The bitcoin price has crashed 70% since hitting a peak of almost $70,000 per bitcoin in November last year. The crash has wiped around $2 trillion from the price of ethereum and other top ten cryptocurrencies BNB BNB,0.0% XPR, solana, cardano and dogecoin.
Bitcoin supporters have argued that the cryptocurrency will eventually supersede gold as the world’s de facto store of value and inflation hedge, with bitcoin often referred to as “digital gold” due to its fixed supply and decentralized nature.
This year has seen $75 million worth of Coinbase share dumped, giving up its position as the crypto exchange’s third-largest shareholder. Coinbase stock has crashed along with bitcoin and crypto market,with coinbase chief executive Brain Armstrong this week revealing a sale bombshell.
The technology and finance industries are though still inching toward crypto adoption.
Google, this week announced it would begin accepting bitcoin and some other cryptocurrencies as payment for its cloud services. While Wall Street stalwart BNY Mellon joined other big banks in launching crypto custody services.
The crypto and stock market has this week been boosted by data that showed the headline U.S. consumer price index (CPI) rose at an annual pace of 8.2% in September, compared with an estimated 8.1% rise.