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EU hammering out cryptocurrency regulations that could set global standard – National

Europe prepares to lead the world in regulating the freewheeling cryptocurrency industry at a time when prices have plunged, wiping out fortunes, fueling skepticism and sparking calls for tighter scrutiny.

The European Union took a first step late Wednesday by agreeing on new rules subjecting cryptocurrency transfers to the same money-laundering rules as traditional banking transfers.

A much bigger move was expected as EU negotiators hammer out the final details late Thursday on a separate deal for a sweeping package of crypto regulations for the bloc’s 27 nations, known as Markets in Crypto Assets, or MiCA.

Like the EU’s trendsetting data privacy policy, which became the de facto global standard, the crypto regulations are expected to be highly influential worldwide.

Read more:

Bitcoin and crypto platforms are in trouble. What’s behind the collapse?

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The EU rules are “really the first comprehensive piece of crypto regulation in the world,” said Patrick Hansen, crypto venture adviser at Presight Capital, a venture capital firm.

“I think there will be a lot of jurisdictions that will look closely into how the EU has dealt with it since the EU is first here,” Hansen said.

He expected authorities in other places, especially smaller countries that don’t have the resources to draw up their own rules from scratch, to adopt ones similar to the EU’s, though “they might change a few details.”

Under the Markets in Crypto Assets regulations, exchanges, brokers and other crypto companies face strict rules aimed at protecting consumers.


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Cryptocurrency industry has rough week amid market uncertainty


Cryptocurrency industry has rough week amid market uncertainty – Jun 14, 2022

Companies issuing or trading crypto assets such as stablecoins — which are usually tied to the dollar or a commodity like gold that make them less volatile than normal cryptocurrencies — face tough transparency requirements requiring them to provide detailed information on the risks, costs and charges that consumers face.

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Providers of bitcoin-related services would fall under the regulations, but not bitcoin itself, the world’s most popular cryptocurrency that has lost more than 70 per cent of its value from its November peak.

The European rules are aimed at maintaining financial stability — a growing concern for regulators amid a string of recent crypto-related crashes. The stablecoin TerraUSD imploded last month, erasing an estimated $40 billion in investor funds with little or no accountability.

Read more:

Shouldn’t stablecoins be stable? What’s behind TerraUSD’s collapse

The meltdowns have spurred calls for regulation, with other major jurisdictions still drawing up their strategies. In the U.S., President Joe Biden issued an executive order in March on government oversight of cryptocurrency, including studying the impact on financial stability and national security.

Last month, California became the first state to formally begin examining how to broadly adapt to cryptocurrency, with plans to work with the federal government on crafting regulations.

The U.K. also has unveiled plans to regulate some cryptocurrencies.

A few European countries, like Germany, already have basic crypto regulations. One of the EU’s goals is bringing rules in line across the bloc, so that a crypto company based in one country would be able to offer services in other member states.

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The EU rules, which would still need final approval and are expected to take effect by 2024, include measures to prevent market manipulation, money laundering, terrorist financing and other criminal activities.

On Wednesday, EU negotiators signed a provisional agreement for the bloc’s first rules on tracing transfers of crypto assets like bitcoin, which is aimed at clamping down on illicit transfers and blocking suspicious transactions.

When a crypto asset changes hands, information on both the source and the beneficiary would have to be stored on both sides of the transfer, according to the new rules. Crypto companies would have to hand this information over to authorities investigating criminal activity such as money laundering or terrorist financing.

“For too long, crypto-assets have been under the radar of our law enforcement authorities,” one of the lead EU lawmakers negotiating the rules, Assita Kanko, said in a statement. “It will be much harder to misuse crypto-assets and innocent traders and investors will be better protected.”

The EU institutions are working out the technical details before the crypto tracing rules receive final approval.


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Crypto scams on the rise across New Brunswick


Crypto scams on the rise across New Brunswick

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Bitcoin price plunges to $17k as ethereum, BNB, cardano, solana and ripple also struggle

Bitcoin has pretty much lost all its gains throughout the pandemic and hit a new horror low that will make history.

Cryptocurrencies including bitcoin, ethereum, BNB, cardano and Ripple XRP have faced a tough year, with fluctuating values and more.

And it doesn’t look like the downward trend will turn around any time soon, reports The Sun.

Bitcoin, the world’s top-ranked cryptocurrency, has dropped by nearly 7.5 per cent in the last day.

At the start of last month, bitcoin was trading at US$36,141.33 (A$52,000), according to CoinMarketCap.

But now, a month and a half later, the outlook is even worse.

As of Sunday morning AEDT, bitcoin fell as low as $US17,601.58 (A$25,300) and stayed below $US20,000 according to CoinDesk. It is currently trading at US$18,900 (A$27,200).

That’s a loss of about 15 per cent from Friday, and represents a whopping 74 per cent dip in value since its all-time high in November when it nearly hit US$69,000 (A$99,000) per coin.

In fact, all bitcoin’s gains over the last two years of the pandemic have pretty much been wiped – BTC hasn’t been this low since October 2020.

Other cryptocurrencies were following similar trends, with sellers like ethereum, cardano and solana falling upwards of four per cent in just one day.

Admittedly, the stock market overall is down as investors sell risky assets, and the values are tightly linked, meaning a dip all around.

The latest plunge follows a crypto crash at the start of December, shortly after bitcoin hit a record value of US$69,000 in November.

One trader lost $5 billion after the price of bitcoin plummeted in December, highlighting the risks of investing in crypto.

And in another recent blow to the market, Crypto.com users were unable to access funds due to “unauthorised activity” on some accounts.

Last year users of cryptocurrency exchange Binance were unable to access their cash after suspending UK withdrawals.

And Etoro customers were locked out of their accounts after the service went down during a crypto crash.

To top that off, UK-based cryptocurrency lending company Celsius Network suspended all transactions on Monday as the bloodbath continued. Its 17 million users are still suspended.

Why have crypto markets been down?

Cryptocurrencies have been especially volatile lately and there a few reasons why.

Twitter’s chief financial officer Ned Segal said at the end of last year that investing in crypto “doesn’t make sense right now”, causing concern among Silicon Valley buyers.

China also announced plans to clean up virtual currency mining, according to CNBC.

Many crypto-mining regions in China are now radically reducing operations.

Previous moves by the country to crackdown on mining and trading of crypto has previously sent markets plunging.

Crypto volatility

Cryptocurrencies are highly volatile, meaning their values often make large swings with no notice, as the latest plunge shows.

Investing in cryptocurrency is a very risky business.

You can be left with less money than you put in, and could even lose it all – even if you spend on what appears to be a safe bet.

You might not be able to access your investment if platforms go down and you could be left unable to convert crypto back into cash.

There have also been warnings around scams related to cryptocurrencies, with people losing vast sums of money.

You should never invest in something you don’t understand and you should never put in money that you can’t afford to lose entirely.

This article appeared in The Sun and was reproduced here with permission.

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Crypto Crash News 6/17: Bitcoin Crash News, Ethereum Crash News – Solana, Polkadot Crash Updates Today

Crypto Crash Latest News (17th June): The global cryptocurrency market cap has come down by over $100 billion since the start of the week. At the time of writing, the global crypto market cap was $893 billion, down 7 percent over the last day, according to data on CoinMarketCap at 8.37 am India time. 

The crypto markets showed some signs of recovery on Thursday (June 16th) while several top coins registered gains of over 10 per cent. However, amid weak global cues and falling traditional financial markets, cryptos are also facing a downturn. 

The global crypto market volume was $76 billion, down 40 percent over the last 24 hours, according to data on CoinMarketCap. 

The prices of top cryptos, including Bitcoin and Ethereum, are again in the red as the market sentiments remain in the “extreme fear” zone.  

Bitcoin dominance has dropped to 44 percent, according to data on CoinMarketCap, which tracks 19866 cryptos and 527 exchanges. 

“Bitcoin continued to remain in a downtrend, just a tad above $20,000 and risking a fall below that level. Along with the stock markets, the crypto markets have also been following a downtrend. The daily trend for the BTC has now formed a descending channel pattern. The daily RSI has dropped below 20 for the first time since over two years(Mar’20). Bitcoin continues to remain in the oversold zone with investors considering these price levels as an opportunity to accumulate more of the token,” analysts at WazirX Trade Desk shared in a note.

ALSO READ | Will crypto bounce back in 2022? Here’s what experts say

Bitcoin (BTC) price has dropped by 32 percent in the last 7 days and around 8 percent in the last 24 hours. At the time of writing, BTV was trading at $20,621.

“Most cryptocurrencies fell late Thursday, tracking losses in the US equity markets. Bitcoin fell 8% after swinging between a day high at US$22,950 and a low at US$20,600 in the past 24 hours. BTC is down by nearly 56% from its year’s high at US$48,234 and 29% down in trading volume. If traders are determined, it may fall below the current level too. While on the other side, Ethereum also slipped by 10% extending its 2022 decline to more than 70%. The volatility in the market may continue for the next few weeks,” said Edul Patel Co-Founder & CEO of Mudrex.

Crypto Rupe Index Change

Crypto Rupee Index (CRE8) by CoinSwitch decreased by over 2 percent in the last one day to Rs 2188.  CRE8 tracks crypto market performance in INR.

Top Crypto Prices on June 16

Ethereum (ETH): Ethereum price has decreased nearly 11 percent to $1089 in the last 24 hours. In the last 7 days, the ETH price has decreased by around 40 percent. It is currently ranked second largest crypto asset in terms of market capitalisation.  

Binance (BNB): Binance Chain coin’s price decreased by around 7 percent to $214 in the last 24 hours. In the last 7 days, BNB’s price has decreased by 26 percent. It is currently ranked as the fifth biggest crypto asset in terms of market capitalisation.  

XRP: XRP coin’s price decreased by 3.41 percent to $0.3364 in the last 24 hours. In the last 7 days, XRP price has decreased by 23 percent. It is currently ranked as the 8th biggest crypto in terms of market capitalisation.  

Solana (SOL): Solana’s price decreased by around 11 percent to $30.53 in the last 24 hours. In the last 7 days, SOL price has decreased by 25 percent. It is currently ranked as the 9th biggest crypto asset in terms of market capitalisation.  

Cardano (ADA): Cardano token’s price fell by around 7 percent to $0.4883 in the last 24 hours. In the last 7 days, ADA price has decreased by 23 percent. It is currently ranked as the 7th biggest crypto asset in terms of market capitalisation.  

Popular memecoin Dogecoin’s (DOGE) price decreased by around 7 percent in the last 7 DAYS. DOGE is currently ranked 10th in terms of market capitalisation. The price of DOGE at the time of this report was $0.05631.

Price of Polkadot (DOT) decreased by 13 percent to $7.23 while  Avalanche (AVAX) price also fell by 10 percent to $16 in the last 24 hours. Both DOT and AVAX are currently ranked 10th and 16th respectively on CoinMarketCap. Polygon (Matic) price decreased by around by 9 per cent to $0.3903 in the last 24 hours. It is currently ranked 20th on CoinMarketCap. 

Meanwhile, Tron (TRX) price has decreased by around 4 percent in the last 24 hours to $0.06154. It is currently ranked 13th on CoinMarketCap. 

(Cryptos and other virtual digital assets are unregulated in India. They are considered extremely risky for investment. Please consult your financial advisor before making any investment decision)




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Bitcoin and crypto platforms are in trouble. What’s behind the collapse? – National

The plummeting value of Bitcoin and turmoil across major cryptocurrency platforms has many investors fretting about their digital wallets and leaders in the space warning about a “crypto winter.”

So what’s happening, and what does it mean for your portfolio? Here’s what you need to know.

What’s happening to Bitcoin?

Bitcoin is continuing a downward spiral that has marked much of 2022 for the popular cryptocurrency.

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The digital currency continued to sink Tuesday following a 16-per cent drop on Monday that sent its value as low as US$22,400. Bitcoin has lost more than two-thirds of its value compared to all-time highs in November of last year.

Bitcoin is not the only crypto asset facing a downturn.

Ethereum, another widely-followed cryptocurrency, was down roughly 17 per cent on Monday. The crypto market as a whole dropped below a value of US$1 trillion this week.

Investors have been selling riskier assets such as digital currencies and technology stocks as the Federal Reserve raises interest rates to combat high inflation.

Monday marked the start of a bear market on Wall Street as the S&P 500 fell 20 per cent below a previous high point in January.

Read more:

Wall Street enters bear market as rate hike, recession fears send stocks lower

Alex Tapscott, managing director of the digital asset group at Ninepoint Partners, tells Global News that cryptocurrencies have suffered through the same “broad-based selloff” in 2022 that’s hit the value of higher-risk assets including tech stocks such as Netflix and Meta.

He says that trend has “accelerated” recently as investors look to get riskier assets off their portfolios.

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“Investors are looking to de-risk all over the board and Bitcoin and crypto assets are getting washed up along with it,” he says.

What’s happening to crypto platforms?

Bitcoin’s latest falls are also being tied in part to alarming moves from some major crypto exchanges and lending platforms who have announced plans this week to stem operations or cut jobs.

On Sunday, the cryptocurrency lending platform Celsius Network announced that it was pausing all withdrawals and transfers between accounts in order to “honor, over time, withdrawal obligations.”

Celsius, with roughly 1.7 million customers and more than US$10 billion in assets, gave no indication in its announcement when it would allow users to access their funds.


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What you need to know before investing in cryptocurrency


What you need to know before investing in cryptocurrency – Nov 4, 2021

Caisse de dépôt et placement du Québec, the province’s pension fund, is among Celsius’ backers.

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“That has created a crisis of confidence, I think, in many other companies in the sector and people are now wondering just how at risk their investments might be,” Tapscott says.

Meanwhile on Tuesday, crypto exchange Coinbase announced it was cutting 1,100 jobs, or 18 per cent of its workforce. It joins companies including BlockFi and Crypto.com in slashing hundreds of jobs amid the collapse.

Coinbase CEO Brian Armstrong said in a blog post announcing the decision that the platform grew too quickly as it tried to capitalize on the crypto boom last year and would need to cut costs as it prepares for an economic downturn.

“We appear to be entering a recession after a 10+ year economic boom. A recession could lead to another crypto winter, and could last for an extended period,” Armstrong wrote.

What’s a ‘crypto winter’?

The “crypto winter” that Armstrong reference in his post typically refers to a prolonged period or months or years in the cryptocurrency sphere when digital assets are declining in value with very little interest in the space as a whole.

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“It is what it sounds like. It’s a winter, it’s cold, it’s cool. Investors don’t want to be in it. More sellers than buyers,” says Genevieve Roche-Decter, CEO of Grit Capital.


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Crypto market value falls below US$1 trillion as bitcoin hits 18-month low


Crypto market value falls below US$1 trillion as bitcoin hits 18-month low

This could be a period when so-called alt-coins that popped up during the crypto mania of the past few years could plummet and lose all value, she says, similar to the dot-com bubble of the late 1990s.

Read more:

Shouldn’t stablecoins be stable? What’s behind TerraUSD’s collapse

Tapscott is less convinced that winter has come for cryptocurrencies.

While there have been previous busts and declines across the crypto world, he notes that recent years have seen institutional investors take on a more vested interest in digital assets.

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Payment processors such as Paypal, Visa and Mastercard have gotten into crypto and many exchange platforms still have a sizeable access to funding that they wouldn’t have had in earlier downturns.

“There’s a lot of funding. It’s quite sophisticated, it’s much more widely held, there’s far more innovation and therefore utility,” he says.

“And I think as a result we’re going to see the winter, such as it is, be a little less cold and a little less long than anything we’ve seen in the past. I think if anything, it will recover much faster this time.”

What should you do about your portfolio?

For many investors who got into the crypto space amid the recent hype of Super Bowl commercials and Reddit threads, this will be the first time seeing the value of their digital assets dwindle.

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Roche-Decter says that owning cryptocurrencies is “not for the faint of heart” and that it could take years before assets such as Bitcoin return to their previous highs, if they ever do.

Bitcoin and other cryptocurrencies have seen great gains as well as great falls, and anyone counting on big payoffs in the space will likely have to take on a long investment horizon, she says.


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Money Matters with the Baun Investment Group at Wellington-Altus Private Wealth


Money Matters with the Baun Investment Group at Wellington-Altus Private Wealth

When it comes to making money with your portfolio, Roche-Decter says many young investors might be discouraged to hear that volatile assets such as crypto are not usually the best path forward.

“Boring is actually sexy. The way to make money long term is to be in just basic companies that generate revenue in up and down markets. And unfortunately, that’s not what that generation wants to hear,” she says.

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For investors wanting to ride the crypto roller coaster, Roche-Decter recommends a more limited exposure. An overall portfolio could have 80 per cent safer assets and 20 per cent to have fun with in more speculative ventures, she suggests.

“I don’t support all of those things, but you have to keep some of it entertaining and keep yourself in the game. The rest of it — sleep at night,” she says.

— with files from Global News’s Anne Gaviola, The Associated Press, Reuters

© 2022 Global News, a division of Corus Entertainment Inc.




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Jobs On Line, Concerns Rise But Not Everyone Is Affected

What began as a weekend tumble has led to a full-blown crash for the crypto market. It’s the fourth straight day of dropping prices, with Bitcoin falling a further 13.46 percent in the last 24 hours, slipping to $21,916 at the time of writing.

Ethereum has also taken a beating, plummeting nearly 14 percent since Monday, trading at $1,169 at the time of writing. The rest of the market is also seeing red, with most coins recording double-digit losses over the last few days.

Solana (SOL) is trading at $30.24, an uptick of 7.21 in the last few hours. However, it’s down more than 22 percent over the last week. It’s similar to Cardano (ADA), trading at $0.49, up 2.68 percent over the last 24 hours but down more than 15 percent for the week.

The global crypto market capitalisation has also fallen from $2.19 trillion at the start of 2022 to $927 billion at the time of writing. Collapsing prices have eroded millions of dollars of investor funds almost overnight.

Crypto firms are struggling to navigate the stormy seas, and there seems to be no respite in sight. Now backed into a corner, organisations are compelled to revaluate their operating costs and reduce outgoings to sustain operations.

And one way to do this is through job slashes.

On June 13, crypto lending and trading platform BlockFi announced a 20 percent job cut. This means that 170-200 individuals of its 850-member workforce could get the axe in the coming weeks. BlockFi CEO Zac Prince tweeted that a “dramatic shift in macroeconomic conditions” was to blame for the unfortunate outcome.

Before Prince took such a call, Kris Marszalek, CEO of Crypto.com, announced in a series of tweets on June 10 that the firm would be letting go of 5 percent of its workforce as well.

“Our approach is to stay focused on executing against our roadmap and optimising for profitability as we do so,” he tweeted.

Last month, crypto biggies like Coinbase, Gemini and Rain Financial cut jobs, paused all hiring and rescinded existing job offers.

Overwhelming 40-year high inflation levels in the US and diminished demand forced FinTechs to make severe job cuts. Fortune reported that the sector witnessed more job slashes in May 2022 than the four previous months combined.

Market headwinds even forced global lending platforms like the Celsius Network to halt withdrawals for all its 1.7 million customers.

“We understand that this news is difficult, but we believe that our decision to pause withdrawals, Swap, and transfers between accounts is the most responsible action we can take to protect our community. We are working with a singular focus: to protect and preserve assets to meet our obligations to customers,” read the official announcement blog.

The move caused their CEL token to tumble from $0.4 to $0.16 on the same day, a 60 percent collapse. The token was trading at $4.4 at the start of 2022 and has lost 96 percent of its value since then.

But not all crypto firms are sailing in the same boat. At the Consensus 2022 event held recently, Binance CEO Changpen Zhao (popularly known as CZ in the crypto community) said that the company had expansion plans. It would continue hiring and make new acquisitions to expand its footprint.

CZ explained that Binance had not engaged itself in heavy promotional activity and had, therefore, not incurred hefty expenses. On the other hand, Crypto.com expended $700 million in November 2021, and Coinbase formed sports partnerships in October 2021. Both firms have been struggling to stay afloat lately.

“We have a very healthy war chest. We, in fact, are expanding hiring right now,” CZ said at the conference. “If we are in a crypto winter, we will leverage that; we will use that to the max,” he said, adding that the company is “kicking into high gear in terms of M&A activity.”


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Why isn’t the Crypto crash sinking ships in the Middle East?

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This file photo shows bitcoin tokens

Photo : AP

The global economy is on the edge of a deep and prolonged recession. The news is grim from growing inflation, skyrocketing energy prices, war in Eastern Europe, and uneven recovery from the COVID-19 pandemic. The result is falling asset prices and the real possibility of a global food crisis. It’s not just traditional markets that are taking a hit. Cryptocurrencies, including major coins such as Bitcoin and Ethereum, have seen major sell-offs in line with falling markets. Many of these assets were meant to act as a hedge against inflation but that hasn’t been the case. This has led to panic across the crypto community, but two markets haven’t felt the sting in the same way: The UAE and the Baltic countries. As a result of their relative insulation from the current dips because of long-term thinking, these countries are in an enviable position to use this crisis as an opportunity.
These countries aren’t stressing about the market downturn because they have invested in the underlying technology underpinning cryptocurrencies at the state level. Estonia leads the way, investing substantial resources into blockchain technology to run its government. The technology provides a digital ledger of transactions held on hundreds of thousands of computers that is virtually unhackable. Estonian citizens interact with their government through digital interfaces secured on a private blockchain. This makes the services run more efficiently and makes the country more secure.

Given their checkered history with Russia, the Baltic states have used blockchain technology to set up systems that enable their governments to function remotely. In the case of a Russian invasion, the political leadership can access their private blockchain and the reins of power from anywhere. When blockchain is this integral to the fabric of government, the price of Bitcoin doesn’t cause many earthquakes.

While the UAE hasn’t needed to take such extravagant national security steps, the country has recently embraced blockchain technology. In 2016, the Dubai government unveiled a bold blockchain strategy that called for the rapid integration of government services and blockchain technology. This manifested in initiatives such as the paperless strategy that saw various government offices move away from paper to transactions securely stored on a blockchain. While the ambition is there, implementing this new blockchain world has come in fits and starts. Even for small countries like the UAE moving systems to a blockchain takes time.

The UAE has also been reticent to allow for unfettered access to cryptocurrency by citizens and residents. While you can now buy and sell cryptocurrency with relative ease, it wasn’t always this way. The slow uptake of crypto, coupled with the relatively large amount of expendable cash among locals, might have something to do with the UAE’s relative insulation from the mayhem in the crypto markets. What is apparent in all of this is that the UAE sees blockchain technology (and cryptocurrency to a degree) as a crucial part of creating its knowledge economy.

As the government continues to embrace other aspects of a modern knowledge economy, from the metaverse to agricultural technology, blockchain will continue to feature prominently, the price of a Bitcoin notwithstanding. Creating the world’s first Ministry of Artificial Intelligence, which also has a blockchain mandate, should help the transition. Let’s not forget that the UAE is a critical hub in the global remittance market. As more remittances move to the crypto space, the UAE will likely unveil its coin or digital currency to remain on top of this lucrative economic sector.

What does this mean for the UAE and the Baltics’ attitudes about the current dip in crypto prices? Well, it should be clear. Countries that invested in blockchain infrastructure projects with a long-term horizon have less concern about the short-term crypto price fluctuations. The UAE is also home to substantially more capital to buy the crypto dips, but that diverts from the more significant point.

The price of the world’s leading cryptocurrency, Bitcoin, is impressively volatile. In the last year, it has gone from a high of roughly $67,000 to its current lows of around $30,000 per Bitcoin. This sort of price variance won’t likely end anytime soon. This reality shouldn’t cloud the potential of blockchain technology to transform how we live and interact with each other. The underlying technology is going mainstream as more investors and governments understand the lasting power of blockchain. In smaller countries with nimble legislative environments, the ups and downs of the crypto market haven’t slowed the process of bringing blockchain to the mainstream. As crypto markets continue to cool, these small countries will enjoy the lion’s share of innovation in the blockchain world. There is an excellent opportunity in the current market downturn, and in a few years, it is unlikely many will remember this blip on the radar.

In arrangement with Syndication Bureau

Joseph Dana is a guest contributor. Views expressed are personal.


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Crypto Crash: Cryptocurrency crash devalues Ukraine’s government crypto fundraise

Ukraine, battered by three months of war, plans to continue to tap crypto investors to help raise funds after a plunge in prices decimated the country’s fundraising efforts in May.

Following the Russian invasion of Ukraine on Feb. 24, the Ukrainian government used social media to ask for cryptocurrency donations. Ukraine’s Vice Prime Minister Mykhailo Fedorov sought to rally crypto investors https://twitter.com/_AidForUkraine/status/1529094003194576897 this week at the World Economic Forum in Davos.

On March 19, the government’s “Aid for Ukraine” fund said https://twitter.com/_AidForUkraine/status/1505262863052644357? it had raised more than $60 million worth of cryptocurrency. But two months later, on May 19, the total raised was worth $51.5 million, Ukraine’s deputy minister for digital transformation Alex Bornyakov said.



Cryptocurrencies have fallen sharply in recent weeks. Bitcoin has lost more than 20% of its price so far in May, following a 17% drop in April, highlighting the risks faced by holders of the highly volatile assets.

All the funds raised in the “Aid for Ukraine” fund were stored in cryptocurrency but the government was able to spend $45 million of it on equipment for Ukraine’s army before the crash, Bornyakov said in written responses to Reuters questions.

Ukraine has been funding its war effort in part with cryptocurrencies. The year before the war saw a rise in bitcoin donations to Ukrainian volunteer groups, some of which supplied equipment to government forces.

While crypto may provide some much-needed funds, Kiev estimated it needs $15 billion over the next three months to help its war-torn economy recover.

NFTS FOR WATER

Despite the volatility, crypto assets still appeal to Ukrainians seeking to raise funds.

Ukraine’s largest independent beer brand, Obolon, plans to sell non-fungible tokens (NFTs) to help it distribute free water for humanitarian aid.

It is following the lead of Ukraine’s Ministry of Digital Transformation, which has raised 286 ether (around $550,000) with its online “Museum of War” NFT collection.

Obolon plans to sell 5,000 NFTs for 0.1 ether (around $200), which can be exchanged for a commemorative beer bottle after the war.

“This project is directly to help us continue to scale, because today the financial situation in the company is difficult because in Ukraine the economic situation is very difficult,” Olexander Chub, Obolon’s director of foreign trade, said in a video interview.




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Crypto Crash News Update (May 19): Top cryptocurrency prices of the world decline up to 12%; Altcoins bleed

Crypto Crash News and Top Cryptocurrency Prices Today in India (May 19, 2022): The global crypto market cap continued to shrink further in the last 24 hours amid a prevailing sentiment of “extreme fear”. At the time of writing, global crypto market cap dropped to $1.24 trillion from the $1.29 trillion recorded on Wednesday, as per data on CoinMarketCap. Bitcoin price has also crashed to below $29,000 level. 

The global cryptocurrency market volume over the last 24 hours increased by 3.44% to $80.00 billion. The total volume in DeFi was $7.31 billion, which is 9.12% of the total crypto market 24-hour volume. Stable coins volume was $70.33 billion, which is 87.68% of the total crypto market 24-hour volume. 

Bitcoin price dropped below the $29,000 level, falling 3.35 percent in the last 24 hours.

Meanwhile, Bitcoin’s dominance as top crypto asset continues at around 44.85%. Overall Bitcoin price has increased by 1.36% in the last 7 days. 

More investors to sell Bitcoin?  

Altcoins are performing worse than Bitcoin in the current market crash, indicating a lower appetite for risk among crypto traders. 

Experts say that a spike in the number of Bitcoins on exchanges has been noticed, indicating there might be further sell off of the top crypto. 

“BTC’s price dropped below the $29,000 level, while ETH’s price slid below $2000 over the last day. Alongside this dip, data revealed a spike in the supply of Bitcoin on exchanges. Usually, investors send their Crypto holdings to exchanges with the intention of selling,” Darshan Bathija, CEO and Co-Founder of Vauld, told FE Online. 

ALSO READ | Crypto crash Update on May 18

Explaining the reason behind current market crash, he said, “The effects of US Federal Reserve Chair Jerome Powell’s latest comments on adding pressure and taking ‘aggressive’ measures to address inflation were seen in the markets. Just a day after his comments, S&P 500 and Nasdaq indexes had dropped. As the traditional markets priced in the scenario, a risk-off sentiment took hold of the markets. Owing to BTC’s high correlation with the S&P, the cyryptomarkets slid down the charts, in lockstep with the equities markets.” 

Top Crypto Prices

Meanwhile, many of the top crypto prices fell further in the last 24 hours. Take a look:

Ethereum (ETH): Ethereum price decreased by 5.29% to $1957 in the last 24 hours. In the last 7 days, ETH price has decreased by 3.55%. It is currently ranked second largest crypto asset in terms of market capitalisation.  

Binance (BNB): Binance coin’s price  decreased by 2.95% to $295 in the last 24 hours. In the last 7 days, BNB price has increased by 13.2%. It is currently ranked as fifth biggest crypto asset in terms of market capitalisation.  

XRP: XRP coin’s price decreased by 2.53% to $0.4085 in the last 24 hours. In the last 7 days, XRP price has increased by 4.45%. It is currently ranked as 6th biggest crypto asset in terms of market capitalisation.  

Solana (SOL): Solana price decreased by 10.15% to $50 in the last 24 hours. In the last 7 days, SOL price has increased by 6.21%. It is currently ranked as 9th biggest crypto asset in terms of market capitalisation.  

Cardano (ADA): Cardano token’s price decreased by 8% to $0.5209 In the last 24 hours. In the last 7 days, ADA price has increased by 7.47%. It is currently ranked as 8th biggest crypto asset in terms of market capitalisation.  

Popular memecoin Dogecoin’s (DOGE) price dropped by 6.23% in the last 24 hours. DOGE is currently ranked 10th in terms of market capitalisation. The price of DOGE at the time of this report was $0.08376.

Meanwhile, prices of Polkadot (DOT) and Avalanche (AVAX) declined by 9.26 and 11.87 per cent in the last 24 hours respectively. DOT and AVAX are currently ranked 11th and 13th on CoinMarketCap. Polygon (Matic( price crashed by over 10% to 0.6377 in the last 24 hours. It is currently ranked 17th on CoinMarketCap. 

(Cryptos and other virtual digital assets are unregulated in India. They are considered extremely risky for investment. Please consult your financial advisor before making any investment decision)




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Crypto Crash Latest Updates May 18: Bitcoin below $30,000 again; Cryptocurrency market cap drops to $1.29 trillion

Cryptocurrency Market Crash and Top Crypto Prices Today (May 18, 2022): The global crypto markets remain bearish amid a prevailing sentiment of “extreme fear”. At the time of writing, global crypto market cap again crashed to $1.28 trillion from the $1.31 trillion recorded on Monday. Bitcoin price has again crashed to below $30,000 level. 

The global cryptocurrency market volume over the last 24 hours decreased by 11.39% to $77.44 billion. The total volume in DeFi was $7.66 billion, which is 9.89% of the total crypto market 24-hour volume. Stable coins volume was $67.5 billion, which is 87.16% of the total crypto market 24-hour volume. 

Bitcoin price dropped below the $30,000 level to $29,844 mark, falling 1.74 percent in the last 24 hours.

Meanwhile, Bitcoin’s dominance as top crypto asset continues at around 44.2%. Overall Bitcoin price has decreased by 4.7% in the last 7 days. 

Long way to go 

Analysts think there is a long way to go before recovery from the current crash starts. 

“The $30k level for BTC is one that’s an important psychological area. The crypto Fear & Greed indicator, which gauges market sentiment, was still in extreme fear,” Darshan Bathija, CEO and Co-Founder of Vauld, told FE Online. 

“While BTC’s price indicates that we’ve still got a long way to go before a rally or an early recovery, data from glassnode showed that addresses with at least 0.01 BTC passed the 10 million mark for the first time. While we already know that institutions made large BTC bets last year, this metric indicates that retail investors are continuing to remain bullish about the digital asset,” he added. 

ALSO READ | Bitcoin price prediction: One reason why BTC market may bounce back from $30,000 level soon

According to analysts at WazirX Trade Desk, the next support for Bitcoin is expected at $24,000.

“Bitcoin has been moving fairly sideways now, since the past few days. The markets have been majorly dominated by buyers in this period with significantly higher volumes as compared to the previous weeks as the market sentiment sees a positive jump to double figures. On the hourly time-frame, the BTC chart has been moving horizontally within a triangle pattern. The next support for Bitcoin is expected at $24,000,” WazirX Trade Desk said in a note.

Edul Patel Co-Founder and CEO of Mudrex, says it will take a very long time for investors to return to the crypto markets.

“BTC’s initial resistance at US$33,000 could stall an upward momentum in the price. Even though this surge is limited in the bearish market, it has relieved the investors to some extent. With volatility increasing over the past few days, investors may be taking little time to return to the market,” said Patel.

Top Crypto Prices

Meanwhile, some of the top crypto prices are again in the red since las 24 hours. Take a look:

Ethereum (ETH): Ethereum price decreased by 1.27% to $2043 in the last 24 hours. In the last 7 days, ETH price has decreased by 13.57%. It is currently ranked second largest crypto asset in terms of market capitalisation.  

Binance (BNB): Binance coin’s price  decreased by 2% to $300 in the last 24 hours. In the last 7 days, BNB price has decreased by 5.7%. It is currently ranked as fifth biggest crypto asset in terms of market capitalisation.  

XRP: XRP coin’s price decreased by 1.44% to $0.4291 in the last 24 hours. In the last 7 days, XRP price has decreased by 16.93%. It is currently ranked as 6th biggest crypto asset in terms of market capitalisation.  

Solana (SOL): Solana price increased by 0.04% to $55.61 in the last 24 hours. In the last 7 days, SOL price has decreased by 16.57%. It is currently ranked as 8th biggest crypto asset in terms of market capitalisation.  

Cardano (ADA): Cardano token’s price decreased by 1.64% to $0.5619 In the last 24 hours. In the last 7 days, ADA price has decreased by over 10%. It is currently ranked as 7th biggest crypto asset in terms of market capitalisation.  

Popular memecoin Dogecoin’s (DOGE) price dropped by 0.9% in the last 24 hours. DOGE is currently ranked 10th in terms of market capitalisation. The price of DOGE at the time of this report was $0.08905.

Meanwhile, prices of Polkadot (DOT) and Avalanche (AVAX) declined by 4.13 and 2.26 per cent in the last 24 hours respectively. DOT and AVAX are currently ranked 11th and 12th on CoinMarketCap. 

(Cryptos and other virtual digital assets are unregulated in India. They are considered extremely risky for investment. Please consult your financial advisor before making any investment decision)




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Cryptocurrency bitcoin tipped to stabilise after Terra drop

After a devastating week which saw two ‘stablecoins’ implode and almost $300 billion wiped from the market, there’s a good sign cryptocurrency is recovering.

Cryptocurrency has shown signs of stabilising after a monster crash last week wiped $US200 billion ($291 billion) from the market and sent the prices of bitcoin and etherum plunging.

The mayhem in the cryptocurrency world was the result of a massive sell-off, as spooked investors raced to offload their assets after two key “stablecoins” collapsed.

Stablecoins are cryptocurrencies that are “pegged” against the US dollar or other traditional assets, which in theory means they should be protected from market bloodbaths.

But one of the biggest, TerraUSD, spectacularly lost its dollar peg and plunged to just 10 cents at one stage last Friday.

Terra’s sister token luna plunged from $US86 to a mind-boggling $US0.003 at the same time, prompting a huge sell-off of bitcoin and ethereum.

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The global cryptocurrency market, which peaked at $US3 trillion ($A4.5 trillion), lost more than half its value and is now worth less than US$1.3 trillion ($A1.8 trillion).

Bitcoin dropped to $A38,000 last Thursday but bounced back to $A42,000 over the weekend.

On the BTC Markets exchange, a website where crypto can be bought and sold, buying volumes for both bitcoin and ethereum are ticking upwards, according to its chief executive.

“I think people are coming in and saying, ‘We think this is now a really good point to come into the market,” BTC Markets CEO Caroline Bowler told Nine Newspapers.

“I would expect a consolidation around the current price, meaning that there may be some movement up or down … of a few thousand … but I don’t anticipate large swings based on what we can see from the market.”

Many experts – such as Balmoral Digital co-founder and portfolio manager Jesse Smythe – are certain crypto will “rebuild and recover”.

In a statement, Mr Smythe said confidence had been “hit hard” and that there were some “severe strains” on the system.

But he said the market would bounce back.

“We have seen really severe volatility in crypto before. One of the industry’s catchcries is ‘Hold on For Dear Life’ for that reason,” he said.

“Ultimately markets are made up of people, people get emotional and that can result in savage bear markets even in the safest investment grade bond markets.

“Crypto is a very young asset class. It is incredible what has been achieved already in such a short space and it will continue to evolve and get better and better.”


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