Cryptocurrencies Lose $400B In Value In One Week

Forbes reports:

Bitcoin has crashed under $20,000 per bitcoin after a huge crypto market meltdown wiped away around $400 billion of value in just a week – with some traders’ worst fears materializing. Billionaire investor Jeff Gundlach warned he wouldn’t be surprised to see the bitcoin price fall further to hit $10,000.

The brutal bitcoin and crypto crash was partly sparked by the collapse of top ten cryptocurrencies luna and its dollar-pegged so-called algorithmic stablecoin last month. Problems were then exacerbated by major crypto lender Celsius halting withdrawal just this week

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Price Of Bitcoin Drops Below $20,000 As Crypto Crash Continues https://t.co/IzPGxfwyLJ pic.twitter.com/NAG0oFayT6

— Forbes (@Forbes) June 18, 2022