February 8, 2023

Dubai Week

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The Kuwaiti people are facing huge losses in cryptocurrencies

The Kuwaiti people are facing huge losses in cryptocurrencies

In 10 days, cryptocurrencies lost $ 486 billion, equivalent to about 27% of their market value, falling from $ 1.803 trillion on May 5 to $ 1.317 trillion yesterday, according to data from the CoinMarketCap site. $ 564 billion (-29.98 percent) in one month, and $ 1.49 trillion in losses in six months (-53.08 percent, $ 2.807 trillion at the end of November 15 last year).

Moreover, according to an intelligence report published in the Al-Rai newspaper, Kuwaitis have lost more than a quarter of the value of their digital currencies, while the number increases when talking about smaller currencies in some wallets. For example, the percentage, including “Luna”, lost 99.98% of its value in one week, dropping from $ 82 to just $ 0.009 per currency.

According to the newspaper, the problem for some citizens who invest in digital currencies is exacerbated by the fact that they borrow from banks and financial institutions and pay off all or part of these loans in the cryptocurrency market, hoping to get rich quick, while at the same time incurring their recent debt repayments. Can be reduced.

A Kuwaiti investor told al-Roy that he had lent 50,000 dinars to the cryptocurrency market, but he had recently lost three-quarters of the amount, saying, “I did not disclose it. Jaber.

Evidence suggests that there are investors who have strengthened their stake in digital currencies despite the depreciation of their assets, with the intention of “cooling” their assets in the hope of compensating for their losses.

Evidence for the newspaper confirms that these types of traders cause the greatest loss in recent market transactions, as they speculate on currencies without clear data or a specific strategy for trading that would justify their entry into any currency, and in the end they get stuck on a large scale. The price of digital currencies has plummeted, either he will sell it at a huge loss, or it may not come or wait until its purchase price rises back to a close level or it is too late.

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