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Bitcoin price nears dangerous $20k level as crypto plunge continues

If bitcoin dips below this level, it could be game over for the cryptocurrency. And it’s only $87 away from that point.

The world’s top ranked cryptocurrency is just $87 away from slipping into oblivion.

In the last 24 hours, bitcoin hit a low of US$$20,087 but was trading slightly higher at time of writing, at US$21,920.

However, several experts have warned that if BTC dips below the all-important $20,000 mark, it could spell disaster for the blockchain.

One trading pro has warned that if bitcoin slips below $20,000 and ethereum below $1000, then “massive sell pressure” will ensue which will further drive down prices.

Another pointed out that once bitcoin drops below that price point, it would have lost all the value it had gained from the last five years, since its 2017 high.

Arthur Hayes, former BitMEX chief, took to Twitter to voice his concerns.

“If these levels break, $20k $BTC & $1k $ETH, we can expect massive sell pressure in the spot markets as dealers hedge themselves,” Mr Hayes wrote.

“We can also expect that there will be some otc dealers and that will be unable to hedge properly and might go belly up.

He continued in his Twitter thread: “As far as the charts go, you better get out your Lord Satoshi prayer book, and hope the lord shows kindness on the soul of the crypto markets.

“Bc [because] if these levels break, you might as well shut down your computer bc [because] your charts will be useless for a while.”

In the same vein, Charlie Morris, founder of digital asset management firm ByteTree, believes that $20,000 could be a support level for bitcoin to rally.

However, if it goes past $20,000, all bets are off.

It “might prove to be a support level,” he told CNBC.

“At $20k, bitcoin has made no money since the 2017 high,” he added.

The bitcoin and ether token have been suffering, as have the rest of the world’s cryptocurrency in the wake of economic turmoil and major crypto exchanges pausing transactions.

Around midday on Monday, UK-based Celsius pays interest on cryptocurrency deposits, loans them out and also sells its own token, CEL, but it ceased all activities around midday on Tuesday.

In a blogpost the company warned it was “pausing” all withdrawals and transfers between accounts, adding: “Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, swap, and transfers between accounts.

“We are taking this action today to put Celsius in a better position to honour, over time, its withdrawal obligations.”

They have currently still frozen all their customers’ accounts.

In response, cryptocurrency’s total market cap dipped drastically below US$1 trillion. At time of writing, it was resting at US$924 billion.

Cryptocurrency has been facing a reckoning in recent weeks – and particularly the last few days – as fears mount over a global recession amid rampant inflation and the US central bank hiking interest rates.

On Friday, data found the USA’s inflation rate had reached a new high — rising to 8.6 per cent in May, the worst its been since 1981.

Over the weekend, cryptocurrency plunged in reaction to the news.

This Wednesday, the US Federal Reserve is expected to raise its interest rate to combat spiking inflation.

Economists predict the rate will be increased to settle on 0.25 per cent or 1.50 per cent for July, with the central bank doing a similar thing last month.

Cryptocurrency is closely aligned with the traditional stock market and over the last few days, markets like Dow Jones have tanked and entered a bear run.

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Bitcoin price: Crypto billionaire Winklevoss twins’ sing amid crash

Just days after announcing staff cuts amid a spiralling cryptocurrency crash, billionaire twins Cameron and Tyler Winklevoss have gone wild.

Just days after laying off 10 per cent of their staff amid a spiralling cryptocurrency crash, tech billionaires Cameron and Tyler Winklevoss have gone wild with a heinous rendition of Don’t Stop Believin’ that has broken the internet.

The twins – best known for accusing Mark Zuckerberg of stealing their idea for Facebook – covered the classic Journey tune at a New Jersey rock club after laying off staffers at their cryptocurrency start-up Gemini.

In a bizarre video of the gig, which has gone viral on Twitter, Tyler strains to hit the high notes while Cameron tackles a questionable solo on an electric guitar.

“Uh so I saw the Winklevoss twins’ band?” wrote an attendee who posted the video clip to Twitter, calling the show “by far one of the strangest and most tragically hilarious/infuriating things I’ve ever witnessed”.

The brothers also sold NFTs as band merchandise, according to the Twitter user who posted the video of the show at Asbury Park’s Wonder Bar.

In addition to Journey, the Winklevoss twins have also covered songs by Fall Out Boy, Blink 182, U2, Nirvana, Kings of Leon and The Killers, according to Page Six.

Announcing last week’s lay-offs, the crypto brothers cited difficulties related to “current macroeconomic and geopolitical turmoil” for forcing them to slash jobs for the first time since they founded Gemini in 2014.

“Today is a tough day, but one that will make Gemini better over the long run,” the brothers said in a note to employees while announcing the lay-offs.

“Constraint is the mother of innovation and difficult times are a forcing function for focus, which is critical to the success of any start-up.”

The staff cuts also came amid a lawsuit by the Commodity Futures Trading Commission accusing the company of making false and misleading statements concerning a bitcoin futures contract the firm was pursuing in 2017.

The brothers have also reportedly personally lost billions of dollars each during the ongoing crypto crash.

They had banked on a crypto comeback following the collapse of TerraUSD last month due to the rise of interest rates and recession fears.

The Sydney Morning Herald reported the brothers had their fortunes invested in crypto start-ups ranging from trading platform Slingshot to tax facilitator Taxbit.

According to their portfolios, the 40-year-old siblings have stakes in about 50 crypto or blockchain start-ups.

Bloomberg reports their fortunes have slumped to $3 billion each, from a high of $5.9 billion, as the cryptocurrency market continues to plummet amid fears of an impending recession.

Their business Gemini is not the only crypto start-up to cut staff as the market continues to tumble.

Crypto exchanges Coinbase and BlockFi are laying off hundreds of staff members, equivalent to a fifth of their workforces, as they struggle to survive.

On Monday, bitcoin – the world’s largest cryptocurrency token – reached its lowest level since December 2020 to trade at below $US23,000 ($A33,000). And on Tuesday, it was trading at $US22,130.40 ($A32,147.59). As of 8am today it has sunk to $US21,500 ($A31,231).

It’s a far cry from the coin’s all-time highs in November last year: Bitcoin was worth almost $US69,000 ($A100,000) while ether was $US4,865 ($A7067) at its peak, 70 per cent more than it is worth now.

Cryptocurrency has been facing a reckoning in recent weeks – and particularly the last few days – as fears mount over a global recession amid rampant inflation and the US central bank hiking interest rates.

On Friday, data found the USA’s inflation rate had reached a new high, rising to 8.6 per cent in May, the worst it’s been since 1981.

Over the weekend, cryptocurrency plunged in reaction to the news.

This Wednesday, the US Federal Reserve is expected to raise its interest rate to combat spiking inflation.

Economists predict the rate will be increased to settle on 0.25 per cent or 1.50 per cent for July, with the central bank doing something similar last month.

Cryptocurrency is closely aligned with the traditional stock market and over the last few days, markets like Dow Jones have tanked and entered a bear run.

– with Alex Turner-Cohen

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Bitcoin, ethereum price freefall gets dire: ‘Don’t buy this dip’

Cryptocurrency is in for a rough couple of weeks as experts warn that the embattled digital tokens haven’t hit anywhere near rock bottom.

Cryptocurrency is in for a rough couple of weeks as experts warn that the embattled digital tokens haven’t hit anywhere near rock bottom.

Last week, an eye-watering $US100 billion ($A142 billion) was wiped from the combined cryptocurrency market capitalisation, according to Forbes.

Prominent blockchains suffered a significant hit including bitcoin, ethereum, BNB, solana, cardano, XRP, dogecoin, polkadot, tron and avalanche.

Bitcoin, the top-ranked cryptocurrency, was trading at $37,140 for each token at the time of writing, representing a drop of eight per cent in just 24 hours.

Ethereum fared even worse; the second most popular cryptocurrency sank by 20 per cent over the weekend, dropping to $1946, which was its lowest level since March 2021.

Cryptocurrency is no stranger to fluctuating price points and its volatility has often led to advocates encouraging other traders to buy while the value is lower.

However, one expert has warned the strategy won’t work this time around.

Peter Schiff, chief economist at Euro Pacific Capital, warned that “buying the dip” was not a good idea.

On Sunday, Mr Schiff warned in a tweet: “This could be a rough weekend for crypto.

“Bitcoin looks poised to crash to $20,000 (USD) and ethereum to $1000.

“If so, the entire market cap of nearly 20,000 digital tokens would sink below $800 billion, from nearly $3 trillion at its peak. Don’t buy this dip. You’ll lose a lot more money.”

Another crypto pro, Benjamin Cowen, warned that many alt coins wouldn’t survive the current bear market.

“The cold hard truth is that many alts (not all) will never see a new all-time high again,” he wrote on social media to his 650,000 followers.

Cryptocurrency has been facing a reckoning in recent weeks – and particularly the last few days – as fears mount over a global recession amid rampant inflation and the US central bank hiking interest rates.

On Friday, data found the USA’s inflation rate had reached a new high, rising to 8.6 per cent in May – which is the worst its been since 1981.

This Wednesday, the US Federal Reserve is expected to raise its interest rate to combat spiking inflation.

Economists predict the rate will be increased to settle on 0.25 per cent or 1.50 per cent for July, with the central bank doing a similar thing last month.

Spooked investors have pulled out of cryptocurrency, and also the broader stock market.

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Bitcoin price: Crypto market plummets over $200 billion as world governments step in

The cryptocurrency market has suffered another “chaotic” 24 hour period, with $200 billion wiped off the market overnight.

The cryptocurrency market has suffered another brutal day, losing over $200 billion in value over the past 24 hours with major coins copping the worst of the crash.

Bitcoin and Ethereum, the world’s two most-traded digital assets, went into another freefall on Wednesday, with smaller coins BNB, Solana, Cardano and XRP also suffering significant losses.

Bitcoin’s price crashed almost 10 per cent over the last 24 hours, dropping to under $54,000 (AUD) for the first time in well over six months.

The price of ethereum, BNB, solana, cardano and XRP also experienced significant drops of between 7 to 11 per cent in the last 24 hours.

Still in its relative infancy, the cryptocurrency market has faced similar tumultuous periods where large chunks of value disappear overnight.

Experts in the field believe values have dropped as a result of the US Federal Reserve raising rates in 2022, alongside heightened pressure from China and Russia to stifle digital currency trading within their borders.

The Chinese government’s widespread crypto ban in 2021 saw the country expel those who use high-powered computers to mine new coin. The result sent bitcoin and crypto prices spiralling, with the downward trend continuing steadily in the first few weeks of 2022.

“I think the main reason for this is the market being spooked by the Federal Reserve raising rates this year, but when the stock market sees some relief, I expect a strong squeeze to the upside for bitcoin and the whole market,” analyst at UK-based broker GlobalBlock Marcus Sotiriou wrote this year.

The wild west nature of the crypto sphere has attracted millions of new investors buying in over the past 12 months. A brief period in early 2022 saw Bitcoin break new ground, soaring to over $80,000 AUD per coin after Elon Musk’s persistent endorsement of the revolutionary technology.

CEO and Co-founder of Mudrex Edul Patel says the current dive-bomb, which he believes has come from a lack of demand amid soaring inflation in the West, has left casual investors in a state of panic.

“The downward trend is likely to put investors in a chaotic situation. The fall of significant cryptos can be attributed to lower demand, inflation, and seasonality. The coming week would be vital for the crypto spectrum,” he told the Economic Times.

In Russia, life is about to get a lot harder for those deep in the crypto sphere, with the government making serious moves against what has become a $7 billion yearly market in the country of 143 million.

According to a report released by the country’s central bank on Thursday local time, cryptocurrency mining and trading goes against Russia’s green agenda and can be used in money laundering or to finance terrorism.

Cryptocurrency has a lot in common with a pyramid scheme, according to the bank, which also called for crypto rule breakers to face the full penalty of the law.

Although the bank’s suggestion to clamp down on cryptocurrency is just that — a suggestion — Russia appears to be fast-tracking parliamentary sessions so that a potential ban could come into effect as soon as possible.

Speaker of the lower house of parliament Vyacheslav Volodin revealed this week that politicians were creating a regulatory framework on cryptocurrency that will be ready in time for the Russian parliament’s spring session.

Under the proposal, cryptocurrency wouldn’t be able to be created, mined or traded on Russian soil — including blocking customers from using crypto exchange platforms.

Russians with offshore accounts would still be able to trade cryptocurrency.

If Russia’s proposal to go ahead, it would be a major blow to the cryptocurrency market around the world.

Russian citizens make up the third-largest number of crypto miners, behind the US and Kazakhstan.

Blockchain miners have made the most of Russia’s unique resources to maximise their mining, with people flocking to the country’s north and Siberia to mine blockchain, because power is cheap over there.

“Potential financial stability risks associated with cryptocurrencies are much higher for emerging markets, including in Russia,” the central bank said.

But according to the research team at CoinCDX, India’s largest crypto trading platform, digital assets have endured years of similar suppression from world governments, tipping the decentralised currencies to rise again in the future.

“As Russia-one of the largest crypto adopters in the world-announced its plans for a blanket ban on crypto, the digital asset market plunged back into the reds. BTC and ETH took sharp dips, dropping 2.54% and 3.62% respectively over the past 24 hours,” CoinCDX said in a statement.

“Other altcoins from BNB, ADA, and SOL also nosedived with yet another economic powerhouse taking a hard stance against crypto.

“While this may be a cause for concern, the crypto industry has weathered through multiple bans, restrictions and regulatory scrutiny over the years but have stood the test of time.

“Looking back at how the sector bounced back shortly after China’s crypto ban, we can expect the sell-off to have little long-term impact on crypto’s performance besides this brief initial dip.”


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Tracking cryptocurrency news from around over the world

Most cryptocurrencies are down 7-10% today as global financial markets experience a red day

Use promocode TNM51 at www.giottus.com/profile#promo after registration to get Rs.51 worth free Bitcoin.

Bitcoin has, for the first time in 2022, dipped below the psychological support level of $40,000 today reflecting the larger bearish sentiment among the market participants. Overall crypto market slid by more than 8% today as global financial markets reacted in the red to lingering concerns of interest rate hikes by the US Federal Reserve. Crypto market is expected to go lower in the next 2 weeks before a strong relief rally can bring positive momentum back. Investors are advised to remain patient as Q1 2022 promises to be a volatile ride. However, these prices may also indicate a great buying opportunity for the future.

In this article, we will take a brief look at the events that influenced the cryptocurrency markets this week.


Regulations and Hacks in Crypto

Russia, home to a thriving crypto mining industry, has proposed a blanket ban on the use and mining of all cryptocurrencies. The Central Bank of Russia has claimed that crypto resembles a pyramid scheme and undermines the sovereignty of monetary policy. Already having banned the usage of crypto for payments, the bank stated that mining is hurting the country’s green agenda and endangering Russia’s energy supply. It is imperative to note that more than 7 trillion rubles ($92 billion) of assets are held in about 17 million crypto wallets in Russia.

Crypto.com, a Singapore-based crypto exchange, faced a security breach this week after several users made complaints that their assets were stolen. According to estimates, around $34 million has been compromised due to transactions that were being authorized without the two-factor authentication (2FA) control being entered by the user. The exchange has credited all the lost coins to its users.


NFTs gain traction

One of the biggest challenges for mainstream adoption of non fungible token (NFTs) has been the current complexities associated with buying and selling a NFT as most of the existing NFT marketplaces only support crypto payments. To tackle that, US-based cryptocurrency platform Coinbase has announced that it is working with multinational financial services firm Mastercard to allow users to buy NFTs using cards.

Twitter launched a tool yesterday through which users can display their NFTs as their profile pictures. The feature is currently available only on iOS that allows users to connect their twitter accounts to crypto wallets that contain the NFTs. Twitter will display NFT profile pictures as hexagons as opposed to circles that are available to other users. Following suit, Meta is also looking to capitalize on the NFT craze as news sources claim they are developing ways to create, display and sell NFTs on Facebook and Instagram. Meta is also reportedly working on a marketplace to buy and sell NFTs.

Bored Ape Yacht Club (BAYC), the NFT art which had recently caught the attention of many celebrities all around the world continues to impress more as top tennis player Serena Williams and football star Neymar Jr posted BAYC apes in their twitter accounts. Neymar paid $1 million for the NFT while Serena seems to have received it as a gift.


NY Mayor Gets Bitcoin

New York City Mayor Eric Adams has announced that his first paycheck will be automatically converted into cryptocurrency via Coinbase Global. The Mayor had said last year that he would receive his first three paychecks in Bitcoin and vowed to make New York a centre of crypto innovation.

Disclaimer:This article was authored by Giottus Cryptocurrency Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.




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