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 Cryptocurrency in vrije val infographic
Graphic charts the rise and fall in market capitalisation of the global cryptocurrency market.
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BUSINESS

$2 biljoen waardedaling treft cryptomarkt

By Ninian Carter

June 27, 2022 - The cryptocurrency market is known for its ups and downs, but the plunge in its value from $2.8 trillion to $0.95 trillion in just seven months – a fall of 67 percent – is unprecedented.

Cryptocurrencies were originally devised as an alternative digital currency, free form government manipulation – but in so doing, neither can they be protected or audited.

Bitcoin was the first decentralised cryptocurrency, released as open source software in 2009.

Since then more than 9,000 other cryptocurrencies – known as altcoins — have come to market, becoming ever more popular with small, less knowledgable investors looking for get-rich-quick schemes.

By November 9, 2021, the market capitalisation of cryptocurrency had seen some major drops – known as “crypto winters” (or “bear markets” in regular business parlance) –  but had survived them all to reach a record high of $2.89 trillion.

It was not to last.

As of June 27, 2022, a toxic mix of greed, an emphatic belief its value could only rise, bad news cycles and rising interest rates has sent the crypto market into free fall, with its value now down two-thirds to $0.95 trillion.

Sadly, those small investors, who bought at very high prices, and are now dealing with very low prices, are being wiped out, with many losing their life savings.

Sources
PUBLISHED: 27/06/2022; STORY: Graphic News
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