HomeNewsMore than $200 billion erased from entire crypto market in a day...

More than $200 billion erased from entire crypto market in a day as sell-off intensifies

Bitcoin has fallen below $26,000 for the first time in 16 months, wiping out more than $200 billion from the entire crypto market in a single day.

According to Coin Metrics, the price of bitcoin fell to $25,401.29 on Thursday morning. It’s the first time the cryptocurrency has dropped below $27,000 since December 26, 2020.

Bitcoin has already recovered some of its losses, and was recently worth $29,413.08 (down 0.1 percent).

Ether, the second-largest digital currency, plummeted to $1,704.05 per token. It’s the first time since June 2021 that the token has dropped below the $2,000 threshold. Ether is currently trading at $1,988.45, down 6.5 percent.

As a result, investors are abandoning crypto currencies at a time when stock markets have plummeted from coronavirus pandemic highs because to concerns about growing prices and a poor economic outlook. Prices for goods and services in the United States rose 8.3 percent in April, above experts’ expectations and approaching the highest level in 40 years.

In other news, an Indian couple by names, Sanjeev and Sadhana Prasad, have taken their son to court for not giving them grandchildren.

According to The Times of India on Thursday, May 12, the couple said they want their son’s wife to produce either a grandchild for them within a year or pay $650,000.

They said that they exhausted their savings by raising and educating their pilot son and paying for a lavish wedding. Now they want payback.

“My son has been married for six years, but they are still not planning a baby. At least if we have a grandchild to spend time with, our pain will become bearable,” the couple said in their petition filed with a court in Haridwar recently. Continue reading…..

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