Bitcoin (BTC) crashed below $16,000 on Nov. 9, driving the price to its lowest level in two years. The two-day correction totaled a 27% downtrend and wiped out $352 million worth of leverage long (buy) futures contracts.
To date, Bitcoin price is down 65% for 2022, but it's essential to compare its price action against the world's biggest tech companies. For instance, Meta Platforms (META) is down 70% year-to-date, and Snap Inc . (NYSE:SNAP) has dropped 80%. Furthermore, Cloudflare (NYSE:NET) lost 71% in 2022, followed by Roblox Corporation (RBLX), down 70%.