What are cryptocurrencies? | Decomplicated
Bitcoin has fallen below $ 24,000, the lowest level since the end of 2020.
More than $ 200 billion has been wiped out of the entire cryptocurrency market on Monday morning.
This is the latest in a series of cryptocurrency price crashes that have fallen by more than 60 percent in the last seven months.
Several leading cryptocurrencies, including Ethereum (ETH), Cardano (ADA), Solana (SOL) and Dogecoin (DOGE), suffered even greater losses than bitcoin, falling 15-25 percent in the last day.
Although many cryptographic owners are liquidating their assets, the crypto lender told Celsius’ customers that they could not temporarily withdraw money from the platform.
“Due to extreme market conditions, we announce today that Celsius will suspend all payouts, swaps and transfers between accounts,” the company said today.
Show last update 1655178049
Crypto.com, BlockFi is laying off employees in the middle of a cryptographic winter
Cryptocurrency companies, including Crypto.com and BlockF, have said they have laid off workers due to the recent crypt market crash and recession.
Kris Marszalek of Crypto.com said the company was adjusting to market conditions, “purposefully reducing approximately 260 or 5% of our company’s workforce.”
“We will continue to evaluate how best to optimize our resources to position ourselves as the strongest builders during the downturn to become the biggest winners during the next bull run,” he tweeted.
BlockF founders Zac Prince and Floria Marquez also said in a blog post on Monday that the reason the company laid off workers was due to a cryptocurrency.
Vishwam Sankaran June 14, 2022 at 4:40 am
Bitcoin fell 16 percent
Bitcoin has fallen about 16 percent in the last day and is approaching the $ 21,000 mark.
The value of the world’s leading crypt currency has fallen by almost 27 percent compared to last week’s price during the last crypt market crash.
Other leading cryptocurrencies, including etherum and dogecoin, have also fallen by about 15 percent in the last 24 hours.
Solana and Cardano have also fallen by more than 5-8 percent in the last day.
The overall cryptographic market continues its downward trend and is now close to $ 900 million, falling more than 12 percent in the last 24 hours.
Vishwam Sankaran June 14, 2022 4:09 am
El Salvador will lose half of its Bitcoin investment as the cryptographic market declines
El Salvador currently has 2,301 Bitcoins, valued at about $ 50 million at the time of publication.
That’s about 50 percent of the $ 105.6 million invested by President Nayib Bukele.
The state has bought dip sauce several times before.
In October 2021, he bought 420 bitcoins, paying the highest price per bitcoin. Then, on May 9, Mr. Bukele bought a dip again and bought 500 bitcoins for more than $ 30,700.
But in the midst of the latest cryptocurrency market crash, with the price of bitcoin approaching $ 21,000, it remains to be seen whether the state will hold its bitcoin assets to recoup some of the money lost.
Vishwam Sankaran June 14, 2022 at 3:58 am
How bad is the last bitcoin crash?
Cryptographic market analysts disagree on whether we are at the end of the bear market or still firmly in the middle of it.
As bitcoin has lost more than 60 percent of its peak price since November 2021, some believe it may still compete with the 80 percent + loss observed during the 2013 and 2017 market adjustments.
Having fallen below $ 1 trillion today, for the first time since 2020, we have asked analysts what direction they think the cryptographic market is moving from here.
You can read all about it here:
Anthony Cuthbertson June 13, 2022 at 8:36 pm
Bitcoin crash continues
We will continue our updates tomorrow – stay tuned!
Adam Smith June 13, 2022 at 5:40 pm
FCA is coming for crypto
It is unlikely that Bitcoin’s current mandate will do so for the UK Financial Conduct Authority, which wants to regulate cryptocurrencies more.
Nikhil Rathi, head of the organization, said crypto was a “distributor of serious organized crime and money laundering” and told the finance committee that “anyone who invests in them must be prepared to lose all their money.”
Bloomberg notes that over the past two years, FCA Binance has completely banned and set high standards for doing business in the UK, so that most digital currency companies will not be able to operate.
“There’s an alphabetical soup of regulators in the United States,” said Eugene Soltes, a professor of regulation at Harvard Business School. “We are still trying to understand who the regulator is, not how we should regulate them. The FCA already has one.
Adam Smith June 13, 2022 at 5:30 p.m.
Serious losses will continue, the expert predicts
“We may face even more severe losses in the future. Growth is clearly slowing and reports already suggest that the US may see a recession next year,” Manuel Ortiz-Olave, co-founder of stock chip company Brickken, told CoinDesk in an email.
“Higher inflation is forcing interest rates to continue to rise, and higher interest rates are also negative for growth.”
He continued: “Some of the world’s major companies, such as Apple, Microsoft or Nike, have already announced a slowdown in sales, and Tesla has announced redundancies are coming soon. be careful.
Adam Smith June 13, 2022 at 5:20 p.m.
“Bitcoin and ether continue to be bruised”
Susannah Streeter, an investment and market analyst at Hargreaves Lansdon, told This Is Money: “As inflation turns out to be even harder to beat than expected, bitcoin and ether continue to suffer severe bruising.
“They are the main victims of escaping risky assets as investors worry about fluctuating consumer prices around the world.
“The concern is that inflation is getting too hot for central banks to deal with, as they are forced to flood the economy with a freezing stream of water in the form of a much sharper rise in interest rates to control it.
“As the era of cheap money comes to an end, traders are becoming much more risk averse and turning their backs on cryptographic assets.”
Adam Smith June 13, 2022 4:55 pm
Binance is still blocking payouts
Binance said it would allow users to withdraw their bitcoin three hours ago in the wake of a market crash after a “stuck deal causing a backlog”.
But that has not happened. “It only affects Bitcoin’s network. You can still withdraw Bitcoin on other networks, such as BEP-20,” said Changpeng Zhao, CEO of Binance.
“It will probably take a little longer to fix than my initial estimate. More updates coming soon. Thanks for your patience and understanding.”
Adam Smith June 13, 2022 4:43 PM
Rising inflation is affecting equities
“Bitcoin prices suffered after the US consumer price index rose to its highest level in four decades. As price movements are currently driven by key factors, the economic calendar remains key for digital assets. “The key psychological level of $ 30,000 continues to provide solid support and resistance to price changes, keeping both bulls and bears in check,” said Tammy Da Costa, an analyst at financial market news portal DailyFX.
“As Ukraine war wars, rising food and energy prices continue to support higher prices, putting further pressure on policymakers to implement more aggressive monetary tightening measures to bring down inflation. , before you found a grant of about $ 29,000, ”says Ms Da Costa.
“At the time of writing, Bitcoin has fallen 37 percent (YTD) as speculative assets remain vulnerable to geopolitical backgrounds. While fundamentals remain a major driver of price change, significant technical levels can act as an additional catalyst for both immediate and longer – term movement.
Adam Smith June 13, 2022 at 4:30 p.m.