Investors From Kuwait Lost Millions In Crypto
According to a report in Arabic newspaper Al Anba, there are nearly 12,000 investors in Kuwait, who have lost half the value of their portfolios trading in cryptocurrencies.
Bitcoin has seen a massive sell-off on January and the first days of February. The price has fallen from its all-time high of $19,500 to $8000 in recent days.
The market collapse was very strong in the Gulf state, where investors total amount of cryptocurrencies was 1,5 %.
The standard investment size, which exploded in value to $70,000, amounts near $10,000 for Bitcoin. The altcoins Ethereum and Ripple has gained all-time highs. In two years, about half of this cost has been erased amid the biggest market correction.
One of the prominent local exchanges called BitFils gave a report, that Kuwaitis were buying Bitcoin with their credit cards with an investment amount of $6,000. This also includes commissions and other transaction fees.
In just 18 days one trader confessed that he had lost $20,000. He posted:
“In the beginning, it entices you to trade and raise money to make more profit, but once you get losses you feel you have entered a cycle you can’t get out of. I now can’t sleep more than two hours because I want to recover my money.”