Bitcoin price crash becomes even more extreme as crypto owners lose TRILLIONS

The crypto markets’ already catastrophic crash has gotten even more dramatic, with bitcoin and other digital currencies shedding hundreds of billions of dollars in value.

Bitcoin is now down 16.8 percent in the last week. Other coins have suffered much greater losses: ethereum is already down 25%.

Bitcoin, one of the world’s largest digital assets, fell more than 12% on Friday, falling below $36,000 for the first time since July. Bitcoin has dropped more than 45 percent of its value since its high in November of last year. Other digital currencies have suffered similarly, with Ether and meme coins succumbing to the same fate.

Since its peak, Bitcoin has lost more than $600 billion in market value, while the total crypto market has lost more than $1 trillion.

According to Bespoke Investment Group, although there have been multiple considerably larger dips for both Bitcoin and the overall market, the current events represent the second-largest dollar drop for both.

The Federal Reserve’s plans have shook both the cryptocurrency and stock markets, with cryptocurrencies twisting and turning in a manner similar to equities.

Stephane Ouellette, Chief Executive and Co-Founder of institutional crypto-platform FRNT Financial, noted in a Bloomberg comment:

According to Bloomberg data, crypto-related equities plummeted on Friday as well, with Coinbase Global Inc. losing roughly 16 percent and falling to its lowest level since it launched in the spring of 2021. MicroStrategy Inc. lost 18% as well. Because of the enterprise software company’s Bitcoin resources, its shares have become a proxy for the digital asset.

In contrast, the Biden administration is preparing to release an initial government-wide strategy for digital assets early next month. According to those familiar with the situation, the administration intends to charge federal agencies with assessing the dangers and opportunities they face.

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