Cryptomustar
Saturday, July 2, 2022
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
Cryptomustar
No Result
View All Result
Home Bitcoin

Tech Stocks Bleed Out Five Full Bitcoin Network’s Worth Of Value In Three Days

by admin
September 10, 2020
in Bitcoin
0
Tech Stocks Bleed Out Five Full Bitcoin Network’s Worth Of Value In Three Days
0
SHARES
4
VIEWS
Share on FacebookShare on Twitter



If you think the amount of money lost during Bitcoin’s $2,000 plunge last week was a lot, it was barely a blip compared to the $1 trillion in market cap lost among the top six tech stocks this week.

But why was the collapse in tech stocks so violent, and what does this mean for the first-ever cryptocurrency?

Top Tech Stocks See Over $1 Trillion Eliminated In Three Days, But What’s This Mean For Crypto?

Last week, the crypto market began to collapse after an over 80% year-to-date market-wide rally and over 60% returns for the year in Bitcoin. The cryptocurrency had been the best-performing mainstream asset in the year, even beating out top tech stocks like Amazon, Microsoft, Alphabet, Facebook, Alibaba, and Apple.

These same top six tech stocks this week plummeted by a combined over $1 trillion in market cap lost. Analysts have pointed to these companies being overvalued, and have only ballooned further since the start of the pandemic.

RELATED READING | RECENT BITCOIN TOP SHARES KEY SIMILARITIES WITH BLACK THURSDAY PLUMMET

These powerhouses tumbling by a trillion over three days helped drag down the Nasdaq 100 to one of its worst drops on record. And while a $2,000 drop in Bitcoin may be frightening, only about $30 billion has been lost in total BTC market cap. Even the entire cryptocurrency total market cap only lost $75 billion from the 2020 high to local low.

When looking at percentage lost, Bitcoin may stand toe-to-toe or even beat out stocks. But when it comes to total value destroyed, these tech stocks show just how small Bitcoin and crypto are by scope.

BTCUSD Versus Tech Stocks Comparison Chart | Source: TradingView

How Crashing Tech Stocks Highlight How Bitcoin Could Reach A $1 Trillion Market Cap

But it also demonstrates how massive Bitcoin could be someday. These tech giants can shake off $1 trillion in combined losses and still remain firmly at the top of the food chain. The amount they lost measures at five times the cryptocurrency’s currently under $200 billion market cap.

If over $1 trillion in value can disappear into thin air in just three days due to falling tech stocks, leaving them mostly unphased, then why is it difficult to imagine the Bitcoin market cap at $1 trillion or higher?

A $1 trillion market cap in the cryptocurrency would bring the price per BTC to around $50,000.

While Bitcoin’s low market cap currently tells investors it’s not yet taken as seriously as stocks or gold, it is for this same reason why many hedge funds expect Bitcoin to be a faster “racehorse” in the “race against inflation.”

RELATED READING | WHY HAS BITCOIN BECOME A LEADING INDICATOR FOR THE S&P 500?

The entire gold market cap is $11 trillion, and the crypto asset is proving to be a better-designed store of value than the precious metal. If this money eventually flows into Bitcoin, a $1 trillion market cap should be relatively easy to come by.

All of gold flowing into Bitcoin is unlikely. But at a market cap that size, the crypto asset would be valued at nearly $500,000 per BTC. The stock market total assets are valued at over $89 trillion and growing. Bitcoin’s share of that value would only represent 0.2%.

With so much capital free-floating in financial markets, it is foolish to think that if tech stocks and bleed out over a trillion in three days, that in three years, Bitcoin couldn’t reach a $1 trillion market cap or higher. And if that sounds logical at all, buying Bitcoin now could be incredibly rewarding.

Featured image from Deposit Photos.



Source link

RELATED POSTS

Bitcoin experiences worst month in history as over $400B is wiped off crypto market in June

President Bukele says ‘thank you for selling cheap,’ as El Salvador buys more Bitcoin

Tags: BitcoinBleedDaysFullNetworksStocksTechworth
ShareTweetShare

Related Posts

Bitcoin experiences worst month in history as over $400B is wiped off crypto market in June

Bitcoin experiences worst month in history as over $400B is wiped off crypto market in June

by admin
July 1, 2022
0

The crypto industry has experienced its worst month ever as over $400 billion was wiped off the market by...

President Bukele says ‘thank you for selling cheap,’ as El Salvador buys more Bitcoin

President Bukele says ‘thank you for selling cheap,’ as El Salvador buys more Bitcoin

by admin
July 1, 2022
0

On July 1, President Bukele tweeted that El Salvador had bought another 80 Bitcoin (BTC) at $19,000 per token....

El Salvador, Unfazed By The Bear Market, Buys 80 Bitcoin – Will Others Do The Same?

El Salvador, Unfazed By The Bear Market, Buys 80 Bitcoin – Will Others Do The Same?

by admin
July 1, 2022
0

El Salvador’s president and Bitcoin fanatic, Nayib Bukele, doubled down on his country’s sinking investment in the cryptocurrency by...

What’s next for Bitcoin as market sentiment sours?

What’s next for Bitcoin as market sentiment sours?

by admin
July 1, 2022
0

Recent market volatility pushed Bitcoin below $20,000, marking the first time in its history it had sunk lower than...

CFTC charges Mirror Trading International with alleged fraud of $1.7 billion worth of Bitcoin

CFTC charges Mirror Trading International with alleged fraud of $1.7 billion worth of Bitcoin

by admin
July 1, 2022
0

The Commodity Futures Trading Commission (CFTC) has charged Cornelius Johannes Steynberg and his company Mirror Trading International (MTI), with...

POPULAR NEWS

4 Cryptocurrency that Blow Bitcoin Out of the Water

4 Cryptocurrency that Blow Bitcoin Out of the Water

September 25, 2020
Memoriae – Next Generation of Decentralized Cloud Storage Based on Blockchain

Memoriae – Next Generation of Decentralized Cloud Storage Based on Blockchain

July 1, 2021
Apollo CBDC: The CBDC Platform that can Power Economies

Apollo CBDC: The CBDC Platform that can Power Economies

October 6, 2020
Stratus: The Most Feature Rich Social Media Network

Stratus: The Most Feature Rich Social Media Network

September 9, 2020
Binance Coin (BNB) erupts above $270 as the whole Smart Chain ecosystem soars

Binance Coin (BNB) erupts above $270 as the whole Smart Chain ecosystem soars

February 19, 2021

EDITOR'S PICK

USDC Issuer Circle to Introduce Euro-Backed Stablecoin in U.S.

USDC Issuer Circle to Introduce Euro-Backed Stablecoin in U.S.

June 16, 2022
Bitcoin Miner CleanSpark Hits 2 EH/s to Join Ranks of Top North American Miners

Bitcoin Mining Startup Blockmetrix Raises $43M in Series B Round

March 9, 2022
Bitcoin Mining Firm Fortress Names Ex-Galaxy Digital Exec as New CEO — CoinDesk

Bitcoin Mining Firm Fortress Names Ex-Galaxy Digital Exec as New CEO — CoinDesk

September 24, 2021
Ethical Blockchain: Are Crypto, NFTs And DeFi Bad For The Environment? Here’s Why They’re Not

Ethical Blockchain: Are Crypto, NFTs And DeFi Bad For The Environment? Here’s Why They’re Not

February 17, 2022

About

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Follow us

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Press Release
  • Regulation
  • Uncategorized

Recent Posts

  • Meta comienza las pruebas de integración de NFTs en Facebook
  • Crypto World Is Cautious of Finer Details In EU’s MiCA Law
  • El Salvador compra 80 bitcoins adicionales a $19K cada uno, según el presidente Bukele
  • BlockFi’s Fire Sale Shows the Uber Startup Model Is Disastrous for Finance
  • About Us
  • Privacy Policy
  • Contact Us

© 2020 cryptomustar.com

No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO

© 2020 cryptomustar.com

  • YAM v2YAM v2(YAMV2)$4.70-1.41%
  • yfBetayfBeta(YFBETA)$4.27-0.10%
  • IDLEIDLE(IDLE)$1.44-12.39%
  • WPP TokenWPP Token(WPP)$0.006826-3.49%
  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • Werewolf CoinWerewolf Coin(WWC)$0.098082-2.58%
  • PolkaBridgePolkaBridge(PBR)$0.439784-6.92%
  • Dev ProtocolDev Protocol(DEV)$1.76-16.14%
  • EvidenZEvidenZ(BCDT)$0.122949-3.85%