Devin has been holding his cryptocurrency for a while, and on Monday he had enough value in his cold wallet to buy a new car. Unfortunately, he wasn't able to afford it by Wednesday. What most likely happened?

A. Market crash
B. Stolen wallet
C. Increased cryptocurrency value
D. Financial miscalculation

Question

14-02-2024
Business

High School

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Devin has been holding his cryptocurrency for a while, and on Monday he had enough value in his cold wallet to buy a new car. Unfortunately, he wasn't able to afford it by Wednesday. What most likely happened?

A. Market crash
B. Stolen wallet
C. Increased cryptocurrency value
D. Financial miscalculation

Answer :

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DamonSalva7 DamonSalva7 · Answer 1 · 2023-08-01T03:36:58-04:00

Final answer:

Devin's inability to afford a car just days after being able to is most likely due to a market crash, which caused a significant decrease in the value of his cryptocurrency holdings. Therefore, the correct option is A

Explanation:

Devin's situation where he could afford a new car on Monday but not by Wednesday is most likely due to a market crash. Cryptocurrencies are known for their high volatility, meaning their value can fluctuate significantly in very short periods of time. A market crash in the cryptocurrency world means that the value of the digital assets can drop considerably, causing the value of holdings to diminish.

If Devin's wallet was stolen (stolen wallet), he wouldn't have his cryptocurrencies at all, and this doesn't entail a change in the market value. An increased cryptocurrency value would allow Devin to buy even more, not less. Lastly, it's unlikely to be a financial miscalculation as the question implies that the change was a result of external factors, not an error on his part.