Price Of Cryptocurrencies Crash During Crypto Sell-Off
Bitcoin is down more than 50 percent from the high one minute. It looks like the markets going to rip the next minute. It looks like the markets going to dip and i dont know what, in the worlds going on so im out no moss the price of bitcoin plunging to its lowest level in 16 months. The second largest digital currency ether, tanking below two thousand dollars a coin down more than a thousand dollars from a month ago, the numbers sending some investors spiraling fearing they could lose it all. In total, it seems crazy to say, but im down around thirty five thousand dollars, i actually lost over half my portfolio. Ive lost many many big amounts of money. One of the hardest hit coins luna erasing 99 percent of its value. Now worth nearly nothing. I lost 1.6 million on luna and then i put in another 200k, and i lost that as well. I mean this is the definition of a black swan event. This is the lehman brothers collapse of crypto. What is happening right now? A lot of people are in a world of hurt right now and theyre getting a rude awakening of what its like to be in the crypto markets. Again, crypto is a roller coaster, so you got ta buckle up and enjoy the ride. Christine lee covers the crypto market for coindesk. She says the crypto sell off mirrors whats happening in the overall stock market, with investors fleeing as fears over soaring inflation and recession grow as institutional investors leave.
The traditional markets are also taking money out of cryptocurrencies and that is causing a huge amplified dive in the crypto markets trading platform. Coinbase now warning that if they go belly up, customers could lose all their crypto investments, which arent technically subject to bankruptcy. Protections el salvador, which began recognizing bitcoin as legal tender in september and buying it up by the boatload now facing the possibility of defaulting on the countrys debt. History is filled with almost this, as crypto made a huge pr bet. Spending big on high profile ads like this one starring, matt damon fortune, favors the brave they went all in on the super bowl too, with heavy hitters like larry david, its a safe and easy way to get into crypto yeah. I dont think so and lebron james lending their celebrity to the craze and it didnt stop. There. Crypto.Com spent 700 million dollars for naming rights to the staples center. Crypto exchange ftx spending 135 million to rename the home of the miami heat investors, fearing all that ad money could turn into a bad punch line. Where do things go from here? Those who have survived previous crypto winters have seen the light again. Do we have a sense of how long that will take? We have no idea all right so for more on this crypto winter priscilla thompson joins us now live from here in 30, rock so priscilla youve been tracking investor reaction talking to experts all day whats.
Your sense on the impact this is having on peoples bottom line, yeah tom. There are people saying that theyve lost hundreds of thousands even more than a million uh in this sort of cryptocurrency spiral. But experts tell me, while that is likely true for some people. That is not true for the majority of people, in fact, im told common advice when it comes to crypto is investing anywhere from one to five percent of your overall net worth and the rule here.