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Home Markets Cryptos

Crypto-Tsunami as over 247,000 investors lose $1.7 billion

Olumide Adesina by Olumide Adesina
May 11, 2021
in Cryptos, Markets, Spotlight
Cryptocurrency market, BTC, ETH, Dogecoin

Cryptocurrency market, BTC, ETH, Dogecoin

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A significant number of investors in the crypto market have recorded losses amid the sudden drop seen in many crypto assets across the market spectrum.

For the day, about 247,084 investors had their accounts worth $1.74 billion liquidated. The largest single liquidation order happened on Huobi-DOT valued at $8.51 million.

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Ethereum at the time of writing this report broke below its all-important $4000 price levels, trading at $3,888.57 on the FTX exchange with a daily trading volume of $66 billion. Ethereum is down 5.44% for the day. However, it is still the second most valuable crypto with a market value of about $450.4 billion.

READ: 3 Cryptos doubling returns for investors in 7 days

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The flagship crypto lost as much as $3,000 within some hours amid record selling pressures in the cryptoverse. Bitcoin traded around the $55,000 price levels with a daily trading volume of $73 billion. Bitcoin is down 6.98% for the day.

At press time the reason for such a violent dump in many crypto assets wasn’t immediately clear, but it is important to keep in mind that Crypto assets are notoriously volatile.

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Market commentators have long fretted that a stimulus-supported economy has fuelled these crypto assets to prices that defy the thinking of mainstream financial analysis, but such fears have been unable to pause their bullish trend.

READ: Dogecoin investor loses $12 million on Binance as Doge suffers violent dump

Recall that some days ago the Bank of England Governor, Andrew Bailey disclosed his bias on Crypto-assets saying they have no intrinsic value and investors in these assets should be prepared to lose all their funds.

In his words:

That doesn’t mean to say people don’t put a value on them, because they can have extrinsic value. But they have no intrinsic value. I’m going to say this very bluntly again, buy them only if you’re prepared to lose all your money.”

Some crypto critics envisage the crypto market is in a bubble waiting to burst, on the bearish sentiments that there are little fundamentals behind many of these digital assets.

Leading Crypto-assets like Polkadot, XRP, Cardano Litecoin were down by more than 10% while dogecoin recorded losses of about 20% of its value.

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Tags: EthereumFTX exchange

Comments 4

  1. Omotosho moshood says:
    May 11, 2021 at 8:59 am

    Shall we stop to invest in cryptocurrency?

    Reply
    • Oge says:
      May 15, 2021 at 7:43 am

      No! It is a risk!

      Reply
  2. Marcel says:
    May 16, 2021 at 7:04 pm

    I’ve lost $2,000 already and I’m it would rise again. Do you think it safe to sell what I have remained?

    Reply
    • Andrew Henson says:
      May 19, 2021 at 8:39 am

      Never sell at a loss, it will bounce back. Just buy more cheap coins and hodl

      Reply

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