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Crypto investors lose $748 billion in a week as prices of Bitcoin, Ethereum, others plunge

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The cryptocurrencies have seen one of the worst weeks as the total value of 7,459 cryptos dropped 33 percent to $1.50 trillion from $2.25 trillion in the last seven days.

Crypto investors lose $748 billion in a week as prices of Bitcoin, Ethereum, others plunge

The cryptocurrencies have seen one of the worst weeks as the total value of 7,459 cryptos dropped 33 percent to $1.50 trillion from $2.25 trillion in the last seven days.

Large cryptocurrencies like Bitcoin and Ethereum saw a significant fall in price last week. Bitcoin's price contracted 27 percent to $34,224 from $48,696 before a slight increase to $35,487, whereas Ethereum dropped 46 per cent from $3,730 to $2,000.

The price of popular meme cryptocurrency Dogecoin fell 39 percent from 52 cents to 31 cents.

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Multiple global events were the reason behind this crash. Tesla founder Elon Musk's tweet raising concerns about the increasing use of electricity produced from fossil fuels like coal for Bitcoin mining led to a price fall for the largest cryptocurrency.

Musk’s announcement that Tesla had sold some of its $1.5 billion worth Bitcoin, though he retracted it later, resulted in the further slide in value for Bitcoin.

China last week banned its financial and payment service providers from offering cryptocurrency transaction-related services and warned against speculative trading of cryptocurrencies. This created an adverse impact on the crypto market in the short term.

Crypto prices slumped as “miners,” who mint crypto by verifying transactions, halted Chinese operations in the face of increasing scrutiny from authorities.
The trigger for the initial crypto selloff appeared to come from toughening language from Chinese regulators last week, which stepped up further on Friday when a State Council committee vowed to crack down on miners in particular.
Late on Sunday, Huobi Mall, part of cryptocurrency exchange Huobi, said on Monday it suspended crypto mining that services mainland Chinese clients. BTC.TOP, a crypto mining pool, has suspended its China business citing regulatory risks, while crypto miner HashCow said it would halt buying new bitcoin rigs.

(With Reuters inputs)

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Dollar-Rupee74.41000.12500.17
Euro-Rupee88.1640-0.0840-0.10
Pound-Rupee103.3800-0.2730-0.26
Rupee-100 Yen0.6779-0.0005-0.07