The world’s richest bitcoin trader has seen his fortune drop to $6 billion in just two months as the value of the cryptocurrency has crashed.
Investors have been selling their holdings since bitcoin fell to an 18-month low on June 14.
At the beginning of April this year, the anonymous trader’s stake in bitcoin was valued at $11.5 billion, with over 252,000 tokens. bitinfocharts,
Today, at the time of writing, that holding is currently worth $5.24bn, a loss of $6bn.
The mystery trader’s fortune exceeded $19bn in September 2021 with approximately 288,000 BTC.
Since its all-time high of $67,802.30 in November last year, bitcoin has fallen 66 percent. wall street journal Report.
It’s Not the Only Cryptocurrency That Has Posted One Downfall Global recession in cryptocurrencies Who has shaved off thousands of pounds from investments.
Ethereum And Tether – the world’s second and third largest crypto coins respectively, have also fallen in recent weeks.
As bitcoin and other cryptocurrency markets fluctuate wildly, this highlights the dangers facing investors as they could lose their fortunes in a matter of days.
you can lose all your money and like it’s irregularIf things go wrong there is no one to complain.
has recently declined Fears about the long-term future of cryptocurrenciesAnd will the market ever recover?
Experts believe that the fall in crypto markets is a reflection of concern in the broader markets over inflation and a rise in interest rates.
Adrian Lowy, financial analyst at Bestinvest, said: “These levels are 20% below the price of bitcoin on Sunday, and the lowest since December 2020, when bitcoin and other cryptos were rising amid mid-stage ‘risk’ . Epidemic.
“The latest fall overnight stemmed from the same concerns that have plagued the equity markets – a High Inflation Reading in the US on Friday And fears of a faster interest rate rise globally. ,
There can be sudden and unexpected booms and busts in crypto traders – such as a trader who claimed to have lost Millions of dollars in just five minutes,
The latest fall is as follows A crypto crash in early DecemberShortly after bitcoin hit a record price of $69,000 in November.
A trader lost $5 billion after the price of bitcoin fell in December. Exploring the risks of investing in crypto.
And in a more recent blow to the market, Crypto.com users were unable to access money Due to “Unauthorized Activity” on some accounts.
We pay for your stories!
Do you have a story for The Sun News Desk?