The world’s richest men have lost billions of dollars in the last week as Bitcoin And Technology Stocks Plummet. In the preceding 24 hours, Elon Musk has lost US$12.5 billion ($17.41 billion), Jeff Bezos has lost US$9.17 billion ($12.78 billion), and Mark Zuckerberg, the CEO of Facebook (now Meta), has lost US$4.86 billion ($6.77 billion).
- In a single day, Changpeng Zhao, the CEO of Binance, the world’s largest cryptocurrency exchange, lost a stunning US$13.3 billion ($18.53 billion).
- the whole cryptocurrency market is collapsing.
- Bitcoin has dropped about half of its value since its all-time high in November
- The Russian central bank has suggested that cryptocurrency mining be prohibited on Russian soil.
- If Russia outlaws cryptocurrency mining, it will most likely have just a temporary influence on prices.
- “The Russian government’s blanket ban on bitcoin mining might have an immediate impact on the hash rate and price of the cryptocurrency.
- Only roughly 11% of the worldwide havoc is attributed to Russia “hash rate”
- In Australia, one Bitcoin is presently selling for $48,967 per coin, a significant drop from its all-time high of more than $91,000 on November 8.
Changpeng Zhao, CEO of Binance, the world’s largest cryptocurrency exchange, lost a staggering US$13.3 billion ($18.53 billion) in a single day.
The primary drivers of these price decreases are twofold: tech stocks are retreating as investors anticipate probable interest rate rises by the Federal Reserve in the United States, and the whole cryptocurrency market is collapsing on the same worries.
Mr Musk does not have a bank account worth more than US$240 billion, despite the fact that the personal net worth of the world’s wealthiest persons is nearly entirely related to assets.
Market fluctuations will almost probably alter placement on personal wealth lists:
Since its all-time high in November, Bitcoin has lost over half of its value, and the cryptocurrency market as a whole has lost more than $1.4 trillion in value. Official policy is another thorn in the side of digital currency supporters: Russia’s central bank has suggested that cryptocurrency mining be prohibited on Russian land.
The central bank accused several cryptocurrencies of being pyramid schemes, claiming that mining cryptocurrency (a difficult algorithm-crunching process that requires massive computational power) undermined Russia’s financial stability. According to Simon Peters, cryptocurrency market analyst at eToro, if Russia bans cryptocurrency mining, it will likely only have a short-term impact on pricing.
“Russia’s blanket ban on bitcoin mining may have an immediate impact on its hash rate and price. Mr. Peters remarked, “However, I don’t believe this will be a long-term issue.” “Russia is responsible for just approximately 11% of the worldwide hash rate.”
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This is in sharp contrast to China, whose mining firms headquartered there accounted for 60–70% of the Bitcoin network’s worldwide hash rate before it outlawed Bitcoin mining in May 2021.
When these Chinese miners were forced to shut down owing to the prohibition, hash rate and price fell precipitously. However, when those miners established themselves in other countries/jurisdictions, the hash rate recovered and is presently at an all-time high.
“We may see a similar trend if Russia restricts Bitcoin mining, although to a much lesser extent.” In Australia, one Bitcoin is presently selling for $48,967 per coin, a significant drop from its all-time high of more than $91,000 on November 8.
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