The way Elon Musk's decisions and statements create a stir in the stock market. Some such storm is born in the cryptocurrency market. Elon Musk's decision about a week ago has brought cryptocurrency investors around the world to the brink of bankruptcy.
Yes, investors who are already facing losses in bitcoin have suffered huge losses since last one week. In about 7 days, the price of bitcoin has seen a decline of more than 7 percent. On the other hand, the rest of the world's cryptocurrencies have suffered a lot. Let us also tell you how much damage has been done to the major cryptocurrencies of the world.
Bitcoin fell by more than 11 percent
According to data from Coinmarket.com, the price of bitcoin has seen a decline of more than 11 percent in the last one week. At present, the price of bitcoin is trading at $26041. This decline is the biggest weekly decline since November 2022, when FTX crashed. By the way, if we look at the trading session of one hour and 24 hours, then the prices of bitcoin are being seen flat. By the way, this year the investors of bitcoin have benefited more than 50 percent from bitcoin.
Ethereum also got worse
On the other hand, the price of the world's second largest cryptocurrency has also seen a decline of about 10 percent in a week. According to the data, at present the price of Ethereum is trading at $1,664.23. In the last 24 hours, there has been a decline of more than one percent in the price of Ethereum, but in the current year, Ethereum has earned the investors only. If you look at the figures, this year investors have gained 39 percent.
Bad condition of other currencies too
Apart from Bitcoin and Ethereum, Ripple has seen a decline of 16.9 percent in the last week. During this, more than 15 percent has been broken in Solana. Dogecoin has declined by more than 16 percent. If we talk about Memcoin like Shiba Inu, it has crashed up to 23 percent. XRP has declined by more than 17 percent and Polkadot by 11 percent. Except Tether, all the major cryptocurrencies of the world have seen a decline.
Why the decline?
The cryptocurrency market is already going through a recession. On August 18, bitcoin suffered an 8 percent drop as Elon Musk's SpaceX reportedly sold its bitcoin holdings, similar to Tesla. SpaceX invested $ 373 million in bitcoin during 2021-2022.
Siddharth Gupta, SVP, Business and Strategic Alliances, CoinDCX, said that last week's fall of bitcoin below $26000 was the biggest drop for BTC in almost a year. In addition, the Federal Reserve's July minutes suggested a possible rate hike, adding to investor concerns. Noida-based crypto investor Vishal Gupta said that after the Tesla news, the market sentiment changed very rapidly and then many negative news came which kept increasing the current uncertainty.
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