Ethereum plunged 20% of its value in 24 hours and many other digital currencies are losing a lot of their value as the media dubs it a “crypto winter” and many investors are losing billions. More than $200 billion has been wiped off the stock market.
Many people online are saying that it is a sign of an incoming stock market crash.
One cryptocurrency, Luna, has even lost 98% of it’s value and many investors are fearing that an economic crash is coming.
Tech stocks fell this week with Amazon tanking by 30% in a month. The FTSE 100 was down 2.5 per cent. Many amateur investors got into buying stocks and digital currencies during the pandemic.
#OutlookCrypto | #Cryptocurrency market loses approximately $830 billion of its value in 6 weeks.
— Outlook Business & Money (@outlookbusiness) May 12, 2022
More on #MemeCoin & #DeFi prices along with your daily #cryptoupdate here@CoinMarketCap#cryptocurrencies#cryptotrading#CryptoNewshttps://t.co/fdzcgbU3AH pic.twitter.com/nWojtvrnFF
Shiba Inu and Dogecoin lost 30% and 25% of their value respectively. In the last six weeks, Outlook reported that crypto had lost $830 billion in market capitalization. The volume is also up in trading as much as 39.34 which means more people are trading.
Do you think we are about to experience a "Crypto Winter?"
— The Next News Network (@NextNewsNetwork) May 12, 2022
$830 billion in market capitalization has been wiped off the markets in the last six weeks.
The stock market has not fared much better. Almost $7 trillion was wiped off it’s market cap this year in the S&P 500. The index is down in total about 18%, according to CNN. The DOW is negative 13%.
Do you think this will hurt Biden even more in the upcoming election?