Stock investors who are reeling after today’s disaster on Wall Street can take comfort in the fact that people hodling Bitcoin fared even worse. The price of a bitcoin dropped from $7900 to $4900 in less than a day.
Nearly $63 billion has been wiped from the markets as the total market capitalization of all crypto fell from $223 billion to $161 billion, with BTC falling more than 39 percent over the past 24 hours to levels not seen since April 2019.
Balances containing 100 or more bitcoin have fallen to their lowest point since Dec. 31, 2019 signaling a flight to cash as other supposed safe-haven assets like gold fell 3.5 percent.
Drawdowns from Recent Highs:
Delta Airlines: -46%
JP Morgan: -38%
Russell 2000: -35%
S&P 500: -27%
Nasdaq 100: -25%
Consumer Staples: -19%
— Lawrence McDonald (@Convertbond) March 12, 2020
Image: Trading View
“CoronaCoin” exists. Some cryptocurrency developers on 4Chan cooked up a digital coin that allows traders to bet on the global coronavirus outbreak, based on how many people become infected and/or die.
Drug dealer Clifton Collins, 49, invested his earnings in bitcoin, eventually racking up $60 million. For safekeeping, he printed the PIN codes to access his accounts and stored them in a fishing rod case at his house. But after Collins was busted on a weed charge and sent to jail, his landlord had all of […]
In case you needed any more proof that America desperately needs more cybersecurity specialists, look no further than the U.S. Congress. Just this week, the release of a year-long congressional study of America’s cyber defense capabilities showed the nation was still “ill prepared” to fend off cyberattacks and requires a full overhaul of its entire […]
$21 billion is a lot of money—the kind most of us can’t even fathom. That absurd amount is the estimate of how much Americans are overpaying for car insurance every year according to the Zebra, a trusted, independent source for industry research. Chances are, you’re one of those Americans, which isn’t great news. But here’s […]
It only took 10 years, but with the long-awaited adoption of Qi charging standards by Apple back in 2017 for the iPhone X, the era of wireless charging has now truly taken over. With wireless charging options available in everything from smartphones and smartwatches to tablets and earbuds, we’re now seeing charging pads showing up […]