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.
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.
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?