Crypto collapse continues as BTC losses top 70%
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Loading... - Mido Nabil
- 15 Jun 2022
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Bitcoin crashed below $21,000 on Wednesday, dropping a further 10 per cent overnight to reach its lowest level since the end of 2020.
The cryptocurrency has since recovered slightly, though analysts warn that the volatility may not yet be over.
The latest losses mean that the price of BTC is now more than 70 per cent since its all-time high in November 2021, though previous major downturns following then-record highs in 2013 and 2017 resulted in corrections of more than 80 per cent.
The overall crypto market is down below $1 trillion, following similarly heavy price falls for other leading cryptocurrencies like Ethereum (ETH), Cardano (ADA) and Solana (SOL).
Major platforms including Celsius and Binance have experienced operational issues this week, which they blamed on an influx of investors liquidating their assets.
Crypto exchange Coinbase has also announced that it is culling over 1,000 employees after previously rescinding job offers, however Binance has announced it is hiring 2,000 more staff.
We reported earlier that more than $1 billion has been wiped from MicroStrategy’s bitcoin holdings following the latest market downturn.
CEO Michael Saylor has today addressed those losses on live TV, appearing on CNBC to say he has a long-term view of the bitcoin market, noting that bitcoin has never moved below its four-year simple moving average in its history. That means anyone who has ever bought bitcoin and held it for more than four years has not lost money.
“I think it’s been a net positive,” he told CNBC.
“Over any time frame - two years, four years, eight years - bitcoin is the best performing asset, I can’t come up with a better idea.” Read More...
