1 minute read
Institutional Bitcoin Investors Briefly Lose $13 Billion in Biggest-ever Market Dip
CRYPTONAIRE LYWEEK
CRYPTO investment journal
Advertisement
Institutional Bitcoin Investors Briefly Lose $13 Billion in Biggest-ever Market Dip
Companies holding significant amounts of the currency today lost billions in a flash. But the coin has bounced back and their investments are once again looking rosy.
Bitcoin today had its biggest single-day fall in value.
This means that billions were temporarily lost by companies invested in the asset.
Bitcoin is still down but big investors are still up.
Over $13.6 billion worth of Bitcoin holdings disappeared from companies’ books today after a shocking market dip.
Bitcoin earlier dropped from its near-record high of $58,000 to $47,700 in just 24 hours—the largest single-day fall in value for the cryptocurrency. This means the cumulative value of the 1.3 million Bitcoin held by 41 companies and institutional investors per data tracked by Bitcoin Treasuries temporarily went from $76.7 billion to $63.1 billion—a $13.6 billion loss.
But Bitcoin has done what it always does, it seems, and bounced back: At the time of writing, the currency is down just 6.9% in the past 24 hours, meaning that more than half of those losses have since been recovered.
Read more...
