And at today's lows, it actually lost $116 billion in total market value
This, according to numbers from coinmarketcap.com.
Bitcoin has clawed itself back up to above $14,000 after trading close to $12,000 earlier in the day. Even at current levels, it has lost about $96 billion in market value compared to the peak on 17 Dec.
But it's not the first time a drop like this (more than 30%) has happened. In fact, WSJ reports that it has happened five times this year itself. However, the drop this time around is certainly the most painful one to date.
However, there's good news for you Bitcoin bulls still. After each of the previous 4 corrections, Bitcoin recovered to post new highs again. And according to Charlie Bilello - director of research of Pension Partners, an investment-advisory firm in New York - it took Bitcoin an average of 38 (37.75 to be exact) days to hit a new high.
By my estimates, that's about the start of February. If he's right, then you can just kick back, relax, and let divine intervention do its work. ;)
