Bitcoin collapse wipes out $500 billion from the cryptocurrency market in a week
Lost Cryptocurrencies about half a trillion dollars in market value in less than a week, with the pace of selling operations accelerating, led by Bitcoin.
According to data "Queen Gekko"The total market value of cryptocurrencies has decreased by $467.6 billion since last January 29.
The price of Bitcoin fell yesterday, Tuesday, to its lowest level since US President Donald Trump won a second term in early November 2024.
After the most famous cryptocurrency in the world recorded its lowest level in 15 months at $72,877 in the United States, it regained some of its value in Asia on Wednesday, where its price reached $76,200 at 10am Singapore time. Its value is still down 13% this year, and 39% from its peak on October 6, which exceeded $126,000.
Rachel Lucas, an analyst at PTC Markets, said: "A state of caution and precaution prevails in Asia this morning, as risk aversion dominates the general trend, adding that the decline of Bitcoin price below $73,000 has pushed the market into a state of extreme fear"
These declines come in the wake of sharp fluctuations in stocks and the prices of gold and silver.
While Precious metals Bouncing back on Tuesday after recent losses, cryptocurrencies failed to attract support. The prices of Bitcoin and US stocks fell with the escalation of tensions between the United States and Iran, prompting investors to search for safer assets.
The decline in the price of Bitcoin raises doubts about its feasibility as a form of "Digital gold"as it has not proven to be a safe haven during a period of heightened geopolitical uncertainty.
The famous investor, Michael Burry, warned this week that Bitcoin has been exposed as a purely speculative asset, and has failed to establish itself as a hedging tool similar to precious metals.
- For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and Twitter
