One of the richest bitcoin traders in the world is said to have lost over $100 million in one day due to the cryptocurrency market crash.
According to BitInfo Graphicswhich tracks bitcoin investments from individual accounts, the person or group associated with the account owns approximately 252,597 bitcoins, which are currently valued at $8 billion.
Despite the high amount the Bitcoin owner currently owns, this is down from the value of the account in early April, which was estimated to be around $11 billion.
The chart shows a massive decline in value over the past month, totaling $4 billion in losses. By the end of April, the trader had lost over $100 million in a single day.
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Over the past few months, Bitcoin’s value has plummeted as inflation continues to hit people in the United States and around the world. Financial analysts are blaming the drop as people are less likely to invest riskily at the moment.
People on social media joked about their crypto losses. While some people are ready to ride the wave of highs and lows, they are convinced that the crypto market will skyrocket in the future; others pull out of crypto investments for fear of not bouncing back from downtrends.
As of Monday, Bitcoin had lost more than 50% of its peak value in November 2021. Other cryptocurrencies like Ethereum and Solana followed suit.
That’s partly because the Federal Reserve raised interest rates last week, prompting people to sell for fear of a stock market crash. Financial analysts have attributed similar cryptocurrency trends to indexes like the NASDAQ or S&P.
Other contributors to the fall are a decline in interest in big business crypto and fear of a recession looming in the background.
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