Recently, the news of Bitcoin’s plunge has once again sparked heated discussions on the Internet.
According to the daily economic news report, data from coinmarketcap, a cryptocurrency data provider, shows that on June 14, Bitcoin fell below the $21,000 mark, with a minimum drop of $20,950, the lowest level since December 2020, and the latest price. At $21,598; Ethereum fell as low as $1,164, the lowest in January 2021.
Bitcoin is now down 69 percent since reaching an all-time peak of $68,991.85 last November, according to reports. If you buy a bitcoin at a high point, the floating loss so far is as high as $47,800, which is equivalent to the price of a Tesla model 3. Data shows that the global market value of cryptocurrencies is currently less than $1 trillion.
It is reported that “the bitcoin bear market has entered the ‘deepest and darkest’ stage, and even long-term holders who have been clenching their teeth so far are under enormous pressure.” This is the view of Glassnode strategists. The company tracks a metric called “realized price,” or the average purchase price of all bitcoins in the market, currently at $23,430. With Bitcoin currently hovering near its December 2020 lows, many new entrants are now losing money.
Under the influence of Bitcoin’s crash, many billionaires lost more than 100 billion US dollars. Among them, Zhao Changpeng, the founder of Binance Exchange, known as the “richest man in China”, lost 85.6 billion US dollars, or about 577 billion yuan, in about half a year. According to the Bloomberg Billionaires Index, Changpeng Zhao has also ranked first among all the richest in terms of the amount of wealth evaporated this year.