Bitcoin slumped 7% to near $35,500, recalling levels seen in the crypto meltdown last week as traders brace for fresh volatility over the long weekend.
Prices across digital tokens took a hit as Bank of Japan Governor Haruhiko Kuroda joined a growing list of central bankers expressing skepticism about the industry’s usefulness in the real world.
Now, retail players are set to dominate the coming trading sessions on typically thin exchange volumes.
“Looking at the unrest across the crypto market, there is a chance that we see another hectic weekend trading in Bitcoin and other cryptocurrencies,” said Ipek Ozkardeskaya, a senior analyst at Swissquote.
Soaring assets and stocks in the past year have in some cases handed midlevel workers huge windfalls.
Those who have benefited from the market surge typically fall into one of three categories, said Sahil Vakil, founder of personal-finance tech company MYRA: They were given company shares as compensation and those same shares recently boomed; they caught last year’s retail investing frenzy and rode the market to new highs; or they invested early on in cryptocurrency, to great success.
The Nasdaq Composite rose nearly 47% over the past 12 months, and even after a recent pullback, a crypto investor who put $10,000 in bitcoin at the end of 2019 could have netted more than $50,000 in gains after bitcoin’s 2020-21 surge.