Here’s clear evidence that Bitcoin is just a global Ponzi scheme where billions are lost by crypto suckers.

Posted on May 19, 2021 by State of the Nation

Bitcoin, Ether Rebounding After China Crackdown Wipes $1 Trillion In Crypto Wealth

ZeroHedge.com

Summary:

  • China reportedly launches widespread ban on crypto payments, warns of speculation
  • Overall crypto market cap drops $1 trillion
  • Ether down 40% at worst (rebounding strongly off $2000)
  • Bitcoin down over $10,000 at worst (rebounding strongly off $30000)
  • Crypto proxy stocks hammered
  • Coinbase outages spark anger among traders
  • Binance halts Ethereum withdrawals
  • JPMorgan sees bitcoin-to-gold rotation

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Update (1000ET): Bitcoin and Ethereum are rebounding strongly.

Bitcoin found support at $30,000…

And Ether bounced off $2000, and is back above its 100DMA…

*  *  *

Update (0900ET): Things escalated a little more since we first wrote this morning. Ethereum is the biggest loser, crashing below $2000 (briefly), down 40% on the day, and Bitcoin is testing $32k (down 25%)…

And that leaves total crypto market capitalization down over $1 trillion from its highs…

Continue reading at:
https://www.zerohedge.com/crypto/crypto-markets-lose-over-800-billion-week-bitcoin-bloodbath-accelerates

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