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Crypto Bubble Burst?
The crypto bubble bursts… but is it a sign of a stock market crash to come? Digital investors lose fortunes as Ethereum loses 20% of its value in 24 hours, Luna drops NINETY-EIGHT per cent and Coinbase warns customers may lose ALL their money
Digital currencies are plunging in value this morning in a so-called 'crypto winter' that has lost investors billions and is fueling fears that it is the harbinger of a wider stock market crash. The world's second largest cryptocurrency Ethereum has joined the crash - plummeting in value by 20 per cent over the last 24 hours - in the digital downturn that is hammering investors who bought during the Covid years. Cryptocurrencies have sharply declined in value during the past few days including one that has lost 98% of its value as fears for the global economy spread and investors start to sell off risky assets. However investors in more traditional stocks are also hurting, with US tech stocks also plunging in recent weeks including Amazon which has fallen 30 per cent in a month. The FTSE 100 was down 2.5 per cent 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 per cent, 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, Bitcoin has shed a third of its value since January and Luna with 98 per cent of its value wiped out overnight with suicide hotlines pinned to the currency's Reddit page as a result.
https://www.dailymail.co.uk/news/article-10808609/Ethereum-joins-crypto-plunge-Second-largest-digital-currency-loses-20-value-24-hours.html
Digital currencies are plunging in value this morning in a so-called 'crypto winter' that has lost investors billions and is fueling fears that it is the harbinger of a wider stock market crash. The world's second largest cryptocurrency Ethereum has joined the crash - plummeting in value by 20 per cent over the last 24 hours - in the digital downturn that is hammering investors who bought during the Covid years. Cryptocurrencies have sharply declined in value during the past few days including one that has lost 98% of its value as fears for the global economy spread and investors start to sell off risky assets. However investors in more traditional stocks are also hurting, with US tech stocks also plunging in recent weeks including Amazon which has fallen 30 per cent in a month. The FTSE 100 was down 2.5 per cent 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 per cent, 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, Bitcoin has shed a third of its value since January and Luna with 98 per cent of its value wiped out overnight with suicide hotlines pinned to the currency's Reddit page as a result.
https://www.dailymail.co.uk/news/article-10808609/Ethereum-joins-crypto-plunge-Second-largest-digital-currency-loses-20-value-24-hours.html
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Armstrong (left) was once worth $13.7billion but has seen $11billion vanish from his personal wealth as digital currencies went through the floor when investors started to sell. He and Tesla founder Elon Musk (bottom right) are among the billionaires who have had $20billion wiped from the value of their investments as the great online currency crash continues today - with one mega-rich trader reportedly losing $800million in a day. Tesla, which took a $1.5billion gamble on Bitcoin last February, has already seen that investment fall flat with its estimated value already $300million lower than it was 15 months ago. Mr Musk is one of four so-called 'Crypto Bros' whose combined gigantic wealth, which for years has helped prop up the online currency market, has now taken the most colossal hit despite believing crypto would be a safe haven during the pandemic. But more than $20billion has been wiped off the cryptocurrency market today alone. Michael Saylor, who runs software giant MicroStrategy, is one of the world's biggest holders of Bitcoin and has seen his fortune fall to $2.5billion, from an estimated $8.5billion six months ago. Forbes reported his wealth may even be below $1billion now. And Tyler and Cameron Winklevoss (top right), the twins famous due to their protracted battle with billionaire Mark Zuckerberg over who created Facebook famously dramatised in The Social Network, have reportedly lost around half of their wealth, down to $2.2billion from around $4.5billion.
https://www.dailymail.co.uk/news/article-10809765/The-four-Crypto-Bros-whove-lost-20bn-crash.html