Bitcoin has collapsed below $ 24,000, reaching its lowest level since the end of 2020. More than $ 200 billion disappeared from the entire cryptocurrency market on Monday morning. It is the latest in a series of price crises for cryptocurrency, which has fallen more than 60% in value over the past seven months. Several top cryptocurrencies, including Ethereum (ETH), Cardano (ADA), Solana (SOL) and Dogecoin (DOGE), showed even greater losses than bitcoin, falling between 15-25 percent in the last day. While many cryptocurrency holders are liquidating their assets, cryptocurrency lender Celsius has told customers they could not temporarily withdraw funds from the platform. “Due to extreme market conditions, we are announcing today that Celsius is discontinuing all withdrawals, exchanges and transfers between accounts,” the company said today.
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Crypto.com, BlockFi lays off workers in the middle of “winter encryption”
Cryptocurrency companies, including Crypto.com and BlockFi, have announced that they have laid off their employees amid the recent collapse of the cryptocurrency market and a declining industry. Crypto.com’s Kris Marszalek said the company is making adjustments to market conditions “by making targeted reductions of about 260 or 5% of our corporate workforce”. “We will continue to evaluate how to better optimize our resources to position ourselves as the strongest builders during the downturn to become the biggest winners in the next uptrend,” he wrote on Twitter. BlockFi founders Zac Prince and Floria Marquez also said in a blog post on Monday that the reason the company fired employees was because of the cryptocurrency crash. Vishwam Sankaran14 June 2022 04:40 1655176184
Bitcoin fell 16%.
Bitcoin has fallen about 16 percent in the last day and is approaching the $ 21,000 mark. The world’s top cryptocurrency has plunged into value by almost 27 percent compared to its price last week amid the latest collapse of the cryptocurrency market. Other top cryptocurrencies, including ethereum and dogecoin, have also fallen in value by about 15 percent in the last 24 hours. Solana and Cardano also fell 5 to 8 percent in the last day. The overall cryptocurrency market continues to decline and is currently close to $ 900 million, sinking more than 12 percent in the last 24 hours. Vishwam Sankaran14 June 2022 04:09 1655175539
El Salvador loses half of its Bitcoin investment as the cryptocurrency market sinks
El Salvador currently has 2,301 Bitcoin, valued at approximately $ 50 million at the time of publication. That’s about 50 percent of the $ 105.6 million invested by President Nayib Bukele. The country has bought the dive several times in the past. In October 2021, he bought 420 bitcoins, paying the highest price per bitcoin. Then, on May 9, Mr. Bukele “bought the dive again” and bought 500 bitcoin for over $ 30,700 each. However, in the midst of the recent collapse of the cryptocurrency market, with the price of bitcoin approaching the $ 21,000 mark, it remains to be seen whether the country will continue to hold its assets in bitcoin to recover some of the lost money. Vishwam Sankaran14 June 2022 03:58 1655148988
How bad is the latest bitcoin crash?
Encryption market analysts are divided over whether we are nearing the end of the bear market or still firmly in the middle. With more than 60 percent losses for bitcoin since its peak in November 2021, some believe it could still compete with the 80 percent + losses seen during the 2013 and 2017 market corrections. After falling below $ 1 trillion today for the first time since 2020, we asked analysts where they think the cryptocurrency market is heading from here. You can read everything about it here: Anthony Cuthbertson 13 June 2022 20:36 1655138414
The Bitcoin crash continues
We will continue our updates tomorrow – stay tuned! Adam Smith13 June 2022 17:40 1655137822
FCA comes for encryption
Bitcoin’s innocence at the moment is unlikely to sweeten it in the UK Financial Conduct Authority, which is seeking to further regulate cryptocurrencies. Nikhil Rathi, head of the agency, said the encryption was “a vehicle for serious organized crime and money laundering” and told a Finance Committee that “anyone who invests in it should be prepared to lose all their money”. For the past two years, according to Bloomberg, the FCA has banned Binance in the UK and set high standards for doing business in the country so that most digital currency companies can no longer operate. “In the US we have an alphabetic soup from regulators,” says Eugene Soltes, a Harvard Business School professor who studies regulation. “We are trying to understand who the regulator is and not how we should regulate them. The FCA already has one. “ Adam Smith June 13, 2022 5:30 p.m. 1655137240
Serious losses are advancing, the expert predicts
“We could face even more serious losses forward. “Economic growth is clearly slowing and reports are already showing that the US could see a recession next year,” Manuel Ortiz-Olave, co-founder of equity firm Brickken, told CoinDesk in an email. “Higher inflation will continue to impose higher interest rates and higher interest rates are also negative for economic growth.” He continued: “Some of the most important companies in the world such as Apple, Microsoft or Nike have already reported a slowdown in sales and Tesla has indicated that there will be redundancies soon. These are clearly negative titles, which combined with higher “Food and fuel prices, make people watch their savings.” Adam Smith13 June 2022 17:20 1655135740
“Bitcoin and ether continue to have serious 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 have serious bruises in the ring. “They are the main victims of fleeing away from risky assets, as investors worry about the spiraling rise in consumer prices around the world. “The concern is that inflation is getting too hot for central banks to handle it, which will have to suffocate economies with ice water jets, in the form of much sharper interest rate hikes, to bring it under control. “With the era of cheap money fast approaching, traders are becoming much more risk averse and turning their backs on encrypted assets.” Adam Smith13 June 2022 16:55 1655135004
Binance continues to block withdrawals
Binance said it would allow users to withdraw their bitcoin – amid a market collapse – three hours after a “stuck pending transaction”. However, this has not happened. “It only affects the Bitcoin network. “You can even withdraw Bitcoin on other networks like BEP-20,” Binance CEO Changpeng Zhao wrote on Twitter. “It will probably take a little longer to correct my initial assessment. More updates coming soon. Thank you for your patience and understanding. “ Adam Smith13 June 2022 16:43 1655134249
Rising inflation is burdening stocks
“Bitcoin prices are suffering after the rise of the US CPI to a four-decade high. With fundamentals currently driving prices, the financial calendar remains the key to digital assets. Throughout the week, The release of high-impact financial data has heightened fears of rising inflation.With Bitcoin prices trading in a well-defined price range, the basic $ 30,000 psychological level continues to provide a stable level of support and resistance to price action, keeping distance between both bulls and bears “, Tammy Da Costa, analyst at DailyFX, a portal for financial market news. “As the war in Ukraine rages, rising food and energy costs continue to push higher prices, putting additional pressure on policymakers to implement more aggressive monetary tightening measures in a bid to reduce inflation. “With investors pricing with negative growth outlook and the Federal Reserve more likely to raise interest rates more aggressively than originally expected, Bitcoin bears were able to gain traction before finding support around $ 29,000,” said Da. Costa. “At the time of writing, Bitcoin has fallen 37 percent (YTD) as the speculative asset remains vulnerable to geopolitical background. “While the fundamentals remain the driving force behind price action, significant technical levels can act as an additional catalyst for both immediate and long-term drive.” Adam Smith June 13, 2022 4:30 p.m.
