Crypto Markets Lost Half A Trillion Dollars In Value

Some coins dropped 25% in a single hour

-68%

I rubbed my eyes. I was looking at the 7-day returns of some of the top 20 cryptocurrencies yesterday.

I wasn’t just seeing red, I was seeing coins losing almost 70% of their market value.

‘This is absolutely ridiculous,’ I thought.

I guess this is just another day in the crypto markets, right?

When I woke up in Mexico City at 6 AM I saw Bitcoin below $40,000 for the first time since three months ago.

At $39,000 I was itching to buy, so I logged into my exchange and put $500 towards Bitcoin. I saw Ethereum was also down near $2,800, so I put another $500 towards it, too.

I managed to get them at a relatively great price.

Then Bitcoin almost dropped to sub-$30,000.

What can I say?

That’s crypto for you.

An hour later is when I saw the bottom fall out from beneath Cardano. The coin was listed at $1.05 at one point from what I saw, which is crazy because just yesterday it reached a high of $2.15.

I raced to my exchange to buy more of Cardano, along with Chainlink.

To give you a perspective at just how bad this crash was, at one point the value of my portfolio dropped from -$200 to -$2,500.

It did that in a matter of minutes, basically.

I looked at the 24-hour market capitalization of the entire crypto markets, and saw that it lost half a trillion dollars in a matter of four hours.

Why in hell was I shoveling thousands of dollars into the crypto markets when rivers of blood were flowing into the gutters?

Because that’s the best fucking time to buy, and I believe fundamentally in the promise of various cryptocurrencies.

Here’s what I learned from the great cryptocurrency market crash of May 19.

Source: https://medium.com/the-post-grad-survival-guide/crypto-markets-lost-half-a-trillion-dollars-in-value-e86fa5028db?source=rss——-8—————–cryptocurrency