Crypto Market Loses $70 Billion In Value: Bitcoin, Etheruem Drop
-Volatility in the crypto market has led to a loss of more than $70 billion in value
-Bitcoin, Ethereum, Litecoin have been hugely affected by the slump with values of $44,564, $1346, and $158 respectively
-The crash has been triggered by record selloff’s by investors
Investors in the crypto market have lost more than $70 billion within a day after the market tumbled.
The downward trend of cryptocurrencies has gained momentum since Bitcoin touched $45000 due to massive sell-offs among investors.
The downward trend started earlier this week but Bitcoin recovered to $50000 which led many to believe that they were out of the woods.
Bitcoin plunged yet again on Friday along with other major cryptocurrencies such as Ethereum, Litecoin.
At the time of this report, Bitcoin is trading at $44564, Ethereum $1346, and Litecoin $158.
Read also: VP Osinbajo disagrees with CBN on crypto ban
The correction in the crypto market was expected by traders because most coins had been on a bullish run for a long time.
Despite, the downward trend in the market, a lot of investors still believe in the flagship cryptocurrency as seen below.
Misconception: #bitcoin isn't a get rich quick scheme. It is a long term hold.
Not financial advice.
— CZ 🔶 Binance (@cz_binance) February 28, 2021
If you loved #bitcoin at $58,000 then you must REALLY love it at $45,000!!! Fundamentals haven't changed since last week
— Lark Davis (@TheCryptoLark) February 28, 2021
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