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Cryptocurrency Price Today In India July 19 Check Market Cap Bitcoin Ethereum Dogecoin Litecoin Ripple NEAR Prices Gainer Loser Coinmarketcap Wazirx

The global crypto market cap has managed to regain the $1-trillion mark after a weeks-long meltdown, dipping to nearly $800 billion earlier this month. Bitcoin (BTC), the world’s oldest and most valued crypto, managed to float above the $22,000 mark on early Tuesday morning but dipped slightly at the time of writing. Ethereum (ETH) price rose above the $1,500 mark, while other popular altcoins, including the likes of Solana (SOL) and Ripple (XRP), saw considerable gains across the board.

At the time of writing, the global crypto market cap stood at $1.02 trillion as per CoinMarketCap data, registering a 24-hour gain of 4.55 percent. 

Bitcoin (BTC) price today

At the time of writing, BTC was priced at $21,797.31. As per CoinMarketCap, Bitcoin saw a 24-hour gain of 2.56 percent. As per Indian exchange WazirX, BTC price stood at Rs 17.85  lakhs.

Ethereum (ETH) price today

With a 24-hour gain of 7.06 percent, ETH price stood at $1,502.35. As per WazirX, Ethereum price in India stood at Rs 1,24,999.

Dogecoin (DOGE) price today

DOGE saw a 24-hour gain of 3.26 percent as per CoinMarketCap data, currently priced at $0.06694. As per WazirX, Dogecoin price in India stood at Rs 5.37.

Litecoin (LTC) price today

Litecoin registered a minor dip of 0.58 percent over the past 24 hours. At the time of writing, it was priced at $57.18. LTC price in India stood at Rs 4,581.

Ripple (XRP) price today

XRP price stood at $0.3574, seeing a 24-hour gain of 0.38 percent. As per WazirX, Ripple price stood at Rs 29.02.

Solana (SOL) price today

Solana price stood at $43.65, marking a 24-hour gain of 7.40 percent. As per WazirX, SOL price in India stood at Rs 3,509.96.

Top crypto gainers today (July 19)

As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:

NEAR Protocol

Price: $4.49
24-hour gain: 21.23 percent

Ethereum Classic (ETC)

Price: $25.66
24-hour gain: 20.70 percent

THORChain (RUNE)

Price: $2.64
24-hour gain: 16.40 percent

Gala (GALA)

Price: $0.06051
24-hour gain: 15.74 percent

STEPN (GMT)

Price: $1.07
24-hour gain: 15.38 percent

Top crypto losers today (July 19)

As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:

Lido DAO (LDO)

Price: $1.52
24-hour loss: 11.90 percent

Internet Computer (ICP) 

Price: $7.30
24-hour loss: 1.25 percent

BitTorrent-New (BTT)

Price: $0.0000009046
24-hour loss: 1.11 percent

Quant (QNT)

Price: $102.47
24-hour loss: 0.96 percent

Elrond (EGLD)

Price: $59.03
24-hour loss: 0.96 percent

What crypto exchanges are saying about the current market scenario

Edul Patel, the CEO and Co-Founder of crypto exchange Mudrex, told ABP Live, “Bitcoin hovered above the $22,000 level, gaining 5 percent over the previous day. If the price can fix at that level, we may see a further upward move. However, on the other side, Ethereum outperformed the crypto market by gaining nearly 12 percent as market participants are keen on the Merge ahead. This peak comes following Ethereum’s six consecutive days of higher highs taking the price above the $1,500 level showing great strength and recovery of the asset. If bulls can sustain the momentum, Ethereum could reach the $2,000 mark. If not, we can expect a retracement.”

Commenting on the crypto market scenario, Sathvik Vishwanath, CEO and Co-Founder of crypto exchange Unocoin told ABP Live, “The price recovery continued on Monday and the combined effect of one week of price action has ended up in over 10-percent green for most of the coins and tokens. The tokens which are meant to help with more number of transactions on the blockchains have seen as much as a 30 percent recovery within the last week since the prices started recovering. The tokens like Ether and Cardano saw a price increase of up to 10 percent in just the last 24 hours. Interestingly we have been seeing a bullish wedge pattern in the candle stick graphs for three days”

Tushar Gandotra, Founder and CEO of crypto exchange FiEx, told ABP Live, “MATIC and SOL are showing potential in the short term. They have been making a higher high and are able to manage to break the resistance and move upwards. The market structure has changed and the volumes have increased. It’s a positive sign in these times.”

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.


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Cryptocurrency Price Today In India July 11 Check Market Cap Bitcoin Ethereum Dogecoin Litecoin Ripple Chiliz Prices Gainer Loser Coinmarketcap Wazirx

Bitcoin (BTC) on July 8 managed to rise above the $22,000 mark, but lost most of its gains over the weekend, dipping below the $21,000 mark yet again on July 11 morning. Subsequently, most other major altcoins also saw major dips in their prices, including the likes of Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), and Ripple (XRP). Even lesser-known altcoins, which usually see a gain of nearly 1,000 percent on any given day, didn’t manage to impress as the top gainer over the last 24 hours is the Chiliz token, which saw a gain of only 4.98 percent. 

At the time of writing, the global crypto market cap stood at $917.69 billion as per CoinMarketCap data, registering a 24-hour dip of 2.69 percent. 

Bitcoin (BTC) price today

At the time of writing, BTC saw a minor gain and was priced at $20,624.36. As per CoinMarketCap, Bitcoin saw a 24-hour gain of 0.20 percent. As per Indian exchange WazirX, BTC price stood at Rs 16.84 lakhs.

Ethereum (ETH) price today

With a 24-hour dip of 0.03 percent, ETH price stood at $1,153.18. As per WazirX, Ethereum price in India stood at Rs 95,000.

Dogecoin (DOGE) price today

DOGE saw a 24-hour dip of 0.16 percent as per CoinMarketCap data, currently priced at $0.06618. As per WazirX, Dogecoin price in India stood at Rs 5.49.

Litecoin (LTC) price today

Litecoin registered a loss of 0.09 percent over the past 24 hours. At the time of writing, it was priced at $51.39. LTC price in India stood at Rs 4,375.87.

Ripple (XRP) price today

XRP price stood at $0.3252, seeing a 24-hour dip of 0.53 percent. As per WazirX, Ripple price stood at Rs 26.52.

Solana (SOL) price today

Solana price stood at $35.77, marking a 24-hour gain of 0.43 percent. As per WazirX, SOL price in India stood at Rs 2,931.

Top crypto gainers today (July 11)

As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:

Chiliz (CHZ)

Price: $0.1065
24-hour gain: 4.98 percent

Tezos (XTZ)

Price: $1.65
24-hour gain: 3.74 percent

Monero (XMR)

Price: $128.80
24-hour gain: 3.50 percent

Arweave (AR)

Price: $11.90
24-hour gain: 3.28 percent

IOTA (MIOTA)

Price: $0.2893
24-hour gain: 2.26 percent

Top crypto losers today (July 11)

As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:

STEPN (GMT)

Price: $0.8885
24-hour loss: 9.30 percent

Convex Finance (CVX)

Price: $5.80
24-hour loss: 7.52 percent

THORChain (RUNE)

Price: $2.22
24-hour loss: 6.74 percent

Elrond (EGLD)

Price: $51.34
24-hour loss: 6.71 percent

Curve DAO Token (CRV)

Price: $0.9294
24-hour loss: 6.35 percent

Edul Patel, the CEO and Co-Founder of crypto exchange Mudrex, told ABP Live, “Most cryptocurrencies dipped over the weekend with increasing selling pressure. Bitcoin has been down by nearly 4 percent since the last day. If bulls can keep the bar above the $21,000 level, we might see some sharp upward moves. If sellers take over the BTC, we might likely see a bearish trend this week. While on the other hand, as the price of Ethereum also falls, the revenue of projects based on the network is also plunging drastically. ETH has lost nearly 5 percent, and it is about to test its support level at$1,200. If buyers lose control to sellers, we might see Ethereum falling to the $1,000 zone.”

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.


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Decoding the crypto asset market

BTC plunged by nearly 81% in 2018, while the 2022 bear market has seen Bitcoin dip by 75%.

We have launched Cryptogram, an India-focused free weekly newsletter on blockchain tech, global crypto markets, and Web 3.0 technologies which promise to change our future. If you would like to subscribe to this newsletter, click here. You can read our past editions here.

The crypto market continues to be in a state of turmoil with the market shedding from it’s all-time high gains by over 72%. While adverse macroeconomic conditions and the US Fed’s hike of interest rate in a bid to control inflation dampened the market enthusiasm, multiple catastrophes in the form of the Terra-UST crash followed by 3AC and Celsius near-insolvency plight have added fuel to the fire. 

The current market cap stands at $854 billion, down from $2.2 trillion at the beginning of 2022. Bitcoin (BTC) and Etherum (ETH) are barely managing to stay afloat their critical support levels and currently stand at $19,740 and $1,076 respectively. 


2018 bear market

If we look at the 2018 bear market, the market cap plunged by more than 86% to reach $3,200, after touching a high of $19,000 in 2017. Let’s make a head-on comparison with the 2018 bear market to find if we are undergoing a similar market condition or are conditions different this time? 

The 2018 market crash followed the initial coin offering (ICO) hype that had multiple scam projects duping investors of their money. At that time, the number of active wallets dropped from 1.2 million to as low as 402,000. However, in 2022 the crypto addresses remain stable at around 1 million despite the decline. Traders, both retail and institutional, continue to show confidence and long-term optimism in the market. 

<source: tradingview.com, Crytpocap>

Talking about Bitcoin (BTC) – BTC plunged by nearly 81% in 2018, while the 2022 bear market has seen Bitcoin dip by 75%. The whole of 2022 has seen BTC below its 200-day moving average similar to 2018. And for a long time, BTC has failed to break above its 200-week moving average (WMA) which stands around $21k. The 200-WMA is an indicator of the average value of past prices and will be broken at some point as it did the last three times when BTC slipped below it and has to hold above it. Investors are in consensus that 200-WMA is a critical resistance but it might take some more months before BTC moves above it.

<source: tradingview.com, Binance>


Outlook for Bitcoin

BTC is expected to plunge by another 10-15% if it is to reach 2018 lows in percentage. However, it is predicted that the whole of 2022 will be bearish before the market takes an upswing. If BTC’s realized value is somewhere around $23,000, BTC is trading below it and the crypto market may soon find the bear market bottom as the asset price dips below this level only when the bottom is near. However, nothing could be said with certainty amidst the controversies and contagion of failures the market is witnessing right now.

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

Disclaimer: This article was authored by Giottus Crypto 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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Tracking the crypto asset market

When Ether token (ETH) was launched back in 2014, one ETH was sold for around ₹25.18

We have launched Cryptogram, an India-focused free weekly newsletter on blockchain tech, global crypto markets, and Web 3.0 technologies which promise to change our future. If you would like to subscribe to this newsletter, click here. You can read our past editions here.

In today’s article, we will discuss the definition of altcoins along with the concept of initial coin offering (ICOs).

Alt Coins are actually an abbreviation for alternative coins. Coins other than bitcoin such as Ethereum (ETH), Solana (SOL), Polygon (MATIC), Ripple (XRP), etc are commonly referred to as altcoins. Although Bitcoin is the most well known and valuable of the lot, it does have some downsides and these alt coins usually try to represent a better or different version of Bitcoin such as faster transactions or provide more privacy to the users.

One of the distinctive downsides of an alt coin is, many of them are relatively unknown and there are only a few exchanges and wallets that support them, making them harder to buy. Until today, thousands of coins have been introduced, however only a few seem to have gained popularity over the course of years. 


What is an ICO?

ICO stands for initial coin offering. Most of us might be familiar with the traditional finance term “IPO”, which denotes Initial Public Offering and ICO is basically similar to it in the coin universe. An IPO is used to describe the launch of a company on a stock exchange, also commonly referred to as “going public”. The purpose of the IPO is to raise capital for the company by selling the stocks of the company to the public.

On the other hand, ICOs sell coins known as tokens as a way to fund a specific project. The general idea is, if the project is believed to succeed, we buy the tokens to fund the project beforehand at a discount, and we will be able to sell them later at a profit, when the project succeeds. After the ICO is set-up, the public can send money to the project by investing in the ICO and receive project tokens or coins in return. If the money raised by the ICO does not meet the minimum requirements of the ICO, they are returned back to the investors and they are deemed to be unsuccessful. In summary, ICOs are basically a Kickstarter for crypto projects.


ICOs can be lucrative if we know to pick winners

While conducting an IPO requires lots of restrictions and regulations to comply, ICOs skip their entire burden as they raise the money in crypto assets that are yet to be regulated across the world. One of the most popular and lucrative ICO was that of Ethereum. When they launched back in 2014, one ether token (ETH) was sold for around 40 cents (₹25.18 in 2014), which is currently trading at $1,065 or roughly ₹ 85,000. If you had spent ₹100 to buy 3.97 ETH, it would have been worth around ₹ 3.3 Lakhs currently. 


ICOs can be extremely risky

Just like the possibility with any financial instruments, it contains greater rewards as well as risks. Although ICOs might seem lucrative, many actually try and fail to garner the attention and interest of the public with their projects. On the other hand, ICOs can actually be hacked. One of the worst examples of a disastrous ICO is the DAO ICO. The decentralized autonomous organization project managed to raise $150 million worth of Ethereum. However, after the ICO ended a hacker managed to steal a third of the amount raised due to a bug in the code of Ethereum.


Things to be vary of before investing in an ICO

Before deciding to invest in an ICO, try to find answers for the following basic questions and try to see if they align with your risk appetite.


  1. What am I Investing in?

  2. How much is being raised through ICO

  3. How are the tokens planned to be distributed?

Our advice is not to invest in something that you do not understand to begin with. If you are just starting with ICOs and Crypto, please do a fair amount of research on the projects before committing. 

To sum it up, ICOs should be considered as risky as gambling and are a new form of crowd funding that only a very few people understand. Due to the irreversible and unregulated nature of the crypto asset, people do not have an alternative or a recourse, if an ICO turns out to be unsuccessful or a scam. 

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

Disclaimer: This article was authored by Giottus Crypto 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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Cryptocurrency Price Today In India June 27 Check Market Cap Bitcoin Ethereum Dogecoin Litecoin Ripple GGT Prices Gainer Loser Coinmarketcap Wazirx

Due to an unprecedented crash last weekend, the global crypto market cap tanked to below $800 billion, down from its all-time high of $3 trillion as seen in November 2021. However, over the week, the prices of some cryptocurrencies managed to recover, including the likes of popular coins such as Bitcoin, Ethereum, Dogecoin, and others. As a result, the global market cap has also seen a boost in value, inching closer to the $1 trillion mark with each passing day. Despite a minor 24-hour dip, Bitcoin (BTC) price managed to stay above $21,000 on June 27. On the other hand, the GARD Governance Token (GGT) saw a rise of over 2,900 percent, along with several other lesser-known altcoins.

As per CoinMarketCap data, the global crypto market cap stood at $954.50 billion at the time of writing, registering a minor 24-hour dip of 0.80 percent.

Bitcoin (BTC) price today

As per CoinMarketCap, Bitcoin price stood at $21,235.54 at the time of writing. As per Indian exchange WazirX, BTC price stood at Rs 17.62 lakhs. Over the last 24 hours, BTC saw a dip of 0.87 percent.

Ethereum (ETH) price today

ETH price stood at $1,221.83, seeing a 24-hour loss of 1.29 percent. As per WazirX, Ethereum price in India stood at Rs 1.01 lakhs.

Dogecoin (DOGE) price today

DOGE saw a 24-hour gain of 11.26 percent as per CoinMarketCap data, currently priced at $0.07586. As per WazirX, Dogecoin price in India stood at Rs 6.39.

Litecoin (LTC) price today

As per CoinMarketCap, LTC registered a dip of 2.91 percent over the past 24 hours. At the time of writing, it was priced at $58. LTC price in India stood at Rs 4,791.54.

Ripple (XRP) price today

XRP price stood at $0.3626, registering a minor 24-hour dip of 1.04 percent. As per WazirX, Ripple price stood at Rs 29.80.

Solana (SOL) price today

As per CoinMarketCap, Solana price stood at $40.48, marking a 24-hour dip of 1.82 percent. As per WazirX, SOL price in India stood at Rs 3,330.

Top crypto gainers today (June 27)

As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:

GARD Governance Token (GGT)

Price: $0.0007236
24-hour gain: 2,916.49 percent

Swerve (SWRV)

Price: $0.5245
24-hour gain: 583.32 percent

Saitama (SAITAMA)

Price: $0.0000000002527
24-hour gain: 294.73 percent

Listen To Earn (LTE)

Price: $0.000001054
24-hour gain: 202.97 percent

Convergence (CONV)

Price: $0.002011
24-hour gain: 151.85 percent

Top crypto losers today (June 27)

As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:

PayAccept (PAYT)

Price: $0.04098
24-hour loss: 56.67 percent

SUPE (SUPE)

Price: $0.4916
24-hour loss: 53.85 percent

StepG (STEPG)

Price: $0.004243
24-hour loss: 50.78 percent

Starbase (STAR)

Price: $0.001764
24-hour loss: 33.20 percent

GAMETREE (GTCOIN)

Price: $0.3652
24-hour loss: 31.45 percent

Commenting on the current market scenario, Sathvik Vishwanath, CEO and Co-Founder of crypto exchange Unocoin told ABP Live, “The market has steadily increased over the past 72 hours and the recovery is in terms of 5 percent across the board. The crypto market cap stands inches away from reaching a trillion USD. While we are not sure if this is a dead cat bounce or actual recovery, we would get the clarity over this running week. This is the first week since 14 weeks the candle has ended in the green.”

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.


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Crypto winter: Why this bitcoin bear market is different from the past


For a generation of alienated techies, crypto’s all-for-one ethos was its biggest draw. Now panic is spreading across this universe — and that same ethos is posing what may be the biggest threat yet to its survival.


What started this year in crypto as a “risk-off” bout of selling fueled by a suddenly determined to rein in excesses has exposed a web of interconnectedness that looks a little like the tangle of derivatives that brought down the global financial system in 2008. As slipped almost 70% from its record high, a panoply of altcoins also plummeted. The collapse of the Terra ecosystem — a much-hyped experiment in decentralized finance — began with its algorithmic stablecoin losing its peg to the US dollar, and ended with a bank run that made $40 billion of tokens virtually worthless. Crypto collateral that seemed valuable enough to support loans one day became deeply discounted or illiquid, putting the fates of a previously invincible hedge fund and several high-profile lenders in doubt.


The seeds that spawned the meltdown — greed, overuse of leverage, a dogmatic belief in “number go up” — aren’t anything new. They’ve been present when virtually every other asset bubble popped. In crypto, though, and particularly at this exact moment, they are landing in a new and still largely unregulated industry all at once, with boundaries blurred and failsafes weakened by a conviction that everyone involved could get rich together.

Also Read: Bitcoin heading to zero, says China state media amid global crypto downturn


Graph


Crypto has gone through several major drops in its history — known by its cognoscenti as “crypto winters” and to the rest of finance as a bear market — but the market’s expansion and increasing adoption from Main Street to Wall Street means more is at stake now. Kim Kardashian hawking a that tanked shortly afterward is one thing, but Fidelity’s plans to offer in 401(k)s could impact an entire generation. Its growth has also made this year’s turbulence reverberate that much more: After crypto’s last two-year hibernation ended in 2020, the sector spiked to around $3 trillion in total assets last November, before plunging to less than $1 trillion.


“It’s got a different flavor this time,” Jason Urban, co-head of trading at Galaxy Digital Holdings Ltd., said in an interview. Galaxy, the $2 billion digital-asset brokerage founded by billionaire Mike Novogratz, benefited immensely from crypto’s rise — but was also one of the industry’s most prominent investors in the Terra experiment. “Truthfully, it’s being a victim of your own success.”


If Terra was this crypto winter’s Bear Stearns, many fear that the Lehman Brothers moment is just around the corner. Just as the inability of lenders to meet margin calls was an early warning sign in the 2008 financial crisis, crypto this month has had its equivalent: Celsius Network, Babel Finance and Three Arrows Capital all revealed major troubles as digital-asset prices plunged, triggering a liquidity crunch that ultimately stems from the industry’s interdependence.


“In 2022, the downturn looks far more like a traditional financial de-leveraging,” said Lex Sokolin, global fintech co-head at ConsenSys. “All the words that people use, like ‘a run on the bank’ or ‘insolvent,’ are the same that you would apply to a functioning but overheated traditional financial sector. Consumer confidence and perception of bad actors definitely played a role in both cases, but what is happening now is about money moving out of deployed, functional systems due to over-leverage and poor risk-taking.”


In bullish periods, leverage is a way for investors to make bigger profits with less cash, but when the market tanks, those positions quickly unwind. And because it’s crypto, such bets usually involve more than one kind of asset — making contagion across the market even more likely to occur.


Crypto loans — particularly those in decentralized-finance apps that dispense with intermediaries like banks — often require borrowers to put up more collateral than the loan is worth, given the risk of accepting such assets. But when market prices sour, loans that were once over-collateralized become suddenly at risk of liquidation — a process that often happens automatically in DeFi and has been exacerbated by the rise of traders and bots hunting for ways to make a quick buck.


John Griffin, a finance professor at University of Texas at Austin, said the rise of crypto prices last year was likely fueled by leveraged speculation, perhaps more so than in the previous crypto winter. An environment of rock-bottom rates and ultra-accommodative monetary policy helped set the stage.


“With rising as well as lack of trust in leveraged platforms, this de-leveraging cycle has the effect of unwinding these prices much more rapidly than they rose,” he said. Though traditional often rely on a slow and steady amount of leverage to grow, that effect is seemingly amplified in crypto because of how speculation concentrates in the sector.


Regulators are circling the sector, watching for signs of instability that might threaten their infant plans to rein in crypto. Even rules that were announced in spring have had to change in the wake of Terra’s collapse, with some jurisdictions preparing rules to ease the systemic impact of failed stablecoin systems. Any further crypto failures could ultimately pave the way for tougher rules, making a market rebound any time soon less likely.


“There may be some bear rallies, but I don’t see a catalyst to reverse the cycle anytime soon,” Griffin said. “When the Nasdaq bubble burst, our research found that the smart investors got out first and sold as prices went down, whereas individuals bought all the way down and continually lost money. I hope history doesn’t repeat itself, but it often does.”


Now back around $1 trillion, the crypto market is only marginally above the approximately $830 billion mark it reached in early 2018 before the last winter set in, spurring a downdraft that sent the market to as low as about $100 billion at its depths, according to CoinMarketCap data. Then, digital assets were the playground of dedicated retail investors and a select number of crypto-focused funds. This time around, the sector has built a broader appeal to both mom and pop investors and hedge fund titans alike, causing regulators to frequently intervene with statements warning consumers of the risk of trading such assets. As one infamous (now banned) advert on London’s transport network read in late 2020: “If you’re seeing on a bus, it’s time to buy.”


Unlike crypto’s early believers, mass adoption means most investors now view crypto as just another asset class and treat it in much the same way as the rest of their portfolio. That makes crypto prices more correlated to everything else, like technology stocks.


Unfortunately, that doesn’t make most crypto bets any less complex to understand. Though most of the financial world is taking a beating in 2022, the recent crypto market crash was amplified by its experimental and speculative nature, wiping out small-town traders who stuck their life savings in untested projects like Terra with little recourse. And the sector’s hype machine is blaring louder than ever, utilizing tools like Twitter and Reddit that have been strengthened by new generations of crypto acolytes. Exchanges have also done their part, with FTX, Binance and Crypto.com all spending on marketing and high-profile sponsorships.


Sina Meier, managing director at crypto fund manager 21Shares AG, said that extreme level of risk demonstrates exactly why crypto isn’t for everyone. “Some people should definitely stay away,” she said during a panel discussion earlier this month at Bloomberg’s Future of Finance conference in Zurich. Many retail investors “are lost, they just follow what they read in the newspapers. That’s a mistake.”


Before the previous crypto winter, many startups had used initial coin offerings, or ICOs, to raise capital by issuing their own tokens to investors. They suffered when coin prices came crashing down because they had kept most of their value in that same pool of assets, plus Ether, and it worsened when regulators started to crack down on ICOs as akin to offering unregistered securities to investors.


This time around, the funding landscape is vastly different. Many startups born out of the last freeze, such as nonfungible-token and gaming platform Dapper Labs, have sought out venture capital funding as a more traditional route to raising cash. Behemoths like Andreessen Horowitz and Sequoia Capital collectively plugged almost $43 billion into the sector since late 2020 when the last bull market began, according to data from PitchBook.


This means that instead of relying on crypto wealth, some of its biggest players actually have vast reserves of hard currency stored to get them through the blizzard as they work on growing new blockchains or building decentralized media platforms. On the other hand, the recent end to the bull market means they’ve been spending that cash much faster than it’s been coming in.


Chart


This month Coinbase Global Inc., Crypto.com, Gemini Trust and BlockFi Inc. are among the crypto companies to have announced swaths of layoffs, citing the general macroeconomic downturn for derailing their previously ever-expanding plans. Coinbase, which had hired about 1,200 people this year alone, is now laying off about as many employees in an 18% cut to its workforce.


But thanks to the heights crypto reached in the last boom, there’s still a great amount of earmarked funding sloshing around Silicon Valley’s coffers compared to previous seasons. Andreessen alum Katie Haun debuted her $1.5 billion crypto fund in March, while Coinbase co-founder Matt Huang launched a $2.5 billion vehicle in November. And while VCs might be more careful now about where they put their cash, it’s still got to be spent somewhere.


“None of these companies become mature for many years,” said Alston Zecha, partner at Eight Roads. “We’ve been spoiled over the last couple of years of seeing businesses get these amazing up-rounds after six or nine months. As the tide goes out, there’s going to be a lot of people who are found to be naked.”




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Cryptocurrency hedge fund Three Arrows Capital addresses liquidation rumours

Cryptocurrency hedge fund Three Arrows Capital said on Wednesday it was committed to working things out, seemingly addressing social media chatter that it is facing liquidation issues. “We are in the process of communicating with relevant parties and fully committed to working this out,” Su Zhu, the co-founder said in a tweet, without going into further detail.

The rumours of funding pressures come as bitcoin hit a fresh 18-month low, extending falls triggered after major crypto lender Celsius Network froze withdrawals and the prospect of sharp US interest rate rises shook the volatile crypto asset class.

A vague tweet by a founder of Three Arrows Capital, an influential hedge fund that has been liquidating crypto holdings as prices plummeted, started stirring fresh apprehension in an already shaken industry.

Zhu and Davies are thought to be among the world’s biggest crypto holders. Three Arrows was estimated in March to be managing around $10 billion in assets, according to blockchain analytics firm Nansen. While information on its trading strategies is sparse, Three Arrows is known to hold stakes in a diverse range of different cryptoassets.

Three Arrows was among investors in a $1 billion sale earlier this year of Terra’s Luna cryptocurrency. But recent attention around the fund has centered around its exposure to a cryptocurrency called staked Ether, or stETH, a token offered by a DeFi app called Lido Finance that has become widely used in the market.

The fund started withdrawing stETH from decentralized platforms last month, according to Nansen. As recently as Tuesday morning, it withdrew more than 80,000 stETH from decentralized lending project Aave in four transactions and then swapped 38,900 of the stETH for 36,700 Ether, as reported by Bloomberg.

Crypto started sliding late last year on expectations of a less accommodative Fed, with rising interest rates hurting the industry and its prospects. Last month’s collapse of the Terra blockchain and the recent decision by crypto lender Celsius Network Ltd. to halt withdrawals have also taken a toll, while a tweet this week from the co-founder of crypto hedge fund Three Arrows Capital fueled speculation that it had suffered large losses.

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Russia mulls making international payments using cryptocurrency: Report


is considering allowing to be used for payments, Interfax news agency quoted a government official.


“The idea of using digital currencies in transactions for settlements is being actively discussed,” Ivan Chebeskov, head of the ministry’s financial policy department, was quoted as saying.





Russian officials are wrestling with how to regulate the country’s crypto market and use of digital currencies, with the ministry opposed to the central bank’s calls for a blanket ban.


Discussions have been ongoing for months but no consensus has yet been reached. The ministry is discussing adding the latest proposal on payments to an updated version of a draft law, the Vedomosti newspaper also reported, citing government officials.


Ukraine holds out in Donbas city under heavy fire


Ukrainian forces on Sunday resisted a Russian assault on Sievierodonetsk, the largest city they still hold in the Luhansk region of the Donbas, but endured heavy artillery barrages, Ukrainian officials said. The shelling was so intense it was not possible to assess casualties and damage, Luhansk governor Serhiy Gaidai said.


Dozens of buildings have been destroyed in the past few days. The Ukrainian government meanwhile urged the West to provide it with more longer-range weapons in order to turn the tide in the war, now in its fourth month. “It’s indescribably difficult there,” said Ukrainian President Volodymyr Zelenskyy. (Reuters)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Cryptocurrency Websites Report Phishing Attacks Amid Market Meltdown

As the crypto market crashed, several big crypto data websites were affected by cyberattacks, prompting users to connect their crypto wallets via a fraudulent pop-up.

A fraudulent popup appeared on several famous websites, including CoinGecko, Etherscan, DeFi Pulse, and others, encouraging users to connect their MetaMask wallets to use on the site.

This wallet is a cryptographic software wallet that can be accessed through phone or browser.

As reported with an ape skull logo and a now-disabled nftapes.win domain, the phishing attack appeared to promise a link to the Bored Ape Yacht Club initiative. To fix the issue, CoinGecko founder Bobby Ong informed CoinDesk that they are examining the core cause of the attack.

Ong believes the event was caused by a malicious ad script from Coinzilla, a cryptocurrency ad network.

Meanwhile, Etherscan said in a Tweet: “We’ve received reports of phishing popups via a 3rd party integration and are investigating. Please be careful not to confirm any transactions that pop up on the website.”

This type of cyberattack usually includes sending fake communications that look to come from a trustworthy source. Email is the most used method of communication. The purpose behind conducting such attacks is to steal sensitive information such as credit card and login information or infect the victim’s computer with malware.

Check Point Research last year discovered a phishing attack that used Google ads to steal someone’s credentials or trick them into logging into the attacker’s wallet so that any transactions they attempted would be received.

However, it should be noted that the latest attack on cryptocurrency data websites occurred when stable coins such as Terra Luna and Coinbase had major outages.

Previously, top crypto exchange Coinbase experienced a massive outage amid crypto mayhem, particularly with the coin Terra Luna, raising investor concerns.

The Coinbase outage occurred as Binance, the world’s largest cryptocurrency exchange, halted trading of Terraform Labs’ Terra (Luna) and TerraUSD (UST) tokens, which had plummeted by 98%, wiping out investors’ life savings.

Over $275 billion was wiped off the global crypto market cap in less than 24 hours on May 12 and Bitcoin fell to roughly $27,000, its lowest level since December 2020.

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Why is it Happening? Should You Buy Crypto Coins Now?

The cryptocurrency market faced nothing short of a bloodbath over the last few days. Bitcoin, the world’s most popular cryptocurrency fell near the $25,000 levels a day back, drastically down from its all time high of $69,000. Other altcoins too, suffered the dip and took down the global cryptocurrency market cap to as low as $1.12 trillion. Major cryptocurrencies like Ethereum, Solana and Cardano fell by double-digits, with the market bearing the brunt of this. But what has caused such a sharp dip in the cryptocurrency market?

The reasons for this are many. Starting from 2022, cryptocurrencies, some of which rose to their all-time highs in the preceding years, began trading in red and spiralled down ever since. In the beginning of the year, the dip was mainly attributed to a fresh wave of the pandemic and just when things started to stabilise, developments in the global economic scenario resulting out of geopolitical tensions and inflation.

“The significant dip that is being witnessed in crypto is a global phenomenon. It can be primarily attributed to developments in the macro-environment such as increasing inflation, raising of interest rates by the Federal Reserve, the Russia-Ukraine war, etc. It is also interesting to note that the crypto markets are mirroring the traditional financial markets as both are seeing a correction. It indicates that the crypto markets are attaining maturity – just like other markets, crypto also has a bear and bull run and at present, we are going through a bearish phase,” said Nischal Shetty, co-founder and CEO at WazirX.

“The Crypto Fear And Greed index was in the “Extreme Fear” zone, indicating that investors were too worried and were selling their holdings to minimize losses. What catalysed the bearish sentiment was Fed Reserve announcing that interest rates would rise by half a percentage point. Market participants began panicking over inflation and a potential recession, resulting in equities and crypto markets plunging,” said Darshan Bathija, CEO and co-founder of Vauld.

Bitcoin Feels the Heat

Bitcoin prices, which touched their all-time high in 2021, plunged down near the $25,000 levels on Thursday, after a constant dip over the past week. The world’s most popular cryptocurrency lost 30 per cent of its day-on-day value on the day, as market participants panicked over different issues.

“Though Bitcoin declined to levels near $25,000 yesterday, it stabilised near the $29K level in the later hours of the American trading sessions. With BTC, most altcoins also registered sharp declines,” said Bathija.

“Data showed that the rate of BTC exchange inflow remained relatively high in the last couple of days. Investors often transfer their holdings to exchanges when they intend to sell,” he added.

Luna Moves Far Away from Top 10 List

At the time of writing this article, Luna was ranked 230 in the cryptocurrency index as per CoinMarketCap, and was valued at $0.00003872, 99.99 per cent down from its stable value of $88. The extreme volatility led to halting of the Terra blockchain. “The Terra blockchain has officially halted at block 7607789,” terra said on Twitter on Thursday.

“Terra(LUNA) has had a whirlwind of a week with the token tumbling at an alarming rate. The debacle began when Terra’s algorithmic-based stablecoin TerraUSD(UST), which is pegged against the dollar, fell sharply to almost $0.6. With that, Binance, one of the top global crypto exchanges, temporarily stopped the withdrawal of UST and LUNA. All this led to a cascading effect on the prices of LUNA, spiraling it out of control. The daily chart for LUNA has broken below the ascending channel pattern,” said the WazirX Trade Desk.

“What added to current market woes was the stablecoin UST’s de-pegging. As the de-pegging intensified, LUNA’s prices plunged as low as $0.009598. As a result of this steep price decline and high inflation, the team behind LUNA, Terraform Labs decided to briefly shutdown and restart the blockchain after implementing a patch. This was done to “prevent governance attacks”,” said Bathija.

Should You Buy the Dip?

Cryptocurrency market experts are mostly in the opinion to buy the dip, as they remain hopeful that the market will bounce back.

“Investors should take advantage of this dip and start looking for opportunities in the market. It is a good moment to invest. This is not the first time crypto market suffered a massive loss, and then recovered and become even stronger than before. Same thing will happen this time,” said Kumar Gaurav, founder and CEO of Cashaa.

“In light of the high bearish sentiment in the market coupled with high volatility, retail investors are either trying to minimize losses or trying to buy the dip. Choosing the right exchange to store your assets can make all the difference during volatility. While buying and holding cryptocurrencies until the price goes up is a great investment strategy, you could also earn a passive income on your crypto till you decide to sell it,” advised Bathija.

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