Cryptocurrencies
Crypto Investors Who Bought the Hype Are Getting Hit Hardest
Most cryptocurrency traders bought in the past year, surveys show. Bitcoin is now trading at its lowest level in 18 months.
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Retail investors who rode the crypto hype train over the past year are getting hammered.
Data show that the majority of crypto traders are relative newbies, making them the largest and hardest-hit group in Monday’s brutal bout of selling, which sent Bitcoin to its lowest level in 18 months. It’s now lost about two-thirds of its value since hitting a high of nearly $70,000 in November, and has significantly underperformed the S&P 500 Index.