Cryptocurrency bubble bursts…sign of stock market crash?
May 12, 2022 22:26:36 GMT -5
Post by Pink Rose on May 12, 2022 22:26:36 GMT -5
The cryptocurrency bubble bursts… but is it a sign of a stock market crash to come? Digital investors lose fortunes as Ethereum sheds 20% of its value in 24 hours, Luna drops NINETY-EIGHT per cent and Coinbase warns customers may lose ALL their money
Ethereum has plunged 20 per cent in 24 hours as part of the latest crypto crash
Bitcoin has also plunged 11.24 per cent as investors suffer heavy losses
Luna, another large cryptocurrency, lost almost all of its value overnight
Despite the downturn, traditional tech stocks are faring even worse
Amazon has lost 30 per cent of its value in just one month of trading
The crash caused transactions on exchange Binance to slow down after traders bemoaned ill-timed 'scheduled maintenance' earlier stopping trades earlier
By CHAY QUINN and HARRY HOWARD FOR MAILONLINE
PUBLISHED: 03:33 EDT, 12 May 2022 | UPDATED: 12:46 EDT, 12 May 2022
Digital currencies are plunging in value today in a so-called 'crypto winter' that has lost investors billions and is fuelling 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 are a form of digital money that use mathematics to create a unique piece of code that customers invest in.
Bitcoin was the original digital currency started in 2009 to bypass central banks, and an increasing number of offshoot currencies have been founded in recent years as well as digital art called non-fungible tokens.
They have all been sharply decreasing in value over the past few days including one currency that has lost 98% of its value as fears for the global economy spread and investors start to sell off risky assets.
More than $200billion has been wiped off the cryptocurrency market today alone.
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 99 per cent of its value wiped out in the last 48 hours with suicide hotlines pinned to the currency's Reddit page as a result.
Popular digital currency exchange Coinbase warned users could lose all of their money if the company goes bankrupt due to the crash.
Full story at the link
Ethereum has plunged 20 per cent in 24 hours as part of the latest crypto crash
Bitcoin has also plunged 11.24 per cent as investors suffer heavy losses
Luna, another large cryptocurrency, lost almost all of its value overnight
Despite the downturn, traditional tech stocks are faring even worse
Amazon has lost 30 per cent of its value in just one month of trading
The crash caused transactions on exchange Binance to slow down after traders bemoaned ill-timed 'scheduled maintenance' earlier stopping trades earlier
By CHAY QUINN and HARRY HOWARD FOR MAILONLINE
PUBLISHED: 03:33 EDT, 12 May 2022 | UPDATED: 12:46 EDT, 12 May 2022
Digital currencies are plunging in value today in a so-called 'crypto winter' that has lost investors billions and is fuelling 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 are a form of digital money that use mathematics to create a unique piece of code that customers invest in.
Bitcoin was the original digital currency started in 2009 to bypass central banks, and an increasing number of offshoot currencies have been founded in recent years as well as digital art called non-fungible tokens.
They have all been sharply decreasing in value over the past few days including one currency that has lost 98% of its value as fears for the global economy spread and investors start to sell off risky assets.
More than $200billion has been wiped off the cryptocurrency market today alone.
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 99 per cent of its value wiped out in the last 48 hours with suicide hotlines pinned to the currency's Reddit page as a result.
Popular digital currency exchange Coinbase warned users could lose all of their money if the company goes bankrupt due to the crash.
Full story at the link