Throughout the carnage that engulfed the cryptocurrency market over the course of final week, many traders suffered heavy losses, together with those that have invested in Bitcoin (BTC), main some to resort to drastic measures.
One in every of them is the 34-year-old Thailand citizen referred to as Montri, who was arrested in Bangkok 11 hours after having robbed a gold store on June 19, stealing gold necklaces weighing round 31.6 ounces and price about 1.8 million baht or over $50,000, Thai PBS World reported on June 20.
Certainly, Montri, who was charged with armed theft, admitted to having carried out the crime and described how he parked his motorbike exterior the store, walked in with a pistol, and ran off with the loot, hiding the motorbike earlier than returning house.
In response to the report, the suspect instructed the police that he robbed the gold store as a result of he was extraordinarily careworn and badly wanted the cash because of not too long ago sustaining heavy losses from his investments in Bitcoin throughout the market collapse.
What occurred with the cryptocurrency market?
Throughout the crypto market meltdown, which noticed it lose $370 billion in every week, Bitcoin slumped beneath the $20,000 mark, dropping even additional on June 19, when it briefly traded beneath $19,000, main some consultants to foretell it may go as little as $15,000 and even $10,000.
Because of the crash, the flagship digital asset was dislodged from the record of the highest ten property globally primarily based on market capitalization and at the moment ranks sixteenth, knowledge offered by CompaniesMarketCap signifies.
On the identical time, the cryptocurrency market-wide meltdown brought on Bitcoin mining to turn into unprofitable because of its value falling to the common value to mine it, as Finbold reported on June 17.
That mentioned, the market appears to be on the street to restoration, with near $70 billion flowing into its market cap in 24 hours. At press time, Bitcoin traded at $20,774, a 6.95% achieve on the day however nonetheless a 9.11% loss over the earlier seven days, as per CoinMarketCap knowledge.
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