What are cryptocurrencies? | Complicated
Bitcoin has fallen below $ 24,000, reaching its lowest levels since the end of 2020.
More than $ 200 billion was wiped out of the entire cryptocurrency market on Monday morning.
This is the latest in a series of cryptocurrency price crashes in which its value has fallen by more than 60% in the last seven months.
Several leading cryptocurrencies, including Ethereum (ETH), Cardano (ADA), Solana (SOL) and Dogecoin (DOGE), have suffered even more severe losses than bitcoin, falling between 15-25 percent in the last day.
While many cryptocurrency holders are liquidating their assets, crypto lender Celsius has told customers it will temporarily not be able to withdraw funds from the platform.
“Due to extreme market conditions, today we announce that Celsius is pausing all withdrawals, swaps and transfers between accounts,” the company said today.
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NFT trading volumes are increasing amid a crypto crash
NFT trading volumes rose on the last day, even as the crypto market collapsed.
NFT’s best projects, including Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC) and Crypto Punks, have seen a 100% increase in the last 24 hours, according to CryptoSlam.
However, the data show that a small number of wealthy investors may be behind the moves.
Vishvam Sankaran June 14, 2022 07:12
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More than $ 100 million was withdrawn from US cryptocurrencies last week
About $ 102 million worth of digital assets were withdrawn by US cryptocurrencies last week “pending hawkish monetary policy” from the US Federal Reserve, according to CoinShares.
The latest edition of the weekly report on digital asset fund flows from CoinShares notes that outflows between June 6 and 10 were mainly driven by North and South American investors at $ 98 million, while in Europe they were only $ 2 million.
“Bitcoin recorded outflows totaling $ 57 million last week, bringing outflows from the month to $ 91 million,” the report said, adding that Ethereum had recorded outflows of $ 41 million, bringing its total outflows to $ 91 million. year to 387 million dollars.
Vishvam Sankaran June 14, 2022 06:08
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Bitcoin falls below $ 22,000 again
After briefly rising to over $ 22,000, bitcoin has fallen below its value in the last hour.
The leading cryptocurrency is currently hovering around this brand.
It is still about 15% lower on the last day and over 25% compared to last week.
The total cryptocurrency market has fallen by about 12% in the last day and is estimated at about $ 924 billion amid the risk of mass liquidation.
Vishvam Sankaran June 14, 2022 05:46
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El Salvador’s minister says the crypto crash is an “extremely minimal” risk
El Salvador’s finance minister, Alejandro Celaya, said on Monday that the current collapse of the crypto market posed an “extremely minimal” fiscal risk for the South American nation.
“When I’m told that the fiscal risk for El Salvador because of bitcoin is really high, the only thing I can do is smile. The fiscal risk is extremely minimal, “Mr Zelaya told a news conference, according to Reuters.
The country bought 2,301 bitcoins, which currently cost 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 total national budget,” he said.
Vishvam Sankaran June 14, 2022 05:18
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Coinbase is down more than 11 percent as bitcoin falls
Shares of Coinbase fell more than 11 percent on Monday amid the latest collapse in the crypto market.
This appears to be related to bitcoin trading at its lowest levels since December 2020, and the total market value of cryptocurrencies is falling below the $ 1 trillion mark.
Shares of the crypto trading platform have already fallen 76 percent in the past year, and the company has announced a rental freeze and canceled accepted job offers.
Vishvam Sankaran June 14, 2022 05:08
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Crypto.com, BlockFi fires workers amid “crypto winter”
Cryptocurrency companies, including Crypto.com and BlockFi, have announced they have fired employees amid the recent collapse of the crypto market and bear industry.
Chris Marshalek of Crypto.com said the company was making adjustments to market conditions by “making targeted cuts of approximately 260 or 5% of our corporate workforce.”
“We will continue to evaluate how best to optimize our resources to position ourselves as the strongest builders during the downturn cycle, to become the biggest winners in the next overtaking,” he tweeted.
BlockFi founders Zack Prince and Floria Marquez also said in a blog post on Monday that the reason the company fired employees was due to a cryptographic crash.
Vishvam Sankaran June 14, 2022 4:40 p.m.
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Bitcoin fell 16 percent
Bitcoin has fallen about 16% in the last day and is approaching the $ 21,000 mark.
The world’s leading cryptocurrency fell nearly 27 percent from its price last week amid the recent collapse of the crypto market.
Other leading cryptocurrencies, including Ethereum and dogecoin, have also fallen about 15% in the past 24 hours.
Solana and cardano also fell by more than 5 to 8 percent in the last day.
The common cryptocurrency market continues its downward trend and is currently close to $ 900 million, sinking more than 12% in the last 24 hours.
Vishvam Sankaran June 14, 2022 04:09
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El Salvador loses half of its bitcoin investment as crypto market crashes
El Salvador currently has 2,301 bitcoins, worth about $ 50 million at the time of publication.
That’s about 50 percent of the $ 105.6 million invested by President Naib Bukele.
The country has bought dips several times in the past.
In October 2021, he bought 420 bitcoins, paying the highest price for bitcoin. Then on May 9, Mr. Bukele again “bought the fall” and bought 500 bitcoins for over $ 30,700 each.
But amid the recent collapse of the crypto market, with the price of bitcoin approaching the $ 21,000 mark, it remains to be seen whether the country will continue to hold its bitcoin assets to recoup some of the lost money.
Vishvam Sankaran June 14, 2022 03:58
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How bad is the latest bitcoin crash?
Crypto market analysts are divided on whether we are nearing the end of the bear market or still in the middle.
With more than 60% of bitcoin losses after its price peak in November 2021, some believe it may still rival the 80% + losses seen during market corrections in 2013 and 2017.
After falling below $ 1 trillion today for the first time since 2020, we asked analysts how they think the crypto market is going from here.
You can read all about it here:
Anthony Cuthbertson June 13, 2022 20:36
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The collapse of bitcoin continues
We will continue with our updates tomorrow – stay tuned!
Adam Smith June 13, 2022 5:40 p.m.
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