RATE Group | Did Stock Markets Lose Value Worth 694,573,873 Bitcoins this Week?
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Did Stock Markets Lose Value Worth 694,573,873 Bitcoins this Week?

29 Feb Did Stock Markets Lose Value Worth 694,573,873 Bitcoins this Week?

Posted at 15:29h in Bitcoin News by

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After the shock of the coronavirus, stock markets turned down, erasing $6 trillion of value within a week. Here is how this value compares with Bitcoin.

Stock Markets Still Make Bitcoin Valuations Look Insignificant

The stock markets, a centuries-old and highly developed system handle trillions in value. A flash crash last week erased around $6 trillion in just a few days, after a panic sell-off based on fears of economic slowdown and a recession. The rapid index decline is massive in comparison to the scale of BTC trading.

A rough calculation estimated that the stock market erased value worth 694,573,873 Bitcoins.

Of course, the total supply of Bitcoin will be only 21 million coins, which means the stock markets erased 33 times the hypothetical total supply of BTC. Stock markets reflect immense economic activity, and this is taken as…

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