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.
Basic points
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NFT trading volumes increase amid encryption crash
NFT trading volumes have risen in the last day, although the cryptocurrency market has declined. Top NFT projects, including Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC) and Crypto Punks, have grown 100% in the last 24 hours, according to CryptoSlam. However, the data show that a small number of wealthy investors may be behind the moves. Vishwam Sankaran14 June 2022 07:12 1655183317
More than $ 100 million cashed in on US cryptocurrencies last week
About $ 102 million worth of digital assets were unloaded from US cryptocurrencies last week “pending aggressive monetary policy” by the US Federal Reserve, according to CoinShares. The latest issue of the weekly report Digital Asset Fund Flows from CoinShares notes that the outflows between June 6 and 10 came mainly from investors in the US at $ 98 million, while Europe accounted for just $ 2 million. “Bitcoin saw $ 57 million in outflows last week, bringing month-to-month outflows to $ 91 million,” the report said, adding that Ethereum had $ 41 million in outflows, bringing total year-to-date outflows to $ 387 million. Vishwam Sankaran14 June 2022 06:08 1655181996
Bitcoin falls below the $ 22,000 mark again
After a brief rise in value over $ 22,000, bitcoin fell again below the value in the last hour. The top cryptocurrency is currently hovering around this signal. It is still down about 15 percent in the last day and over 25 percent compared to its value last week. The total cryptocurrency market has shrunk by about 12 percent in the last day and is valued at about $ 924 billion amid the risk of mass liquidities. Vishwam Sankaran14 June 2022 05:46 1655180307
El Salvador’s minister says crash crash poses ‘extremely minimal’ risk
El Salvador’s Finance Minister Alejandro Zelaya said on Monday that the current collapse of the cryptocurrency market poses an “extremely minimal” fiscal risk to the South American nation. “When I am told that the financial risk for El Salvador because of Bitcoin is very high, all I can do is smile. “The fiscal risk is extremely minimal,” Zelaya told a news conference, according to Reuters. The country has bought 2,301 Bitcoins, which are currently worth about $ 51 million at the time of publication – about 50 percent of the $ 105.6 million the country has invested in cryptocurrency. Mr Zelaya said the country’s bitcoin portfolio had lost about $ 40 million in value, citing an earlier estimate by Deutsche Welles. “Forty million dollars does not even represent 0.5% of our national budget,” he said. Vishwam Sankaran14 June 2022 05:18 1655179695
Coinbase falls more than 11 percent as Bitcoin declines
Shares of Coinbase fell more than 11 percent on Monday amid the latest collapse of the cryptocurrency market. This appears to be linked to bitcoin trading at its lowest level since December 2020 and the total value of the cryptocurrency market falls below the $ 1 tn threshold. Shares of the cryptocurrency trading platform had already fallen 76% in the past year and the company had announced a freeze on hiring and cancellation of accepted job offers. Vishwam Sankaran14 June 2022 05:08 1655178049
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
