Bitcoin News – Latest: Cryptocurrency Prices Crash As Investors Say They Lost Their Wealth

Related Topics: Is it time to buy snorkels?

Bitcoin is teetering on the brink, according to some crypto market analysts, with its price hitting its lowest level since July 2021.

The cryptocurrency has lost more than 50 percent of its value over the past six months amid a market-wide downturn that wiped out more than $1.5 trillion from the overall crypto market.

Some are hovering above $30K on Wednesday morning, and some fear it risks even bigger losses if it breaks below this key support level.

Since the first rally above this price at the beginning of 2021, BTC has never fallen below it for any length of time, which means it will be in unchecked territory if the sell-off continues.

Bitcoin has so far managed to hold it just above it, and some are hoping it can make a similar recovery to last summer, which took it to new highs before the end of the year.

You can follow the latest news, analysis, and expert predictions on bitcoin prices, as well as other leading cryptocurrencies such as Ethereum (ETH), Solana (SOL), and Cardano (ADA), here.

1652347511

Chelsea Launches Crypto Partnership – With Market Collapsing

Chelsea Football Club has announced a new sponsorship agreement with owners of digital asset platform WhaleFin. The Premier League team will display the exchange logo on the sleeves of both men’s and women’s shirts starting next season.

Chelsea says their partnership with the Amber Group will see them “collaborate on a range of partnership activities that will focus on growing the WhaleFin brand globally,” highlighting WhaleFin as an “all-in-one platform that serves as a gateway to cryptocurrency financing.”

Karl MatchettMay 12, 2022 10:25

1652341757

The crash continues as Ethereum and the others sink

The collapse continues. Ethereum has been the hardest hit – but it’s not the only cryptocurrency that has seen a significant drop this morning.

Andrew GriffinMay 12 2022 08:49

1652292344

Terra LUNA Price Crash Destroys Crypto Riches

Suicide hotline numbers have been pinned to the top of the popular Terra (LUNA) cryptocurrency subreddit, after 98 percent of its value was wiped out almost overnight.

Forum members report that they have lost their savings, while some hold some hope that the project can be salvaged.

Reddit user No-Forever wrote: “I should have cashed out when it was $100, then I would have gone up $25,000.”

Another member wrote: “I lost more than 450 thousand dollars, and I can’t pay the bank.”

Terra (Luna) price collapse in May 2022

(CoinMarketCap)

Until recently, LUNA was among the top 10 most valuable cryptocurrencies in the world, with advocates claiming that its ability to convert Web3 could see a rise in value.

You can read the full story here:

Anthony CuthbertsonMay 11 2022 19:05

1652277506

Bitcoin price drops briefly below $30K

After hovering above the $30K mark for most of the past two days, Bitcoin took another very short dip below the price point before immediately rebounding higher.

This happened several times last July, as Bitcoin managed to resist the bearish momentum and find a strong support level between $28K-$32K. It is still risky for cryptocurrencies, as they continue to swing above the unknown.

Since rising above $30,000 at the start of 2021, bitcoin has never fallen below it in any long period of time — despite bouncing off it several times. The coming hours and days may be crucial in regards to the continuation of this trend.

Anthony CuthbertsonMay 11 2022 14:58

1652273879

The UST “stable” coin is pegged to the dollar now at $0.33

Terra’s UST stablecoin, which is supposed to be pegged to the US dollar, is now worth less than a third of that, sending shock waves through the decentralized finance (DeFi) industry and the broader cryptocurrency space.

The Luna Foundation Guard (LFG) is now seeking to raise $1 billion to salvage and restore underground reservoirs on par with the dollar.

According to Terraform Labs founder Do Kwon, LFG is “on the verge of announcing a redemption plan for UST,” although it is a complex task for code controlled by AI algorithms.

The price of Terra (LUNA) also collapsed, dropping more than 97 percent in the past 24 hours, according to the CoinMarketCap Price Index.

Anthony CuthbertsonMay 11 2022 13:57

1652269389

Bitcoin whale hits 18-month low

The number of large bitcoin owners, known as whales, has reached its lowest level since November 2020.

The trend was spotted by crypto commentator Lark Davis, who shared a chart showing the number of bitcoin whales tracked through data from on-chain analytics firm Glassnode.

The decline in the whale population shows just how intense these recent sell-offs are, but it is also a good sign that the cryptocurrency is distributed evenly among investors and is not hoarded by a small group.

Anthony CuthbertsonMay 11 2022 12:43

1652264565

Explain the collapse of the price of bitcoin

What caused the bitcoin price crash and where is it headed from here? These are the questions we put to cryptocurrency market analysts and experts to help decipher exactly what is going on.

The downturn coincided with a significant drop in technology stocks, with some saying cryptocurrencies are becoming more in sync with traditional markets as they become more affordable for individual and institutional investors. Others warn that holding the $30,000 level could be critical to Bitcoin’s short- and medium-term prospects.

You can read the full story here:

Anthony CuthbertsonMay 11 2022 11:22

1652204360

MicroStrategy’s Bitcoin Price Collapse Plan

MicroStrategy, the world’s largest institutional investor in Bitcoin with holdings of nearly $4 billion at current rates, has so far refused to sell any of its cryptocurrency stocks.

A portion of this stock was acquired through bank loans that used the company’s existing property as leverage, which could lead to complications if the price drops significantly.

CEO Michael Saylor shared what the plan would be if bitcoin completely collapsed, claiming that even if the cryptocurrency drops below $3,562 — 90 percent below today’s prices — the company can still survive.

Anthony CuthbertsonMay 10 2022 18:39

1652196201

Bitcoin price is enjoying a moment of calm

There have already been $1.1 billion in crypto liquidations in the past 24 hours, according to data from Blockworks, but the mass selling appears to have calmed down.

Bitcoin has so far managed to hold above the $30K level, but only. After rising to over $32,000, it has since fallen to $31,000 in the past hour.

Compared to the vicissitudes of recent days, the day has been relatively calm thus far. But is there more storm coming?

Anthony CuthbertsonMay 10, 2022 16:23

1652185021

Bitcoin Price Collapse: “When in Doubt, Zoom Out”

A common saying from veteran Bitcoin investors during the price crash is “When in doubt, zoom in.”

Looking at the bigger picture, it shows that Bitcoin is up 250 percent since May 2020, up 35 percent since May 2018 and more than 6000 percent since May 2016.

Zooming out even further, a decade ago one bitcoin was worth just $5. This represents a staggering 600,000 percent price gain.

Anthony CuthbertsonMay 10 2022 13:17

Leave a Comment

Your email address will not be published.