What are cryptocurrencies? | Uncomplicated
Bitcoin fell below $ 24,000, its lowest level since late 2020.
More than $ 200 billion disappeared from the entire cryptocurrency market on Monday morning.
This is the latest in a series of collapses in cryptocurrency prices that have depreciated more than 60 percent in the past seven months.
Several leading cryptocurrencies, including Ethereum (ETH), Cardano (ADA), Solana (SOL), and Dogecoin (DOGE), saw even greater losses than bitcoin, falling 15-25 percent over the past day.
While many cryptocurrency holders are liquidating their assets, crypto lender Celsius told clients that they would be temporarily unable to withdraw funds from the platform.
“Due to extreme market conditions, today we announce that Celsius is holding all withdrawals, swaps and inter-account transfers,” the company said today.
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Crypto.com, BlockFi Laying Off Workers Amid “Crypto Winter”
Cryptocurrency companies, including Crypto.com and BlockFi, announced they had laid off workers amid the recent cryptocurrency crash and the bear industry.
Kris Marszalek of Crypto.com said the company is adapting to market conditions by “making a targeted reduction of around 260 or 5% in our corporate workforce.”
“We will continue to evaluate how best to optimize our resources to position ourselves as the strongest builders during the relegation cycle to become the biggest winners in the next bull race,” he wrote on Twitter.
Zac Prince and Floria Marquez, the founders of BlockFi, also said in a blog post on Monday that the reason the company laid off was due to the cryptocurrency crash.
Vishwam Sankaran June 14, 2022 4:40 AM
Bitcoin is down 16 percent
Bitcoin has dropped around 16 percent over the past day and is approaching $ 21,000 to $ 21,000.
The world’s leading cryptocurrency has depreciated by almost 27 percent compared to last week’s price in the recent cryptocurrency crash.
Other leading cryptocurrencies, including Ethereum and Dogecoin, have also depreciated by around 15 percent in the past 24 hours.
Solana and Cardano have also dropped more than 5 to 8 percent over the past day.
The overall cryptocurrency market continues its downward trend and is now approaching $ 900 million, down more than 12 percent in the last 24 hours.
Vishwam Sankaran June 14, 2022 4:09 AM
El Salvador loses half of its bitcoin investment as the cryptocurrency market collapses
El Salvador currently has 2,301 bitcoins worth approximately $ 50 million at the time of publication.
That’s about 50 percent of the $ 105.6 million that President Nayib Bukele has invested.
The country has bought a bath several times in the past.
In October 2021, he bought 420 bitcoins, paying the highest price for bitcoin. Then, on May 9, Mr. Bukele “bought a dip” again and bought 500 bitcoins at over $ 30,700 apiece.
But in the midst of the recent cryptocurrency crash, as bitcoin’s price approaches $ 21,000 to $ 21,000, it remains to be seen whether the country will continue to hold its bitcoin assets to recoup some of the money lost.
Vishwam Sankaran June 14, 2022 03:58
How bad is Bitcoin’s recent crash?
Cryptocurrency analysts are divided over whether we are nearing the end of the bear market or still deep in the middle.
With over 60 percent bitcoin losses since the November 2021 price peak, some believe it can still compete with the over 80 percent losses seen during the 2013 and 2017 market corrections.
After it fell below $ 1 trillion for the first time since 2020, we asked analysts which way they thought the cryptocurrency market was headed.
You can read about it all here:
Anthony Cuthbertson June 13, 2022 8:36 PM
Bitcoin crash continues
We will continue our updates tomorrow – stay tuned!
Adam Smith June 13, 2022 5:40 PM
FCA is coming for crypto
Bitcoin’s volatility at this time is unlikely to sweeten it to the UK’s Financial Conduct Authority looking to regulate the cryptocurrency more.
Nikhil Rathi, the head of the organization, said that cryptocurrencies are “a vector of serious organized crime and money laundering,” and told the Treasury Committee that “anyone investing in them must be prepared to lose all their money.”
Bloomberg notes that in the past two years, FCA has completely banned Binance in the UK and has set high standards for doing business in the country so that most digital currency companies are unable to operate.
“In the United States, we have an alphabetical soup of regulators,” says Eugene Soltes, a professor at Harvard Business School who studies regulation. “We are still trying to figure out who is the regulator, not how we should regulate it. FCA already has one up.
Adam Smith June 13, 2022 5:30 PM
Experts predict that serious losses are progressing
“We can face even more serious losses in the future. Economic growth is clearly slowing down and reports already suggest the US may see a recession next year, ”Manuel Ortiz-Olave, co-founder of the share token company Brickken, told CoinDesk.
“Higher inflation will still force higher interest rates, and higher interest rates also have a negative effect on economic growth.”
He continued: “Some of the world’s top companies, such as Apple, Microsoft and Nike, have already reported slowing sales, and Tesla has announced layoffs will be coming soon. These are clearly negative headlines that coupled with higher food and fuel prices to keep people wary of their savings. “
Adam Smith June 13, 2022 5:20 PM
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“Bitcoin and Ether Still Severe Bruises In The Ring”
Susannah Streeter, an investment and market analyst at Hargreaves Lansdown, told This Is Money: “As inflation proves to be an even tougher opponent than expected, bitcoin and ether continue to suffer severe bruises in the ring.
“They are the main victims of a risky asset flight as investors fear a consumer price spiral around the world.
“The concern is that inflation is getting too high to be dealt with by central banks, which will be forced to flood economies with torrents of ice water in the form of much more sharp interest rate hikes to control it.
“With the era of cheap money fast ending, investors are increasingly avoiding risk and turning away from crypto assets.”
Adam Smith June 13, 2022 4:55 PM
Binance continues to block withdrawals
Binance said it would allow users to withdraw their bitcoins – in the midst of a market crash – three hours ago after a “backlogged transaction”.
However, this did not happen. “It only affects the Bitcoin network. You can still withdraw Bitcoin on other networks like BEP-20, ”Binance CEO Changpeng Zhao tweeted.
“It will probably take a little longer than my initial estimate. More updates coming soon. Thank you for your patience and understanding. “
Adam Smith June 13, 2022 4:43 PM
Rising inflation weighs down on stocks
“Bitcoin prices have suffered as the US CPI soared to its four-decade high. With fundamental factors driving price action right now, the economic calendar remains crucial for digital assets. weighing both stocks and cryptocurrencies. With Bitcoin prices now in a well-defined range, the key psychological level of $ 30,000 continues to provide a solid level of support and resistance to price action, keeping both bulls and bears in check. ”Tammy Da Costa, Analyst at DailyFX, information market of the financial market.
“As war rages in Ukraine, rising food and energy costs continue to support higher prices, putting additional pressure on policymakers to implement more aggressive monetary tightening measures to lower inflation. Given that investors are valuing the negative outlook for growth and a greater likelihood that the Federal Reserve will raise rates more aggressively than initially expected, Bitcoin bears were able to gain popularity before finding support at around $ 29,000, ”says Da Costa.
At the time of writing, Bitcoin is down 37 percent (from the start of the year) as speculative assets remain vulnerable to geopolitical influence. While fundamentals remain the main driver of price action, major technical levels can act as an additional catalyst for both immediate and long-term traffic. “
Adam Smith June 13, 2022 4:30 PM