Bitcoin Trader Loses $2.5 Billion as Market Crashes
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A bitcoin trader lost $2.5 billion in a single day after the cryptocurrency market crashed in the early hours of Saturday
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According to BitInofCharts, the trader owns 288,000 Bitcoin which was worth $16.29 billion before the crash
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On Friday morning the market crashed, dumping the value of his coins to $15.45 billion and eventually $13.81 billion on Saturday morning
As the cryptocurrency market crashed on Saturday, a billionaire lost $2.5 billion invested into Bitcoin.
The Bitcoin trader who owns 288,000 Bitcoin lost a considerate proportion of the value of his coins to the market crash.
According to BitInofCharts, the trader’s coins were worth $16.29 billion on Friday morning but when the crash started it slipped to $15.45 billion.
On Saturday morning, the market dumped further ultimately wiping off a total of $2.48 billion and bringing the value of his asset to $13.81 billion.
Bitcoin lost 1/5 of its value between Friday and Saturday as the global market capitalization of cryptocurrencies dropped by 15%.
At the time of this report, Bitcoin has recovered partially from the loss, and the flagship cryptocurrency is trading at $50,977 according to CoinGecko.
Bitcoin however remains some way off its all-time high of $69,000 which was attained in early November.
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