Fahad Manzur
As US Federal Reserve plans to withdraw stimulus from the market, crypto has taken a huge nosedive. Bitcoin, one of the largest digital assets has lost more than 12% on Friday and now the price has dropped below $36,000. Bitcoin has lost more than 45% in valuation since its peak in November last year. Bitcoin alone has not suffered a price dip, other digital currencies have suffered too.
The decline of Bitcoin has wiped out more than $600 billion in value and over $1 trillion has been lost from the world’s crypto market making it the second-biggest loss ever in the history of Cryptocurrency.
It gives an idea of the scale of value destruction that percentage declines can mask … Crypto is, of course, vulnerable to these sorts of selloffs given its naturally higher volatility historically, but given how large market caps have gotten, the volatility is worth thinking about both in raw dollar terms as well as in percentage terms. Bespoke Investment Group
It seems that the intentions of the Federal Reserve have speculated both Crypto and Stock markets where the former seems to have taken a huge hit resulting in the loss of millions of people all over the world.
At the time of writing this article, Bitcoin price has dropped under USD$35k, USD$34,854.80 precisely at this hour.
