$250 billion. Or thereabouts.
That’s how much was wiped off the total market cap of global cryptocurrencies from the time things started to go wrong on Monday to the lows on Tuesday:
The dip-buyers showed up briefly on Tuesday evening following another bout of selling after the closing bell on Wall Street that left Ripple sitting at just $0.87 at one point, but ultimately, there wasn’t much in the way of respite on Wednesday. Or at least not so far.
Needless to say, that doesn’t do much to bolster Bitcoin’s credentials as a “store of value” or as some kind of digital replacement for gold.
Well speaking of gold, the crypto carnage we’ve seen over the last 48 hours has led to a veritable bonanza in gold coin sales. Or at least according to online previous metals dealer CoinInvest which saw Gold coin sales quintuple on Tuesday amid the mayhem.
“Yesterday was a hell of a crazy day,” the company’s director Daniel Marburger told Bloomberg, adding that “emails and phones did not stand still with customers asking how they could turn their crypto into gold.”
Well Daniel, you can expect that to continue if things keep going the way they’re going because while Bitcoin was down nearly 50% from its December 18 peak at one point on Tuesday, gold is up nearly 6% over the same time frame.
But hey, don’t worry. Saxo’s Kay Van-Petersen still thinks maybe Bitcoin is going to $100,000 this year.
“I wouldn’t be surprised if it’s something we are seeing,” she told CNBC with regard to Bitcoin trading “sideways” since the start of the year. “It’s kind of building a foundation, then will re-rate a bit higher.”
Ok, Kay. Whatever you say.