US inflation data, which may affect the Fed’s stance, was announced today and the data came in above expectations. With this development, the crypto collapse that started yesterday continued today, and the leading crypto Bitcoin fell below $ 30 thousand. In this environment, one of the world’s richest Bitcoin traders lost more than $100 million in one day due to the cryptocurrency market crash.
Bitcoin trader’s fortune melted in days
According to BitInfo Charts, which tracks Bitcoin investments from individual accounts, the individual or group associated with the account currently holds approximately 252,597 Bitcoins (BTC) worth $8 billion. . Despite the high amount that the Bitcoin owner currently holds, this is a drop from the account’s value at the beginning of April, which was estimated at around $11 billion.
BitInfo Charts show a massive drop in value last month, with a total loss of $4 billion. As of the end of April, the trader had lost more than $100 million in just one day. For the past few months, BTC has been depreciating as inflation continues to hit people in the US and around the world. Financial analysts find the decline uncertain as people are less likely to make risky investments at this time.
People on social media are joking about crypto losses. While some people are willing to ride the wave of ups and downs, others are confident that the crypto market will skyrocket in the future. Others prefer to withdraw from crypto investments for fear that they will not be able to bounce back from their downtrend.
What’s behind the crypto crash?
As of today, Bitcoin has dropped more than 56% from its all-time high value in November 2021, as you can follow on Kriptokoin.com news. Other cryptocurrencies such as the leading altcoin Ethereum and its rival Solana followed the lead crypto.
This is partly due to the Federal Reserve raising interest rates last week and people selling for fear of a market crash. Financial analysts attribute similar cryptocurrency trends to indices like the NASDAQ or S&P. Other factors that contributed to the decline, according to experts, include a drop in crypto interest rates from big companies and a fear of recession looming in the background.