Bitcoin price crash crypto market / hundreds of billions wiped,Bitcoin saw a rapid decline below $60,000 for the first time since the beginning of November on Tuesday, after rising in recent weeks with the optimistic mood in the post-Bitcoin mutual fund of ProShares. Bitcoin is trading just above its 50-day moving average.
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| Bitcoin price crash crypto market / hundreds of billions wiped |
Bitcoin is at a critical border with a sharp fall/ Bitcoin price crash crypto market
Bitcoin dropped below $60,000 for the first time since the beginning of November, falling back to its 50-day moving average. Ether, on the other hand, dropped more than 10% to $4,235.
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Some strategists also state that the decline may be due to the growing concerns about regulation and taxes after the newly signed infrastructure package by US President Joe Biden.
Cryptocurrency Exchange s Luno General Manager Vijay Oops motion without specifying if it was not unusual for corrections. "We see a healthy rally after a long retreat," he said.
Bitcoin nearly doubled in 2021, while Ether nearly doubled its price. With the approval and opening of ProShares's Bitcoin investment fund, the rise in Bitcoin has accelerated in recent weeks.
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With the recent rise of the popular cryptocurrency, the demand for the recovery of lost passwords of cryptocurrency accounts has also increased. Wallet Recovery Services, which helps find lost digital keys, said recovery demand was three times the previous month.and now Bitcoin is at critical border with sharp fall - Bitcoin price crash crypto market / hundreds of billions wiped,
Bitcoin price crash crypto market /Billions of dollars in Bitcoin in inaccessible accounts
German computer programmer Stefan
Thomas, who lives in San Francisco, has only two password guesses left to reach
his fortune, roughly $220 million as of this week.
Thomas's password will enable him to
open a small portable memory that holds the private key of a digital wallet
holding 7,002 Bitcoins. But the problem is that Thomas lost the piece of paper
on which he wrote the password years ago. There is a total of 10 guesses to
unlock the password, after which will lock the contents of the memory forever. After
eight attempts, Thomas has yet to find the correct password.
"I lie in bed and think. Then I go to the computer with a new
strategy and it doesn't work. I despair again." says Thomas.
Meanwhile, although the price of
Bitcoin has fallen sharply, it is still 50 percent higher than it was just a
month ago. The popular cryptocurrency, which was extremely volatile in its
eight-month rise, made many people very rich in a short time while the effect
of the pandemic scorched the world economy.
According to the New York Times, Bitcoin
price crash crypto market due to the unusual nature of cryptocurrencies, many
people like Thomas cannot access their Bitcoin fortunes because they forgot
their keys.
According to cryptocurrency data firm
Chainalysis, around 20 percent of the 18.5 million Bitcoins available appear in
Bitcoin price crash crypto market lost wallets. Their market value is
approximately 140 billion dollars. Wallet Recovery Services, which helps find
lost digital keys, says it receives 70 wallet recovery requests per day.
According to Wallet Recovery Services, recovery demand is three times as high
as in the previous month.
Unable to access their passwords,
many Bitcoin holders had held the popular cryptocurrency since its early days a
decade ago, but none thought it would appreciate it.
Entrepreneur Brad Yasar living in Los
Angeles, mined thousands of Bitcoins by mining in the early days of technology,
all of which are on their computers. Despite its value in hundreds of millions
of dollars, he lost his passwords years ago and kept Bitcoins' hard drives in vacuum
bags.
Yasar
summarizes the situation as follows: Bitcoin price crash crypto market
"I don't want to be reminded every day that what I have now is a
fraction of what I can have."
The plight of Bitcoin holders unable
to access their assets is a bitter reminder of the extraordinary features of
cryptocurrency technology that distinguish it from regular money, which are the
most beloved and the riskiest.
In traditional bank accounts and
online wallets, banks have a chance to re-issue or reset their customers'
account passwords. However, no company can give or keep a password for Bitcoin.
After all, Satoshi Nakamoto, the
creator of Bitcoin, said that the core of the idea of Bitcoin was to allow
anyone in the world to open a digital bank account and to hold money in a way
that no government could block or regulate.
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Reviewed by shahil Kothari
on
November 16, 2021
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