The widespread losses caused by the cryptocurrency crash are even broader among black investors.
A quarter of black Americans own cryptocurrencies, compared to only 15 per cent of white investors, according to a survey by Ariel Investments and Charles Schwab. Black Americans have been more than twice as likely to purchase cryptocurrency as their first investment.
The value of those investments has imploded. The total market capitalisation of cryptocurrencies has plunged below $1tn from more than $3.2tn last year. The fall in digital assets comes alongside a bear market in US stocks.
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