Desperate investor raids gold shop to cover cryptocurrency losses

In the course of 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 known 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 value 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 bike outdoors the store, walked in with a pistol, and ran off with the loot, hiding the bike earlier than returning house.

In keeping with the report, the suspect informed the police that he robbed the gold store as a result of he was extraordinarily careworn and badly wanted the cash as a result of just lately sustaining heavy losses from his investments in Bitcoin in the course of the market collapse.

What occurred with the cryptocurrency market?

In the course of the crypto market meltdown, which noticed it lose $370 billion in per week, Bitcoin slumped beneath the $20,000 mark, dropping even additional on June 19, when it briefly traded underneath $19,000, main some consultants to foretell it might go as little as $15,000 and even $10,000.

Because of the crash, the flagship digital asset was dislodged from the checklist of the highest ten property globally based mostly on market capitalization and at the moment ranks sixteenth, information offered by CompaniesMarketCap signifies.

On the identical time, the cryptocurrency market-wide meltdown brought about Bitcoin mining to develop into unprofitable as a result of its worth falling to the common price to mine it, as Finbold reported on June 17.

That mentioned, the market appears to be on the highway 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% acquire on the day however nonetheless a 9.11% loss over the earlier seven days, as per CoinMarketCap information.