Around 2.3 million people in Britain now own some form of cryptocurrency and that figure rises every time there is a bounce in the value of Bitcoin. Welcome to the highs - and lows - of life cresting the crypto wave. My girlfriend made some comment about how I should have cashed out and I just threw my shopping bags in a rage. I stopped dead in the middle of the street. I came out of the cinema with my girlfriend and saw that the market was tanking. The most I can remember losing in a single day? It must have been about £100,000. “That was over the course of a few weeks. The most I’ve lost was around £300,000,” says 32-year-old equities trader Tomas*. Subscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox. Our Standards: The Thomson Reuters Trust Principles. If it falls through here we can expect a significant correction to come," he added.īitcoin shorts in the futures markets have increased to 1,187 contracts, the largest since early August, according to data from the Commodity Futures Trading Commission released Friday. "Bitcoin has lost support at the $44,000 mark and looks set to test its $39,000 floor. "It's red, red, red across the board today as the cryptocurrency markets follow the downturn being seen in traditional markets as China battles a highly-contagious property market crisis," said Tim Frost, chief executive officer at Yield App, a financial technology company that enables users to invest in decentralized finance. The loss in the value of cryptocurrencies comes at a time when institutional interest in the space has surged and some investment banks have ramped up their forecasts for cryptocurrencies in the coming months. Market capitalization of the cryptocurrency market dropped 10% on Monday to under $1.94 trillion, from last Saturday's $2.17 trillion. Smaller rival ether, the coin linked to the Ethereum blockchain network, fell more than 10% below $3,000 for the first time since early August. It hit a near four-month high above $52,000 on Sept. 7 before trimming some losses to trade down 7.4% at $43,745. NEW YORK/LONDON, Sept 20 (Reuters) - Cryptocurrency prices sank on Monday as concerns over the spillover risk to the global economy from Chinese property group Evergrande's (3333.HK) troubles spread across financial markets.īitcoin, the world's biggest and best-known cryptocurrency, tumbled to $42,453.97, its lowest level since Aug. REUTERS/Dado Ruvic/Illustration/File Photo Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration taken, June 29, 2021.
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