As the value of Bitcoin fell extensively from $19,500 in December to beneath $8,000 in the starting days of February, at least 12,000 investors in Kuwait lose millions.
Kuwaitis accounted for 1.5 percent of the total value of crypto currencies. However more than half of the value of Bitcoin was erases, in what is being called as the biggest correction market in two years . at the end of 2017, the value of Bitcoin exploded to $70,000 which led investors with an average investment size estimated at $10,000. However as the market plummeted this year, thousands of Kuwaiti investors lost big time.
One trader admitted t that he had lost more than $20,000 in just 18 days. “In the beginning, it entices you to trade and raise money to make more profit, but once you get losses you feel you have entered a cycle you can’t get out of. I now can’t sleep more than two hours because I want to recover my money.”
Many economists had earlier warned people from investing large amounts in the cryptocurrency as it is a very volatile currency.
more recommended stories
Gulf countries have work to do to improve passport rankings
Saudi Arabia, Bahrain, Kuwait and Oman.
MidEast carriers see slowest demand growth in world in October
Middle East carriers experienced a 4.4.
India’s Jet Airways set to cut flights on Gulf routes
Jet Airways will cancel 40 flights.
GCC smartphone demand rises for first time since Q1 2017
Shipments of smartphones to the countries.