One of the world's richest Bitcoin traders has reportedly lost over $100 million in one day due to the cryptocurrency market crash.
According to BitInfo Charts, which tracks Bitcoin investments from individual accounts, the person or group associated with the account has approximately 252,597 Bitcoins which is currently valued at $8 billion.
Despite the high amount the Bitcoin owner currently possesses, this is a drop from the value the account had at the beginning of April, which was estimated at around $11 billion.
The chart shows a massive drop in value over the last month totaling $4 billion in losses. As of the end of April, the trader lost over $100 million in just one day.
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For the past few months, Bitcoin has been dropping in value as inflation continues to hit people in the US and across the world. Financial analysts are chalking up the drop due to people being less likely to invest riskily at the moment.
People on social media joked about their crypto losses. While some people are willing to ride the wave of ups and downs, feeling confident the crypto market will skyrocket in the future; others are pulling out of the crypto investments, for fear they will not bounce back from the downward trends.
Monday morning is time to get back to work. #Bitcoinpic.twitter.com/JlufLXRT9W
— Michael Saylor\u26a1\ufe0f (@Michael Saylor\u26a1\ufe0f)
When you find out that bitcoin is at 30k but you bought at 65k after getting advice from your neighbour's kid Kyle:pic.twitter.com/rpodo6ix3F
As of Monday, Bitcoin was down more than 50% of its all-time high value in November 2021. Other cryptocurrencies like Ethereum and Solana followed suit.
In part, this was due to the Federal Reserve raising interest rates last week, leading people to sell in fear of a market crash. Financial analysts have attributed cryptocurrency trends similar to indexes like the NASDAQ or S&P.
Other contributors to the fall are a decline in crypto interest from large corporations and the fear of a recession looming in the background.
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