Bitcoin Massacre: Over the past week, crypto currency market have shed billions in value and during the market carnage, haters of the biggest digital token ‘Bitcoin’ have been spreading hate on social media platforms.
Cryptocurrencies that appeared to be defying the laws of gravity just a few weeks ago came back down to earth with a bump on Wednesday. The two major cryptocurrencies, bitcoin, and ether dropped by as much as 30% and 45% respectively.
The Bitcoin plummeted 30% to nearly $30K at one point on Wednesday. Since January, this is the first time when crypto giant hit as low as $30,001.51.
Though, Bitcoin bounced as the day went on, was down 12% to about $38,205.49 shortly after 3 p.m. ET. At its intraday low, the cryptocurrency’s loss for the past week was over 40%.
Other cryptos too felt the heat as Ether, the digital currency that powers Ethereum blockchain, was down by over 22% at $2,620.97. Even the doge coin fell 25 % to less than 36 cents.
On May 12, Elon Musk said that Tesla had discontinued vehicle purchases using bitcoin. He cited environmental concerns over the mining process. This comment from Elon caused more than $300 billion to be evaporated from the whole crypto market that day.
Bitcoin Massacre: Haters come out to Troll Crypto Proponents
On April 14, 2021, the price of bitcoin (BTC) hit an all-time price high at $64,895 per token and then fell badly to a low of $30,066, just a month later on May 19. That’s a percentage loss of 53% down from the high and lowest since Jan 2021.
On Wednesday, after the bitcoin hit a new low, the bitcoin hater Nouriel Roubini tweeted about BTC;
“In less than one month, Bitcoin falls over 40% from its peak. Which institutional investors are heedless enough to invest in such a risky and volatile pseudo-asset with no intrinsic value? Roubini asked. “They should be fired on the spot if undertaking such a reckless speculative gamble,” he further added.
Even the gold bug and economist Peter Schiff believes that this is a full-fledged “bitcoin bear market”.
Let us know what you think about Bitcoin Carnage and hatred against crypto in the comment section below 😊.
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