Bitcoin, the world’s leading cryptocurrency asset, plunged below $23,000 a coin for the first time since December 2000 on Monday as global uncertainty amid rising interest rates continues to drag on the entire cryptocurrency market.
Bitcoin dropped to $22,600 a coin in the early hours of Monday to send the entire cryptocurrency space into a panic mood. This does not exclude ETH, the Ethereum token, as the second most dominant cryptocurrency depreciated in value to $1,220 a coin, down from $4,000 a coin it peaked in 2021.
Year to date, Bitcoin has now lost a combined 49.47% while in the last 12 months it has lost $46,389.21 of its value from $68,990.90 it peaked to $22,600 a coin it traded at 4 pm Nigerian time on Monday.
The market value of the cryptocurrency space also dipped below $1 trillion for the first since 2021, down from over $2.8 trillion it attained as early as November 2021. More cryptocurrency traders are now relinquishing their holdings to halt portfolio losses.
In fact, popular Bitcoin accumulator company, MicroStrategy (MSTR) is now sitting on over $1 billion in unrealised losses. The company began buying Bitcoin in 2020 at a price below $12,000 a coin. Over several months, the company accumulated 129,918 Bitcoin (BTC) worth $4 billion in value at the peak of cryptocurrency. Presently, the 129,918 BTC is valued at under $3 billion.
Also, Glauber Contessoto, the famous Dogecoin billionaire that invested $180,000 in Dogecoin when Billionaire Elon Musk was hyping the coin in 2021, just announced the coin was approaching his entry. In 2021, his Dogecoin holding was estimated at $3 million.
Contessoto via his official Twitter handle said it does not matter whether he cashed out or not but he managed to show people it was possible to become a cryptocurrency million.
Despite encouraging people to see the crash as an entry opportunity. His Twitter followers continued to call him a paper millionaire because he did not cash out.
He responded with “Crypto. The good, the bad, the ugly. I’m fully committed to all of it. Whatever happens happens, I’m in it for the long haul.
“Just think where crypto will be in 5 years. Take a deep breath and invest in what makes sense to you – at the end of the day it’s your money and it does nothing when it sits in a bank.”
