Kuwaitis suffer huge losses in cryptocurrencies

In 10 days, cryptocurrencies lost 486 billion dollars, equivalent to about 27% of their market value, falling from 1.803 trillion dollars on May 5 to 1.317 trillion in the closing days of yesterday, according to data from the CoinMarketCap platform, to reach its decline in about a month. 564 billion dollars (-29.98 percent) in a month, while its losses in 6 months amounted to 1.49 trillion dollars (-53.08 percent, compared to 2.807 trillion dollars in the closings of November 15 of last year.

And they showed an investigative inventory published by "Al-Rai" newspaper that Kuwaitis lost more than a quarter of the value of their digital currencies, at least, while the number increases in some wallets when talking about currencies that fell by much more than this percentage, including "Luna" for example, which lost 99.98% From its value in one week, it fell from $82 per coin to just $0.009.

According to the newspaper, what makes the matter worse for not a few citizens investing in digital currencies, is that they resorted to borrowing from banks and financial institutions, directing all or part of these loans to the cryptocurrency market, in the hope of achieving quick wealth, while the losses they incurred recently. It may limit the ability of many of them to commit to repaying their loan installments.

A Kuwaiti investor revealed to Al-Rai that he directed a loan he obtained of 50 thousand dinars towards the cryptocurrency market, hoping to make a fortune, but he lost three quarters of this amount in recent days, adding, “I do not reveal a secret if I say that I thought of suicide by throwing myself from the top of a bridge.” Jaber".

The sources indicated that there are investors who have strengthened their holdings in digital currencies despite the deterioration of their values, with the aim of “cooling” their properties, in the hope of compensating their losses. As for those who are called inattentive investors, they have nothing but sighs of relief, according to the testimony of one of them, who lost more than 99% of the value of his investment.

Sources confirmed to the newspaper that this type of traders are the biggest losers in recent market transactions, noting that they speculate on currencies without clear data that justify their entry into any currency, nor a specific strategy for trades, to eventually find themselves stuck in large quantities of digital currencies whose prices collapsed, Either he sells it at a big loss, or he waits for it to rise again to levels close to its purchase price, which may not come, or it may be very late.

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