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.

Certainly one 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 exterior the store, walked in with a pistol, and ran off with the loot, hiding the bike earlier than returning residence.

In accordance with the report, the suspect advised the police that he robbed the gold store as a result of he was extraordinarily confused and badly wanted the cash because of not too long ago sustaining heavy losses from his investments in Bitcoin through the market collapse.

What occurred with the cryptocurrency market?

In the course of the crypto market meltdown, which noticed it lose $370 billion in a week, Bitcoin slumped beneath the $20,000 mark, dropping even additional on June 19, when it briefly traded under $19,000, main some specialists 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 list of the top ten assets globally primarily based on market capitalization and at present ranks sixteenth, knowledge offered by CompaniesMarketCap indicates.

On the identical time, the cryptocurrency market-wide meltdown precipitated Bitcoin mining to become unprofitable because of its worth falling to the common price to mine it, as Finbold reported on June 17.

That stated, the market appears to be on the street to restoration, with close to $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.