Over $800 billion wiped from the global crypto market after bitcoin crash

Authored by themorningnews.com and submitted by royalroyalusa
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After several runs of bad news & Elon Musk deciding to ditch Bitcoin over “environmental issues”, the world’s cryptocurrencies lost over $800 Billion in market valuation.

Bitcoin Under $30,000 On May 19 2021

Bitcoin, the most valuable cryptocurrency in terms of market capitalization, accounted for almost half of the fall. The last 24 hours have been particularly tough for cryptocurrency traders, as excessive uncertainty has wiped out several trading accounts.

According to Bybt, which aggregates data from the leading crypto exchanges, over 730,000 trading positions worth more than $8 billion were liquidated in 24 hours, with 85 percent of them being long positions. That’s some bad news for crypto.

According to the Crypto Fear & Greed Index, which tracks the current mood of the bitcoin industry, fell to 11 on Thursday, the lowest level in 12 months, signaling “extreme fear.”

Kent_Knifen on May 20th, 2021 at 16:55 UTC »

"Wait it's all just speculative value?"

"Always has been."

lokicramer on May 20th, 2021 at 12:24 UTC »

Im okay with this, and even more so now that ethereum is cutting gpu mining in the next couple months.

My reasons are entirely selfish. I have been trying to get a new graphics card for almost two years. I am absolutly determined not to support scalpers.

I personally cant wait for the miners to start flooding the market with their gpu's.

abadnit on May 20th, 2021 at 09:41 UTC »

Has the $800B gone somewhere, or did it never exist in the first place?