{"id":287651,"date":"2021-04-23T08:10:39","date_gmt":"2021-04-23T12:10:39","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=287651"},"modified":"2021-07-21T05:55:07","modified_gmt":"2021-07-21T09:55:07","slug":"investors-lose-over-260-billion-as-bitcoin-crashes","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/investors-lose-over-260-billion-as-bitcoin-crashes","title":{"rendered":"Investors Lose Over $260 Billion As Bitcoin Crashes"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Volatility issues have been the bane of cryptocurrencies ever since their inception.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">This particular pain-point has seen government agencies and regulatory bodies cautioning against their addition to any investor&#8217;s portfolio.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Bitcoin\u2019s price swings have further confirmed claims that it is just a bubble waiting to happen in a turbulent week.<\/span><\/p>\n<h2><b>BTC Slumps 10% In One Night<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Bitcoin exceeded its 2017 all-time high (ATH) of $20,000 in 2020 and now goes for three times the price in the market. Well, that is what was obtainable a few days ago. <\/span><\/p>\n<p><span style=\"font-weight: 400\">The narrative has greatly changed after the world\u2019s oldest cryptocurrency slumped 10% on Friday, reportedly wiping out over $260 billion worth of investments off the market.<\/span><\/p>\n<p><span style=\"font-weight: 400\">It now trades at $48,550, falling 8.9% in the 24hr window, according to crypto data aggregator<\/span><a href=\"https:\/\/www.coingecko.com\/en\/\"> C<span style=\"font-weight: 400\">oingecko<\/span><\/a><span style=\"font-weight: 400\">. It has plunged even further in the 7-day window falling 22.9%, and it does not seem it will be rising anytime soon.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Would seriously like to know why <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#bitcoin<\/a> price dumps at the end of every month. Clearly a pattern at this point.<\/p>\n<p>And more importantly, will the coming weeks follow suit? <a href=\"https:\/\/t.co\/IbMZxaNuvX\">pic.twitter.com\/IbMZxaNuvX<\/a><\/p>\n<p>&mdash; Will (@WClementeIII) <a href=\"https:\/\/twitter.com\/WClementeIII\/status\/1385332498608046082?ref_src=twsrc%5Etfw\">April 22, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">But Bitcoin is not the only guilty party. The second-most valuable cryptocurrency Ethereum has not fared any better. The decentralized applications (DApps) platform is also in the red zone plummeting to $2,208 after hitting a new ATH of $2,640.37 on Thursday night. It has slumped more than 11% in the 24hr window.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Others have not fared any better, with Binance\u2019s utility token BNB dropping 12.3% and XRP losing a large fraction of its gains in the past week. <\/span><\/p>\n<p><span style=\"font-weight: 400\">These events have seen crypto investors lose over $260 billion worth of investment in the cryptocurrency market.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Crypto experts and the larger crypto community doubt what prompted this sell-off even though cryptocurrencies have volatility issues.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">PERSPECTIVE: <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> fell &gt;10% in past 24 hours and triggered a liquidation of nearly 1 million leveraged traders across multiple exchanges<\/p>\n<p>&#8211; while a big drop, <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> &quot;crashed&quot; to its price just three weeks ago<\/p>\n<p>1\/2 <a href=\"https:\/\/t.co\/RuOqsJ7IVR\">pic.twitter.com\/RuOqsJ7IVR<\/a><\/p>\n<p>&mdash; Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat) <a href=\"https:\/\/twitter.com\/fundstrat\/status\/1383849660243054602?ref_src=twsrc%5Etfw\">April 18, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">But the head of business development at cryptocurrency exchange Luno Vijay Ayyar feels that the crypto market has been rising for some time now and probably wants to cool off before making a new ATH.<\/span><\/p>\n<p><span style=\"font-weight: 400\">He also pointed out that the entire financial markets have dipped, noting that this may be why risky investments like Bitcoin were also feeling the heat.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In this regard, he is right as the US stock markets fell after President Joe Biden proposed an increase of capital gains tax to 39.6% in the aftermath of the stimulus check. <\/span><\/p>\n<p><span style=\"font-weight: 400\">The President said that this was necessary to fund education and enhance child care. According to<\/span><a href=\"https:\/\/www.cnbc.com\/2021\/04\/22\/biden-to-propose-capital-gains-tax-hike-to-fund-education-and-child-care.html\"> <span style=\"font-weight: 400\">reports<\/span><\/a><span style=\"font-weight: 400\">, the Democrat-elect said this new tax regime is targeted towards those earning more than $1 million.<\/span><\/p>\n<h2><b>Governments Will Clamp Down On Crypto Use<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Despite this recent fall, BTC has come a long way from its 2017 emergence. In the past few months of 2021, Bitcoin has risen 71%, while the second-best digital asset Ethereum has surged 200% in the same period.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The overall crypto market has exceeded $1 trillion and catapulted to $2 trillion within three months. <\/span><\/p>\n<p><span style=\"font-weight: 400\">This phenomenal rise has been largely due to institutional demand for crypto, especially Bitcoin, as a store of value. Companies like electric car company Tesla Inc, software firm MicroStrategy, and payments processor Square have invested billions into Bitcoin.<\/span><\/p>\n<p><span style=\"font-weight: 400\">But there are growing concerns that crypto\u2019s future may be cut short. According to<\/span><a href=\"https:\/\/www.cnbc.com\/2021\/04\/12\/bitcoin-kraken-ceo-jesse-powell-warns-of-cryptocurrency-crackdown.html\"> <span style=\"font-weight: 400\">CNBC,<\/span><\/a><span style=\"font-weight: 400\"> CEO of US crypto exchange Kraken Jesse Powell noted that government crackdown on digital currencies is imminent. <\/span><\/p>\n<p><span style=\"font-weight: 400\">According to Powell, the present regulatory uncertainty is not going away anytime soon.<\/span><\/p>\n<p><span style=\"font-weight: 400\">This is turning out to be true as the world&#8217;s second-largest internet market, India, is actively pursuing an outright embargo on Bitcoin and other cryptocurrencies. In a<\/span><a href=\"https:\/\/prsindia.org\/files\/bills_acts\/bills_parliament\/Draft%20Banning%20of%20Cryptocurrency%20&amp;%20Regulation%20of%20Official%20Digital%20Currency%20Bill,%202019.pdf\"> <span style=\"font-weight: 400\">bill<\/span><\/a><span style=\"font-weight: 400\"> presently in the Indian Parliament, private crypto ownership would be outlawed, and deviants would be fined.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"fin-excerpt\">Volatility issues have been the bane of cryptocurrencies ever since their inception.\u00a0 This particular pain-point has seen government agencies and regulatory bodies cautioning against their <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/news\/investors-lose-over-260-billion-as-bitcoin-crashes\" title=\"Investors Lose Over $260 Billion As Bitcoin Crashes\">[&#8230;]<\/a><\/div>","protected":false},"author":1770,"featured_media":287664,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[12131,734,5519,7905],"class_list":["post-287651","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-more-crypto-news","tag-bear-market","tag-bitcoin","tag-kraken","tag-tesla"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - 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