Did a crypto crash wipe out $1 trillion in market value?

On Wednesday, a broad crypto crash wiped out about $1 trillion in market value — a staggering drop from $2.5 trillion just a week ago. Bitcoin, which accounts for more than 40% of the global crypto market, nosedived 30% to $30,000 on Wednesday, its lowest point since January.

How much has the Bitcoin and cryptocurrency market lost since November?

The combined bitcoin and cryptocurrency market has lost around $1 trillion since November in a crypto price crash that's caused turmoil for traders. Subscribe now to Forbes' CryptoAsset & Blockchain Advisor and discover hot new NFT and crypto blockbusters poised for 1,000% gains'

What's going on with the crypto crash?

The crypto crash has been fairly widespread. Bitcoin and ethereum are the flagship prices that generally signal the overall health of the industry. Since January, bitcoin has fallen as much as 60 per cent, and is currently trading at about $US23,000.

Is the crypto crash a global casino?

This “crypto crash” has reinforced the perception of critics that markets for the digital currency—used primarily as an investment vehicle as it is not widely accepted as payment for goods and services—are little more than global casinos operating with virtually no rules or accountability.