Just when you thought we’d get a break! In bad news for investors, cryptocurrency is in for a rough couple of weeks as experts warn that the embattled digital tokens haven’t hit anywhere near rock bottom.
Key takeaways:
-By 8pm AEDT on Monday, the top-ranked blockchain tanked to US$23,740, the lowest it has been since Christmas 2020.
-One day later, it had dropped to US$21,000
-Bitcoin lost more than 10% of its value in a day.
-Its a massive drop from eight months earlier, when bitcoin was worth $69,000 per token in November.
According to Forbes, a whopping $US100 billion ($A142 billion) disintegrated from the combined cryptocurrency market capitalisation last week.
Bigger blockchains ached a significant loss including bitcoin, ethereum, BNB, solana, cardano, XRP, dogecoin, polkadot, tron and avalanche.
Chief Economist & Global Strategist Peter Schiff has warned investors NOT to buy the dip.
More to come.
