Bitcoin’s Price Falls Below $20,000

The price of bitcoin lurched below $20,000, and below a level widely monitored by cryptocurrency enthusiasts, as a brutal selloff in crypto showed no signs of abating.

Bitcoin fell as low as $18,739.50 and stayed below $20,000 on Saturday, according to CoinDesk, losing 72% of its value from its high in November. Concerns about the Federal Reserve’s actions to tame higher-than-expected inflation have pushed both stocks and cryptocurrencies into a bear market. Big names in the industry, including

Coinbase Global Inc.,

the biggest cryptocurrency exchange in the U.S., have recently announced job cuts.

There is no specific significance to the $20,000 level, but the price slid below $19,783, a previous high water mark hit in 2017, according to Coinbase. Bitcoin bulls have long held that the cryptocurrency had in recent years entered a new stage of development and acceptance, and that it wouldn’t fall below that 2017 level.

“It will be a lot of pain for a lot of investors,” said Yuya Hasegawa, a market analyst at Japanese crypto exchange Bitbank Inc. People will lose confidence in the crypto market as a whole, but seasoned crypto investors and those who believe in its long-term prospects will see an opportunity to buy at discounted prices, he said.

Ether, another major cryptocurrency, fell below $1,000, briefly reaching $975.35 on Saturday, according to CoinDesk, its lowest level since January 2021.

Bitcoin’s slide from its record high of $67,802 in November has contributed to a roughly $2 trillion wipeout in the broader market. Crypto’s total market capitalization, which peaked in November at nearly $3 trillion, stood at around $840 billion Saturday—its lowest since January 2021, according to data provider CoinMarketCap.

Bitcoin traded around the $30,000 mark for most of May before dropping sharply again in June after a fresh inflation shock and worries about rising U.S. interest rates. Investors have been unloading assets seen as risky, such as cryptocurrencies and technology stocks.

Individual investors have received margin calls, with about $260 million of collateral pledged by about 80,000 retail traders liquidated over the past 24 hours, according to data provider CoinGlass. That compares with $1 billion earlier this week.

A growing number of previously highflying crypto firms have been feeling the pain in what has been dubbed a “crypto winter.” Cryptocurrency lender Babel Finance told customers Friday that it was suspending redemptions and withdrawals from all products, citing “unusual liquidity pressures.” One of the largest crypto lenders, Celsius Network LLC, hasn’t let users withdraw funds for roughly a week, citing extreme market conditions.

Cryptocurrency-focused hedge fund Three Arrows Capital Ltd. has hired legal and financial advisers to help work out a solution for its investors and lenders after suffering heavy losses from a broad market selloff in digital assets, the firm’s founders told The Wall Street Journal.

The surge in cryptocurrency valuations over the last two years was aided by big-name investments from companies such as

Tesla Inc.

and a period of lower interest rates during the pandemic that encouraged individuals stuck at home to buy riskier assets in the hopes of greater returns.

Interest-rate increases now being enacted by the Fed come at a time when blowups in some crypto projects have rippled across the ecosystem. So-called stablecoin TerraUSD broke from its $1 peg last month following intense selling pressure, leaving it and its original sister cryptocurrency Luna now nearly worthless. As its developers sought to defend TerraUSD’s peg, they sold bitcoin reserves, weighing on the price of it and other assets.

Crypto investors more recently have become concerned about a derivative of the cryptocurrency ether that is locked up until the Ethereum network transitions to a less energy-intensive model. So-called Lido-staked ether has been trading at a discount to ether itself recently.

“Crypto has enough problems. It doesn’t need the macro,” said Noelle Acheson, head of market insights at crypto lender Genesis Global Trading, in reference to rising interest rates and inflation concerns.

Write to Elaine Yu at and Caitlin Ostroff at

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Why is bitcoin going down?Here’s how values for crypto changed in May 2022

Cryptocurrencies like bitcoin

 and ether

 have exploded in popularity in recent years, and are now traded by both individual investors and large companies like Tesla

and Citibank .

The total market cap for all crypto nearly hit $3 trillion during parts of 2021 and companies like Robinhood

and capitalized on higher volume of crypto trading.

As the interest in crypto continues to rise, so does the interest in crypto prices.

Here’s how crypto prices changed in May 2022:


Prices for bitcoin dropped 20.08% lower during May, continuing a soft 2022 for the crypto.

Despite bitcoin’s lower prices, not many investors are trying to “buy the dip,” according to a note on Tuesday by Glassnode

“The recent sell-off, and lower prices has not yet inspired an influx of new users to the space, and only the HODLers remain,” the analysts wrote. HODLers is slang for people who buy crypto with no intention of selling.

One bitcoin forecaster recently told MarketWatch that he sees a potential eclipse-like event in the next few years for bitcoin that could lead to the crypto’s price moving over $100,000 by 2024.

But during an interview with CNBC, former chairman of the Federal Reserve Ben Bernake said he doesn’t think bitcoin will take over “as an alternative form of money.”  

See also: Here’s how much money you would’ve lost if you bought crypto during Matt Damon’s ‘Fortune Favors the Brave’ commercial

Bitcoin is down 15.75% over the past 12 months at the time of this writing.


Prices for ether decreased 33.07% during the month of May, continuing a downward trend for the crypto in 2022.

Paul Brody, global blockchain head at Ernst & Young Global, said he believes Ethereum will eventually “take over everything,” despite increased blockchain competition from Cardano

and Solana

“We’re very selective at EY about which ecosystem to work in. We audit across many ecosystems, but we only do development in the Ethereum ecosystem,” Brody continued.

See also: Here’s how sports-betting stocks like DraftKings and Caesars performed in May 2022

Ether is down 28.97% over the past 12 months at the time of this writing.

Other cryptocurrency news

Billionaire entrepreneur Mark Cuban wrote in a viral tweet that he thinks crypto is on the same downward trend that tech and internet companies hit in the early 2000s.

Crypto is going through the lull that the internet went through,” Cuban wrote in a Twitter


Brian Armstrong, CEO of crypto exchange Coinbase, admitted in May that some Coinbase users’ crypto assets may lack certain bankruptcy protections — Armstrong also stated that bankruptcy is not likely for his company.

See also: Crypto gets political: How cryptocurrency impacted some primary elections

House candidate for Oregon’s 6th Congressional district Carrick Flynn lost his Democratic primary in May despite nearly $11 million in donations from FTX CEO Sam Bankman-Fried. Bankman-Fried donated to Flynn because of Flynn’s interest in pandemic preparedness, he told the New York Times — Flynn says he studied pandemics and disaster prevention at the University of Oxford.

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Crypto Stocks Perform Worse Than Cryptocurrencies

The picks and shovels of the cryptocurrency world have been a worse bet lately than cryptocurrencies themselves.

The cryptocurrency market has been in selloff mode recently even as hundreds of millions of people now trade bitcoin, ether and other digital assets. Bitcoin is down 12% this year. Ether is down 19%. The entire crypto market has fallen about 19%, though prices are off their year lows, according to data from CoinMarketCap. 

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Bitcoin Price Surges on Biden’s Crypto Executive Order

WASHINGTON—Bitcoin’s price rose after President Biden announced an executive order to study digital currencies, a move the industry welcomed and skeptics decried as delaying needed regulation.

The order, titled “Ensuring Responsible Development of Digital Assets,” directed agencies across the federal government to produce reports on digital currencies and consider new regulations. It outlined the risks cryptocurrencies pose to the economy, national security and climate, while also noting their possible benefits.

It also asked agencies to review the possibility of issuing a digital version of the dollar, tasking the Justice Department with assessing whether it would require new legislation and possibly preparing such legislation. Some central banks around the world have experimented with the concept to keep pace with private-sector payments innovations, and the Federal Reserve has already started to evaluate the possibility.

As details from the executive order leaked overnight, the price of


the largest cryptocurrency, rose almost 9%. Bitcoin’s price was $41,910 Wednesday evening, according to CoinDesk.

While financial regulators have long taken a cautious view toward cryptocurrency, the executive order marked the first time the White House had weighed in formally.

Crypto advocates welcomed the absence of any imminent federal action in the order and its acknowledgment of the positive elements of the industry, such as fostering innovation and financial inclusion.

“We applaud the White House for recognizing this as a defining moment for U.S. innovation on the world stage,” said

Faryar Shirzad,

chief policy officer at the largest U.S. crypto exchange,

Coinbase Global Inc.,

in a series of tweets.

“We look forward to continuing our work with regulators and lawmakers,” he said.

The chief executive of Valkyrie Funds,

Leah Wald,

said she expects the order will lead to regulations that will further help the industry grow. “Clarity spurs adoption, and adoption leads to growth,” she said. Her firm sells crypto-focused exchange-traded funds.

The crypto industry has waged an intense lobbying campaign over the past year to stave off more-aggressive regulation of digital assets. A report this week by Public Citizen, a progressive advocacy group, said the number of cryptocurrency lobbyists nearly tripled in recent years, from 115 in 2018 to 320 in 2021. The sector’s lobbying expenditures rose to $9 million from $2.2 million.

Crypto skeptics see the executive order as a step back.

Lee Reiners,

executive director of Duke University School of Law’s Global Financial Markets Center, said it appears likely to delay any consequential policy decisions until after the midterm elections in November. In most cases, the White House is giving agencies at least 180 days to produce their reports.

“Leading up to this executive order, the narrative that had been circulating was that the administration was set to crack down on crypto,” Mr. Reiners said.

“This executive order is a complete 180 from that,” he said. “This is as close to an embrace of crypto as you could have hoped for from this Biden administration, if you’re pro-crypto.”

President Biden’s cryptocurrency executive order may have produced more questions than it has answered: What’s a central bank digital currency? How is it different from crypto? And why hasn’t the Fed introduced a digital dollar? WSJ’s Dion Rabouin explains. Photo composite: David Fang

Financial regulators have already been studying cryptocurrencies for years. The Treasury Department’s Financial Crimes Enforcement Network issued guidance in 2014 around cryptocurrency-payment systems. The Securities and Exchange Commission has taken scores of enforcement actions against individuals and entities in the sector, while the Commodity Futures Trading Commission set up an initiative to study cryptocurrency and other technological innovations in 2017.

A senior administration official noted that the White House held a number of “Crypto Sunday” events to gather feedback from stakeholders as it prepared the executive order. A White House spokeswoman didn’t immediately respond to questions about the events, such as how many were held or who participated.

SEC Chair

Gary Gensler

has said that many cryptocurrencies should be regulated as securities such as stocks and bonds, something that would involve strict disclosure requirements from issuers. Crypto firms have pushed for CFTC oversight, believing it would be easier to comply with.

Matt Kluchenek,

a partner at law firm Mayer Brown LLP, said Mr. Biden’s executive order appears unlikely to resolve such questions.

“Rather than provide direction with respect to who regulates what, the order calls for research, assessment and coordination within specified deadlines,” Mr. Kluchenek said. “Many market participants were hoping for more concrete direction.”

Industry lobbyists say that heavy-handed regulation would risk pushing more of the cryptocurrency market overseas. Some law-enforcement and national-security officials are reluctant to discourage use of cryptocurrencies such as bitcoin, saying they allow transactions to be traced more easily than cash.

“Ensuring that the U.S. remains the leader in global financial infrastructure for generations to come has never been more paramount for economic and national security interests,” said

Sigal Mandelker,

a former Treasury official in the Trump administration who is now a general partner at

Ribbit Capital,

a venture-capital firm invested in crypto. “The president’s recognition of that is an essential step in that direction.”

But investor advocates worry that the executive order will give an opportunity to dilute existing regulations.

“Silicon Valley and their army of new lobbyists may have feared the worst, and instead the White House is rolling out the welcome mat,” said

Tyler Gellasch,

executive director of the Healthy Markets Association, an investor trade group. “Politicians and lobbyists are likely to use this as an opening line to try to rewrite the securities, commodities and banking laws under the guise of better regulating crypto.”

Bitcoin, Dogecoin, Tether: Cryptocurrency Markets

Write to Paul Kiernan at and Andrew Duehren at

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Safemoon price and its popularity: where is Safemoon most popular?

The cryptocurrency Safemoon has officially been around for one year and #Safemoon has been trending on social media platforms on Wednesday to commemorate the anniversary.

While not as popular as larger crypto networks like ethereum

and bitcoin
Safemoon has garnered a bit of a cult following illustrated by its celebrity endorsements by Soulja Boy, Lil Yachty, Jake Paul and Dave Portnoy.

See also: Crypto couple wife, Heather ‘Razzlekhan’ Morgan, hires her own defense lawyer — and splits from her husband’s defense team

Safemoon, as a topic, has been trending in the U.S. for several months, but the states where it is most popular may surprise you.

Here are the states in which people are talking about Safemoon the most:


The map tracks geotagged tweets, hashtags and direct keyword phrases about Safemoon on Twitter
and was compiled by crypto site bitreporter. The tracking uses multiple keywords to get the most accurate data, including variations like #safemoon, #safemoonarmy, #buysafemoon and “buy SafeMoon.”

Over a million tweets about Safemoon were tracked for this visualization, according to bitreporter.

The top 10 states with the most Safemoon interest:

  1. Alabama

  2. Pennsylvania

  3. Arizona

  4. Maine

  5. Wyoming

  6. Florida

  7. Nevada

  8. California

  9. Alaska

  10. Nebraska

See also: Here’s how sports-betting stocks like DraftKings and Caesars performed in February

Similar to bitcoin and ethereum, Safemoon is a peer-to-peer, open-source cryptocurrency. Safemoon features a rocket ship as its logo, possibly a “to the moon” reference popular among crypto traders.

Safemoon is currently trading at $0.000001311 and its price has gone down 43.54% over the past six months, according to

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Can Russia use cryptocurrencies to evade Western sanctions? Likely, to some extent, but it’s ‘very hard to do at scale,’ says one analyst

As the U.S. and its allies aim to cripple Russia through sanctions for invading Ukraine, there has been some speculation around whether Moscow could gain leeway through cryptocurrencies, which are typically based on decentralized networks and don’t rely on any central authorities to maintain.

The sanctions target Russia’s central bank, some state-owned companies and elite families, and include measures that remove some Russian banks from SWIFT, a payments-related messaging service based in Belgium that helps banks world-wide execute financial transactions. 

Such restrictions aim to limit Russia’s access to financial markets, as SWIFT plays a dominant role in financing international trade, covering more than 11,000 institutions in over 200 countries around the world. It will be more difficult for Russian individuals to import, export or invest abroad.

Read more: ‘Selected’ Russian banks to be removed from SWIFT global banking network, as sanctions against Moscow grow

The ability to move cash through crypto would “definitely be some level of buffering,” Rance Mashek, president and founder of trading platform iVest+ told MarketWatch in an interview. 

“Unless the Russian companies are on the sanctions list, we can’t see anything that would keep a US-based company from paying a Russian company through crypto to just transact,” Mashek said.

Ari Redbord, head of legal and government affairs at blockchain intelligence firm TRM Labs, echoed the point, saying that “there is no question in my mind that Russia will attempt to use cryptocurrency to launder funds and evade sanctions.” 

However, “it’s very, very hard to do at scale,” said Redbord, who once worked as a senior adviser to the undersecretary for U.S. terrorism and financial intelligence. “The liquidity is just not there,” Redbord said. The war is likely to “require billions of dollars and it is very hard to off ramp billions of dollars of crypto.”

“They will find ways to do it. It just can’t be in the huge amounts that would come anywhere near replacing or getting close to replacing what they’re essentially losing with the sanctions that have been imposed,” Redbord said.

Russia exported $332.2 billion worth of merchandise in 2020, and imported $240.4 billion worth of goods, according to data by the World Trade Organization. Russia’s central bank holds $630 billion reserves made up by deposits and assets in the world’s major currencies. 

Bitcoin’s total market capitalization stands at $790 billion on Monday, while the whole crypto market capitalization is $1.85 trillion, according to CoinMarketCap.

“What Russia will likely do is to attempt to use cryptocurrency in much smaller amounts to evade sanctions. And they will need on-ramps and off-ramps from traditional currencies to traditional currencies, and they will need exchanges to do that,” Redbord said. 

“The larger cryptocurrency businesses where most of the liquidity exists, have compliance controls in place,” Redbord said. 

Exchange’s role 

The Biden administration is reportedly asking crypto exchanges to ensure that Russian individuals and businesses aren’t using cryptocurrencies to avoid U.S. sanctions, according to Bloomberg, citing people with direct knowledge of the matter.

Binance, the world’s largest crypto exchange, is reportedly blocking the accounts of any Russian clients targeted by sanctions, Reuters reported. 

Sam Bankman-Fried, chief executive at crypto exchange FTX, wrote on Twitter that “we are already complying with international sanctions to prevent evasion, and will do so whether or not it’s mandated.”

Still, Russia may turn to decentralized exchanges and some exchanges without ties to the West, Redbord noted. Russia has over 340 total virtual asset service providers such as crypto exchanges and over-the-counter brokers, according to TRM’s research. 

A wake-up call for regulation? 

The European Union should move quickly to pass crypto regulation that prevents Russia from evading sanctions, European Central Bank President Christine Lagarde said on Friday.

Though new regulation might take time to pass and become effective, the Russia-Ukraine war could be “a wake up call for governments globally, to get a better grip on what’s going on with crypto on the regulatory front,” Mashek said. 


rallied 16% during the past 24 hours to around $43,729. The S&P

500 closed down by 0.2% on Monday.

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Crypto Framework: Global Regulators Going ‘Full Steam’ to Tame Digital Assets

Regulators came late to the fast evolving cross-border world of cryptocurrency assets but they could come up with their first global framework of rules within months, a senior official said on Wednesday.

The Financial Stability Board, which groups regulators, central banks, and finance ministry officials from the G20 economies, is looking at what needs to be done with cryptocurrency assets such as bitcoin and stablecoins.

Cryptocurrency assets are currently treated differently across the world, ranging from bans to no rules at all even though they are traded by international firms. The European Union is approving a comprehensive set of standards for authorising and supervising participants in cryptocurrency asset markets.

Robert Ophele, chair of France’s markets watchdog AMF and a member of the FSB, said regulators were following the “universal basic principle” of same rules to cover the same risks.

“I do expect that for some of them, we do have international regulatory convergence… primarily stablecoins and digital asset service providers,” Ophele told a webinar held by Afore Consulting.

Regulators were behind the curve because cryptocurrency assets were not yet a threat to financial stability, but this was now top of the FSB’s agenda, Ophele said.

“I do think we could achieve, deliver on these issues in the next few quarters… the FSB is going full steam on this issue,” Ophele said.

The FSB has no powers to make binding rules, but its members commit to introducing its regulatory principles into their own national rulebooks.

Regulators are also trying to catch up with other parts of a rapidly digitalising financial market, such as social media and smartphones becoming more heavily used by retail investors to buy and sell shares.

EU securities watchdog ESMA is scrutinising “finfluencers” or social media influencers who give stock tips without safeguards on their credibility, its chair Verena Ross told the webinar.

“This fast moving phenomenon requires active monitoring,” she said.

The EU needed a powerful watchdog for markets like the European Central Bank is for banking, Ophele said.

“The current structure is no longer fit for the purpose with the development of cross-border digital market activities,” Ophele said.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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