People are selling their cryptocurrencies at a rapid rate across the globe, which is causing cryptocurrency markets to crash as a result of post-pandemic inflation and rising costs of living.
The market had one of its worst weekends in its brief history, with major coins Bitcoin and Ethereum being the most affected. This weekend was one of the worst for the market.
Due to the fact that prices have the potential to drop by up to another fifty percent, industry experts have advised against making new investments at this time. They believe that we are currently experiencing a watershed moment for the digital phenomenon.
“The price of Bitcoin could fall to $20,000, and the price of Ethereum could reach $1,000.” According to Peter Schiff, Chief Economist and Global Strategist at Europac, if this were to occur, the total market capitalization of nearly 20,000 digital tokens would fall below $800 billion, down from nearly $3 trillion when it was at its peak.
“Don’t put any money into this dip. You’ll lose a lot more money.’
The recent decline in the value of cryptocurrencies has caused many people to experience a severe deterioration of their mental health, and some of these individuals have even made suicidal thoughts or attempts.
In South Estern Nigerian, A Crypto guru is currently in a life support machine as he attempted to take his life after borrowing over $1milllion from bank and invested in crypto which its value and worth reduced drastically by 65%.