Bitcoin price crash deepens as crypto owners lose hundreds of billions

[ad_1]

An already dramatic crash in the crypto markets has become even more drastic, with bitcoin and other digital currencies losing hundreds of billions of dollars in value.

Bitcoin has now fallen 16.8% over the past week. Other coins have seen even more dramatic losses: Ethereum is now down 25%.

This follows what was already the worst start to the year for bitcoin in history. After hitting a record close to $68,000 in November, it’s now worth less than $36,000.

Bitcoin price had already taken a major hit from Thursday night to Friday, when it fell from around $43,000 to around $38,500. But that plunge continued even earlier on Saturday morning, taking it to a low of $35,140.

Anyone who bought bitcoin at the start of the year saw it lose more than 23% of its value, in just three weeks.

Proponents had hoped in recent days that the $40,000 level would be a significant psychological barrier and that the price might stabilize above this level. Instead, it fell well below that and continued to fall.

The recent decline also means that the price is likely to decline over the course of the year. This time in 2021, bitcoin was trading around $33,000 – although just days after that, it would see a price rally that would take it above $50,000 and see it perform well for most of the summer.

[ad_2]