“A lot of companies went, but the technology didn’t go away, and it came back 10 years later,” Cunliffe said, pointing to survivors such as Amazon. “So whatever happens over the next few months to crypto assets that people trade, I expect crypto technology and finance to continue.” Source
Trouble at VC-backed Celsius Network, one of the largest decentralized lenders in the cryptocurrency space, sent prices plunging. Crisis of confidence has taken the entire cryptocurrency industry below the US$1 trillion market cap. Not so long ago, the market cap for Bitcoin alone was over US$1 trillion, and now the entire coterie of cryptocurrencies can’t even bust a trill. As with so many things in the cryptocurrency sector, what started off as a spark has turned into a raging wildfire and exposed (yet again) some of the systemic weaknesses of…
Bitcoin mining profitability has plummeted by more than 75% from the market peak, and is now at its lowest level since October 2020. Bitcoin Price Plummets Further Bitcoin’s price plummeted to a 52-week low of $20,800 on Wednesday, down from an all-time high of $68,788 by more than 70%. Despite the fact that the price has already returned above $21,000, important market indications indicate that bears still have a strong grip on the current market. The Bitcoin Miners to Exchange Flow, a metric that measures the amount of BTC transferred…
The governor of the Bank of England, Andrew Bailey, has reiterated his warning about cryptocurrency investing after U.S. crypto lender Celsius abruptly froze withdrawals. He stressed that investors should be prepared to lose all their money, emphasizing that crypto has no intrinsic value. Bank of England’s Governor Warns About Cryptocurrency Following Celsius’ Withdrawal Freeze Bank of England (BOE) Governor Andrew Bailey reiterated his concerns about cryptocurrency investing to the British parliament’s Public Accounts Committee Monday. Responding to a question on how regulators’ duty to protect consumers could clash with the…
Anthony Scaramucci, the founder of Skybridge Capital, a $3.5 billion asset management firm, has some advice for crypto investors on how to survive a bear market and a crypto bloodbath. Scaramucci on How to Survive Crypto Bear Market Skybridge Capital founder Anthony Scaramucci shared his bitcoin outlook and advice on how to survive the crypto market sell-off in an interview with CNBC Monday. “We are in a bloodbath,” he said. “This is my eighth bear market. I expect to survive this one as well.” Scaramucci opined: I am encouraged by…
The crypto bloodbath has left thousands of traders in a bad way. A rapid decrease in price has seen more than 240,000 traders rekt in the span of 24 hours. As the downtrend continues, more investors are added to the long line of losers, most of which have been long traders. As it stands, there are now almost a billion dollars that have been liquidated in the market so far and this number continues to climb with bitcoin declining below $24,000. Over $940 Million In Crypto Liquidated Over the last…
Metaverse tokens are vastly outperforming every other crypto category in the current bearish condition, up by nearly 400% year-on-year. Leading the gains are Decentraland (MANA) up 41%, Sandbox (SAND) up 470%, Axie Infinity (AXS) up 511%, and STEPN (GMT) up 746% according to data from the May 2022 market report by Kraken Intelligence and CoinGecko. Metaverse tokens can be used to pay fees, buy land, and participate in governance. The #NFT boom of 2021 has not only drawn mainstream attention to digital art investments, it has also popularized the crypto…
According to data from CoinMarketCap, a whopping US$200 billion of market cap was wiped out in just 24 hours from digital assets. The cryptocurrency sector looks like it’s due for a bit of soul-searching and there are signs that the smart money has moved into a sector that at the very least has some provable use case – blockchain gaming. In what many have claimed was cryptocurrency’s Lehman moment, a whopping US$200 billion of market cap was wiped out in just 24 hours from digital assets, according to data from…
Data shows the Bitcoin carnage has awakened the dead trading volume that had persisted since many months now. Bitcoin Trading Volume Surges To Highest Value Since December As per the latest weekly report from Arcane Research, the latest bloodbath in the crypto market has awakened BTC’s spot trading volume. The “trading volume” is an indicator that measures the total amount of Bitcoin being moved on the chain on any given day. When the value of this metric rises, it means the market is becoming more active as investors trade larger…
El Salvador has bought the bitcoin dip. Amid a heavy crypto market sell-off, the Salvadoran president announced that his country has purchased 500 more bitcoins. Since El Salvador adopted the cryptocurrency as legal tender, the Salvadoran government has purchased 2,301 bitcoins altogether. El Salvador Buys the Bitcoin Dip Amid a crypto bloodbath, El Salvador has bought the dip. The Salvadoran president, Nayib Bukele, announced Monday on Twitter that his country has purchased 500 more bitcoins. “El Salvador just bought the dip! 500 coins at an average USD price of ~$30,744,”…