Cryptocurrency prices collapse, wiping out billions of dollars
Cryptocurrency prices took a precipitous drop this past week, having their value as much as halved as investors lost billions of dollars. Analysts say there's more pain in the future as well.
Bitcoin, for instance, lost nearly 17 percent of its value and is having its worst-ever start of a year, now valued at around $35K, down from a high of $68K in November.
Meanwhile, Etherium slid to $2,400, a full half of its November high.
The downturn hit investors big and small. Thanks to the crash and a downturn in tech stocks, Elon Musk lost $25B, while Jeff Bezos lost $20B and Mark Zuckerberg lost $10B.
Analysts link last week's slide in both crypto values and tech stocks to the federal reserve hinting that it will raise interest rates in March.
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Crypto investors may have also been spooked by the Federal Reserve considering its own digital currency, along with Russia's talk of banning digital assets.
However, while investors with a strong risk tolerance may want to buy low right now, some experts say things may only get worse for crypto in the coming weeks, leading to a "crypto ice age."