Seven months ago, there was a celebratory mood in the air for crypto traders as the two best-known cryptocurrencies, bitcoin and ethereum, shot to new highs.
Advocates said "told you so," as financial journalists reported that the value of the global crypto market had soared to a stunning new record of about $3 trillion US.
A trillion — a million millions, or a one followed by 12 zeros — is one of those numbers so big it is hard to grasp in comparison to our daily lives. A trillion dollars would buy more than 1.3 million Canadian homes. If you kept it in cash, it would give you $1 million a day in spending money for 3,000 years.
But as crypto markets collapsed this week, the value of that pile of global cryptocurrencies has fallen from that $3 trillion to less than $1 trillion US. In other words, the value of 2.6 million Canadian houses just vanished.
The obvious question, especially for those who jumped into the market at the peak, possibly on the advice of movie star Matt Damon...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...