Posted on Nov 19, 2022
Here's How Much a $1,000 Investment in Bitcoin a Year Ago Would Be Worth Now
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"If you bought $1,000 worth of bitcoin when prices peaked in November 2021, your investment would be valued at only about $250 today."
Here's How Much a $1,000 Investment in Bitcoin a Year Ago Would Be Worth Now
Posted from money.com
Bitcoin
Investing
Posted >1 y ago
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LTC Eugene Chu
..."Crypto exchange concerns — and shifts to crypto wallets
With crypto prices down more than stock prices this year — but up more than stocks over longer time frames — both crypto’s fanatics and its doubters have fodder to make their arguments.
“It depends on how you want to view it, and it seems like the situation gives everybody something to talk about, but certainly given the events that have happened with FTX’s bankruptcy, the crypto skeptics are certainly the loudest at this point,” Shah says.
Even before the recent collapse of the major crypto exchange FTX, Shah says crypto prices were impacted this year by the bankruptcy of crypto hedge fund Three Arrows (3AC) and the lending platform Voyager Digital, as well as challenges for another crypto lender, BlockFi, which is now preparing a potential bankruptcy filing, according to the Wall Street Journal.
“3AC, Voyager and BlockFi all ran into problems and then they had to unwind their positions, which then caused more pressure on bitcoin,” Shah says.
The price of bitcoin hasn’t crashed further amid the FTX fiasco, but there has been a trend of investors pulling their funds out of crypto exchanges and moving them over to crypto wallets, according to Shah. Some people are worried about having their money in exchanges, fearing that others could go under.
“Right now, the trend post-FTX is not that bitcoin is going down,” Shah says. “It’s people moving bitcoin off of the exchanges and putting it into wallets.”...
..."Crypto exchange concerns — and shifts to crypto wallets
With crypto prices down more than stock prices this year — but up more than stocks over longer time frames — both crypto’s fanatics and its doubters have fodder to make their arguments.
“It depends on how you want to view it, and it seems like the situation gives everybody something to talk about, but certainly given the events that have happened with FTX’s bankruptcy, the crypto skeptics are certainly the loudest at this point,” Shah says.
Even before the recent collapse of the major crypto exchange FTX, Shah says crypto prices were impacted this year by the bankruptcy of crypto hedge fund Three Arrows (3AC) and the lending platform Voyager Digital, as well as challenges for another crypto lender, BlockFi, which is now preparing a potential bankruptcy filing, according to the Wall Street Journal.
“3AC, Voyager and BlockFi all ran into problems and then they had to unwind their positions, which then caused more pressure on bitcoin,” Shah says.
The price of bitcoin hasn’t crashed further amid the FTX fiasco, but there has been a trend of investors pulling their funds out of crypto exchanges and moving them over to crypto wallets, according to Shah. Some people are worried about having their money in exchanges, fearing that others could go under.
“Right now, the trend post-FTX is not that bitcoin is going down,” Shah says. “It’s people moving bitcoin off of the exchanges and putting it into wallets.”...
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It's fascinating to see how quickly the value of Bitcoin can change. I remember considering investing in it around that time but hesitated. Now, seeing the current value, I'm relieved I didn't go through with it. Instead, I prefer using currency exchange online for my investments. It gives me peace of mind knowing I have more control over my finances. If you're interested in exploring similar options, I'd recommend checking out 3S Money for currency exchange at https://3s.money/currency-exchange . They offer a user-friendly platform and reliable services.
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