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Bitcoin market cap slumps after over $7,000 wiped off

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Two days after smashing the $60,000 mark, bitcoin’s market capitalisation has slumped to its lowest in the third week of March.

The most popular cryptocurrency had been trading high on Sunday, March 14, 2021, before it came crashing down.

In the early hours of Monday, bitcoin’s market capitalisation was $1.12 trillion hours after hitting $61,337 on Sunday. But the market cap has now declined within two days of trading week.

From the $1.12 trillion of Monday, bitcoin’s market capitalisation has dwindled to $1.02 trillion in the earlier hours of Wednesday, losing over $100 billion in market valuation.

The loss in valuation of market cap had occurred during the period a whale (an individual or investor with large bitcoin holdings) moved $598 million worth of bitcoin to an offline storage, in order to shield the investment from online attacks.

Also, between Sunday and Tuesday, $7,710 was lost in bitcoin price valuation. The activity of the whale and profit-taking by some investors had triggered the market negatively.

In the space of three days, bitcoin’s price valuation dipped from $61,337 per bitcoin, to $53,627 on Tuesday. The cryptocurrency is, however, rebounding from the decline, as it traded at $55,804 in the early hours of Wednesday.

Read also: Bitcoin price fluctuates, as $598m is moved from coinbase

With the $60,000 mark broken, the next landmark set for bitcoin is the $100,000 mark.

This year has been set as the due date considering the growth bitcoin enjoyed between the second half of 2020 and the first quarter of 2021.

The rise of bitcoin since it was created in 2009, has been supported by the investment of global investors such as Michael Saylor of Microstrategy, Elon Musk of Tesla, Mastercard, PayPal, Jack Dorsey of Twitter.

Saylor said on Tuesday, that with the constant search for wealth store to replace gold, stocks and other regulatory-backed asset, more successful investors will embrace bitcoin despite the fear of high risk exposure.

“With the entire world looking for a store of value to replace bonds, gold, stocks, ETFs, real estate, & cash, it is inevitable that more & more successful investors like Howard Marks are going to discover, research, & embrace #Bitcoin.” Saylor wrote on Twitter.

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