Crypto’s $1 trillion meltdown
For Bitcoin, there only seems to be one constant these days: losses. With the Fed looking to withdraw financial support from the market, riskier assets have suffered.
Bitcoin lost as much as 8.7% Friday and dropped below $38,000 to its lowest level in six months.
Since its peak in November, it’s lost 40% of its value. Other digital currencies have been smacked around as well, with Ether and meme coins mired in similar drawdowns.
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While crypto evangelists with lots of skin in the game continue to predict six-figure values, Bitcoin is in meltdown mode. Still, that doesn’t mean everyone is hurting.
Former Goldman Sachs bond trader Dan Morehead’s Pantera Bitcoin Fund has returned more than 65,000% since 2013, and Pantera Capital Management, once a traditional hedge fund that wagered on macroeconomic trends, oversees $5.6 billion of crypto assets.
That’s on top of the $6 billion it’s returned to investors.