Tech Giants Vaporize $129.6 Billion in Market Cap as Bitcoin Plunges
2022-05-12 17:48:04
Cryptocurrency Market Disillusioned As U.S. Stocks Plunge
The price of Bitcoin has now fallen below $30,000, touching its lowest level in 11 months since June of last year. With Bitcoin having been associated with the financial and economic markets, the current U.S. market is also in a state of collapse, with not only individual investors suffering, but institutional businesses even more severely.
The prospect of a rapid Fed rate hike and climbing U.S. bond yields continued to weigh on highly valued technology stocks, with leading tech stocks falling hard across the board on May 9. Tesla slumped 9%, Amazon plunged 5.2%, and Apple and Microsoft both fell more than 3%. In the three trading days after the Federal Reserve raised interest rates by 50 basis points, six leading technology stocks plus chip giant Nvidia shares continued to fall, with market value evaporating a total of more than $1 trillion, with Apple alone evaporating $129.6 billion in market value.
As one of the biggest "takers" in the crypto market, Tiger Global suffered a loss of about $17 billion in this year's tech sell-off, one of the largest dollar losses ever suffered by a hedge fund.
At the time of writing, the price of Bitcoin on the Gate.io International Digital Currency Exchange is $28,762.98 and has fallen 27.5% in the last 7 days. The total market cap of Bitcoin is currently $557,407,789,697. The price of Terra LUNA is $0.5262 and has fallen 99.4% in the last 7 days.
Algorithmic stable coin TerraUSD continues to spiral down with a price of fewer than 30 cents. The stable coin's backers are trying to raise about $1.5 billion to prop up the cryptocurrency after it fell below parity with the U.S. dollar, according to a company founder who was approached by a related party.
Data released on May 11 showed that U.S. consumer prices increased more than expected in April, suggesting that inflation will remain high for a longer period. The data also implies that the Federal Reserve will maintain its aggressive policy path of raising interest rates. 8.3% CPI for U.S. inflation sparked panic among investors and many people have had polarized predictions for the Bitcoin price live, warming back up or falling through.
Klaas Knot, chairman of the Financial Stability Board (FSB), raised concerns that the cryptocurrency industry could damage cryptocurrency networks in the future. In his view, the digital asset market is expanding rapidly, and some tokens are being used by criminals for illegal activities. "For these reasons, policy work on crypto assets is a priority for the FSB," the executive outlined. Klaas pointed to the ongoing military conflict between Russia and Ukraine. He argued that the war has "reinforced" the assumption that crypto plays a role in money laundering, ransomware, and cybercrime.
The price of Bitcoin has now fallen below $30,000, touching its lowest level in 11 months since June of last year. With Bitcoin having been associated with the financial and economic markets, the current U.S. market is also in a state of collapse, with not only individual investors suffering, but institutional businesses even more severely.
The prospect of a rapid Fed rate hike and climbing U.S. bond yields continued to weigh on highly valued technology stocks, with leading tech stocks falling hard across the board on May 9. Tesla slumped 9%, Amazon plunged 5.2%, and Apple and Microsoft both fell more than 3%. In the three trading days after the Federal Reserve raised interest rates by 50 basis points, six leading technology stocks plus chip giant Nvidia shares continued to fall, with market value evaporating a total of more than $1 trillion, with Apple alone evaporating $129.6 billion in market value.
As one of the biggest "takers" in the crypto market, Tiger Global suffered a loss of about $17 billion in this year's tech sell-off, one of the largest dollar losses ever suffered by a hedge fund.
At the time of writing, the price of Bitcoin on the Gate.io International Digital Currency Exchange is $28,762.98 and has fallen 27.5% in the last 7 days. The total market cap of Bitcoin is currently $557,407,789,697. The price of Terra LUNA is $0.5262 and has fallen 99.4% in the last 7 days.
Algorithmic stable coin TerraUSD continues to spiral down with a price of fewer than 30 cents. The stable coin's backers are trying to raise about $1.5 billion to prop up the cryptocurrency after it fell below parity with the U.S. dollar, according to a company founder who was approached by a related party.
The U.S. Market Attitudes Towards Cryptocurrencies
Data released on May 11 showed that U.S. consumer prices increased more than expected in April, suggesting that inflation will remain high for a longer period. The data also implies that the Federal Reserve will maintain its aggressive policy path of raising interest rates. 8.3% CPI for U.S. inflation sparked panic among investors and many people have had polarized predictions for the Bitcoin price live, warming back up or falling through.
Klaas Knot, chairman of the Financial Stability Board (FSB), raised concerns that the cryptocurrency industry could damage cryptocurrency networks in the future. In his view, the digital asset market is expanding rapidly, and some tokens are being used by criminals for illegal activities. "For these reasons, policy work on crypto assets is a priority for the FSB," the executive outlined. Klaas pointed to the ongoing military conflict between Russia and Ukraine. He argued that the war has "reinforced" the assumption that crypto plays a role in money laundering, ransomware, and cybercrime.
Previous article:
2022’de Bitcoin Online Nasıl Alınır ve Satılır?
Popular News
