‘Crypto winter’: Five years wiped out in Bitcoin plunge
Almost five years of gains were wiped out as the price of Bitcoin plunged below USD $63,000 on Friday.
The fall means investors who bought the cryptocurrency as far back as mid-April 2021 have made nothing on their investment.
In the same time period, the S&P 500 gained about 64 per cent, while the price of gold increased by about 174 per cent.
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“Bitcoin looks like it’s going through another ‘crypto winter’ that comes along roughly every four years, and on the previous four occasions saw falls of around 80 per cent before the long-term rising trend resumes,” AMP Chief Economist Shane Oliver told news.com.au on Friday.
“The last (winter) was in 2021—22. It’s also…
