurrency Bitcoin (BTC) has fallen 25%, the second largest crypto in terms of market capital Ethereum (ETH) has lost up to 40% while the third largest in meme coin Dogecoin (DOGE) has dived over 45%.
Over the last few weeks, investors across the world have been warning people not to place their life earnings in cryptocurrencies, as it’s a bubble that could burst at any point of time. For those who believe in that, there’s validation as the market that had a market value of over $1 trillion a while back is now bursting and deep diving.
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The value of Bitcoin fell to $35,000 and there’s about $500 billion lost in value from the coin’s peak market value a few weeks ago. It was 8th Feb 2021 when Tesla announced the use of Bitcoin in order to make purchases but more recently, they pulled back on this feature and sent the prices of Bitcoin and other coins crashing.
Tesla CEO Elon Musk has been playing a key factor in the volatility of the cryptocurrency trading market prices. His constant tweets about these crypto tokens has led to a frenzy in the market and investors are now holding on to dear life in this bear market. Each one of hoping for the sell-off to end soon!
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“This is going to be the first ‘welcome to crypto’ day for a lot of new entrants. The history of these assets has been littered with aggressive rallies and sickening selloffs,” said Stephane Ouellette, CEO and co-founder of FRNT Financial, about the opportunity such crashes present to new investors.
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