Crypto's Nouveau Riche Lament Sudden Losses as Bitcoin Tumbles : vimarsana.com

Crypto's Nouveau Riche Lament Sudden Losses as Bitcoin Tumbles


Claire Ballentine and Vildana Hajric, Bloomberg News
Illuminated mining rigs operate inside racks at the CryptoUniverse cryptocurrency mining farm in Nadvoitsy, Russia, on Thursday, March 18, 2021. The rise of Bitcoin and other cryptocurrencies has prompted the greatest push yet among central banks to develop their own digital currencies. Photographer: Andrey Rudakov/Bloomberg
, Bloomberg
(Bloomberg) -- With Bitcoin in freefall, many of the newcomers who helped power the cryptocurrency to stratospheric levels this year are also some of the loudest about getting burned.
Across Twitter, the hashtag #cryptocrash was trending as retail investors bemoaned their sudden losses and others cried out to “hodl,” an industry term meaning “hold on for dear life” that supporters use to refer to buying and holding. Coinbase Global Inc., the biggest U.S. crypto exchange, crashed at one point as users flooded the site, while Asia-centered rival Binance temporarily disabled Ether withdrawals due to network congestion.

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