As of yesterday, the market suffered losses exceeding $300 billion.
The world’s most expensive cryptocurrency, Bitcoin, disappointed investors and analysts on Wednesday morning, dropping to $39,000 for the first time since February, affecting dozens of other cryptocurrencies and contributing to market losses of over $300 billion by yesterday's close. As of this morning, in UAE time, Bitcoin was recorded at $39,000, reflecting a 13% decline compared to Tuesday's price. The top ten most traded cryptocurrencies also fell, with Ethereum and BNB declining by 16% and 19%, respectively.
Trading platforms attempted to reassure investors regarding the events in the cryptocurrency market, with the most well-known platform, Binance, describing the situation as a "price correction." However, they were uncertain about when it will end or when prices will hit the bottom, stating that "the only certainty in the cryptocurrency market is volatility."
Emirates Today reported the reactions of numerous Arab cryptocurrency investors who expressed negative sentiments on social media about experiencing significant losses in their portfolios due to Bitcoin's declines. Some blamed American billionaire Elon Musk, whose tweet regarding the harmful impact of cryptocurrency mining on the environment contributed to the market drop, prompting many to sell off at unprecedented levels since 2018.
