Crypto CEOs Testify To Congress And Trader Lost $2.5 Billion BTC In Omicron Crash

---

Bitcoin is holding steady at around $50k as the market seeks direction still. Today there was a slight decline of 2%.

Now that the UK has reintroduced work from home measures and the Omicron variant is still spreading in the US, analysts fear that further measures in the world’s biggest economy might be reintroduced if hospitals get overwhelmed.

In the crypto market, the fear is that if a Santa rally doesn’t start soon, uncertainty lingers whether Bitcoin can reclaim the $69,000 all time high this year.

Crypto CEOs testify in Congress

Some of the top executives from the crypto industry were testifying before the House Financial Services Committee in Congress yesterday.

I’m honored to be testifying before the House Financial Services Committee today about the future of the digital asset industry, along with colleagues from Coinbase, Circle, Paxos, Bitfury, and Stellar.https://t.co/ODB285Yuvq

— SBF (@SBF_FTX) December 8, 2021

Just as whenever Silicon Valley CEOs are asked to testify and explain their newest tech development, the fact that some senior politicians are simply not up to date with all things cryptocurrency were clearly shown whenever someone tried to discuss with Sam Bankman-Fried, CEO of FTX, who can only be described as a savant.

Mystery trader lost 2.5 billion

Last Saturday morning, as crypto traders in Europe awoke and turned on their screens, they saw nothing both a bloodbath dripping from their screens. Comments from the IMF, the threat of Fed tapering but most of all the rapid spread of the Omicron variant in the US meant that traders were going ‘risk-off’ and any crypto investments, seen as highly speculative still to Wall Street, had to be liquidated soon.

While the cryptocurrency market crashed by 16.5 percent that Saturday morning, an unknown Bitcoin trader apparently lost a whopping $2.5 billion in a single day. The whale owns some 288,000 Bitcoin in all and saw his value decrease by the minute.

BitInfoCharts shows the wallet, which notes that before the market meltdown started, this particular whale possessed some $16.29 billion worth of Bitcoin (on Friday). By Saturday morning, the value dropped to $15.45 billion and later even to $13.81 billion. In the end, the trader saw some $2.48 billion get wiped out in a day.

resulmuslu / Depositphotos.com