by Stefan Gleason
GoldSeek
This week has been truly brutal for the entire cryptocurrency sector, with the prices of major currencies like Bitcoin and Ethereum crashing at least 30%. The overall sector has shed trillions of dollars in value.
The recent carnage for holders of digital currencies could be due to a variety of factors including profit taking spurred by Elon Musk, an easing of inflation worries, or concerns about new regulations coming down the pike.
Whatever the case may be, some of the capital that recently left the crypto space has found its way into the gold and silver markets. This trend could continue as well, with precious metals gathering strength and with Bitcoin still having plenty of room to fall further.