More than $200 billion was wiped from the world’s cryptocurrency market after the value of Bitcoin plummeted 20% in just a few days. The dramatic fall caused widespread panic and concern in the financial market.
Bitcoin prices had been on a steady upwards trend, peaking at a record high of $42,000 last Friday. Which meant the entire global coin market was worth a staggering $1.07 trillion.
But, as the old saying goes, what goes up must come down. And Bitcoin’s value plummeted back down to $31,000, leaving the market on $880 billion. Bitcoin then recovered slightly before levelling out at $35,000.
Some observers have described the huge slump as a ‘healthy correction,’ with the value of Bitcoin at unsustainable levels. We’d imagine those who own a sizable amount of Bitcoin might argue otherwise!
And the turbulence means many are increasingly wary of speculating in digital currency. This is despite Bitcoin being one of the world’s top-performing assets last year. Its value initially plummeted to below $4,000 but a steady rise throughout 2020 made it a hugely competitive performer.
But analysts have warned this could be another bubble about to burst, with more big price fluctuations to come.
All we need to do now is finally launch our DubaiLAD Shawarma coin plans, sit back and watch the money (and shawarma’s roll in).