Crypto Financial News

crypto market is in a tight bear hug and market mavens believe that crypto winter is likely to last longer than what was expected. The gloom in the crypto market has turned firms operating in the space risk aversive. Many of them are looking to trim their payroll size in order to conserve funds amid a freefall in the digital token market. Not only this, even stringent taxations and regulatory frameworks are hurting crypto players. The pessimism has affected deal size and volumes in the crypto industry.

Right now what it is making him feel is extremely unsettled. The marketing executive from Summit, New Jersey, says his holdings, including a number of different cryptocurrencies like ethereum, are down around 60% from where he bought. What was 2% of his portfolio is now around 0.8% — making him wring his hands about whether to hold on, head for the exits, or buy the dip.

Crypto hedge fund Three Arrows Capital (3AC) has entered liquidation, a person familiar with the matter told Reuters on Wednesday, in the latest sign of the market downturn hurting the crypto industry. Singapore-based 3AC is one of the higher profile crypto investors to have run into difficulties following the sharp sell-off in the market for digital currencies seen in recent months. Crypto broker Voyager Digital issued 3AC with a default notice on Monday after it failed to make payments on a loan of 15,250 bitcoin (approximately $324 million) and $350 million worth of USDC, a stablecoin.

crypto currencies world-wide is having a ripple effect on the prices of hardware that supported the complex mining process of these digital assets. Gone are the days when crypto currency miners and the hardware makers raked in the moolah amid the recent boom in digital assets. In the wake of the crash in crypto prices, mining such digital assets has become unviable, resulting in miners dumping their high-end equipment in the resale market that has resulted in a crash in prices. Sample this: Until a few months ago, if you needed a high-end graphic card, used to mine new bitcoins, it would have cost as much as ₹2 lakh in the black market. Now, users can buy the same cards online at their sticker price of around ₹1.1 lakh per unit. That's a drop of 45%.

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 markets as a “risk-off” bout of selling fueled by a Federal Reserve 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 Bitcoin 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.

crypto market to revisit the $1 trillion market capitalization on Monday, data suggested. Bitcoin (BTC) was comfortably holding around the $21,500 mark on Monday. The crypto behemoth rose about 4 per cent in the last 24 hours to scale $21,780 levels, according to the data from coingecko. The total market capitalization of Bitcoin surged to over $407 billion, with a dominance close to 41 per cent. Bitcoins worth more than $16.5 billion exchanging hands in the last 24 hours.

crypto winter — one with some unwelcome local twists. With token prices plummeting, customers unable to transfer money to their accounts and a dreaded transaction tax on cryptocurrencies just around the corner, exchanges like Binance-backed WazirX have put expansion plans on the back burner. “We have cut down all our non-critical costs,” said Rajagopalan Menon, WazirX’s vice president. “We are hiring only critical hires, we aren’t spending money at all. It’s literally crypto winter here,” he said, using industry jargon for an extended bear market.

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cryptocurrency exchange by trading volumes, said on Thursday it has signed a partnership with Cristiano Ronaldo for the promotion of non-fungible tokens (NFTs). As part of the multi-year agreement, the Portuguese soccer star and Binance will create a series of NFT collections for sale on the company's platform, the cryptocurrency exchange said, adding that the first collection would be released later this year. An NFT is a digital asset that exists on a blockchain, a record of transactions kept on networked computers, and the blockchain serves as a public ledger, allowing anyone to verify the NFT's authenticity and check who owns it.

Crypto exchange FTX in discussion to acquire stake in BlockFi: Report

[content][quote]Market Buzz[/quote][title]Cryptocurrency Prices Today June 24: Bitcoin trades around Rs 17 lakh[/title][body] Major cryptocurrencies were trading flat early on June 24 as the global crypto market-cap increased 3.70 percent to $933.84 billion over the last 24 hours. On the other hand, the total crypto market volume declined 9.04 percent to $60.76 billion during the period. The total volume in DeFi stood at $5.39 billion, 9.21 percent of the total crypto market's 24-hour volume. Read more here. [/body][/content]

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Disclaimer: The text below is an advertorial article that was not written by Cryptonews.com journalists.

crypto lender Celsius was an ideal place to stash his digital currency holdings — and earn some spending money from its double-digit interest rates along the way. «I was probably earning $100 a week,» at sites like Celsius, said Fong, a 29-year civil aerospace worker who lives in the central English city of Derby. «That covered my groceries.» Now, though, Fong's crypto — about a quarter of his portfolio — is stuck at Celsius.

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As prices plunge, companies collapse and skepticism soars, fortunes and jobs are disappearing overnight, and investors' feverish speculation has been replaced by icy calculation, in what industry leaders are referring to as a "crypto winter." It's a dizzying turn of events for investments and companies that at the start of 2022 seemed to be at their financial and cultural apex. Crypto-evangelizing companies ran commercials during the Super Bowl and spent heavily to sponsor sports arenas and baseball teams. The industry's combined assets back then were estimated to be worth more than $3 trillion; today, they are worth less than a third of that. Maybe.

cryptocurrency industry was on edge on Monday as bitcoin held just above $20,000 and investors feared that problems at major crypto players could unleash a wider market shakeout. Bitcoin, the world's biggest cryptocurrency, dropped on Saturday to as low as $17,592.78, falling below the key $20,000 level for the first time since December 2020. It picked up slightly during London trading hours on Monday, at around $20,510 at 1232 GMT. But it has still lost 55% of its value this year and 35% this month alone in the cryptocurrency sector's latest meltdown.

In between, a nascent technocratic industry with grand ambitions to reinvent the financial system was rocked repeatedly by echoes of past crises in the old system. It was a week of margin calls, forced selling and important collateral being exposed as way too illiquid in a time of crisis. There were rumblings of hedge-fund blowups, tales of opportunistic predatory trading, job cuts and loud denials of problems from key players proven wrong almost immediately. Amid it all, the myth was shattered once and for all that this new crypto financial system was somehow immune to — or even able to benefit from — the economic fundamentals currently punishing the old system.

crypto world over the past few weeks is enough to make even the most enthusiastic Web 3 supporter take a step back and assess his position. With Bitcoin diving to an 18-month-low and showing no signs of stopping anytime soon, crypto lenders such as Celsius halting transactions to curb the volatility amongst crypto assets and exchanges like Coinbase firing staff to keep itself steady, the outlook for the entire industry seems to have changed drastically from just a few months ago when products and technologies like NFTs and metaverse was on everybody’s minds. Added to these are global headwinds that have created the perfect storm that we’re seeing the crypto industry go through currently. Indeed, with 40-year-high inflation in the US pushing the Fed to raise interest rates, daily items getting costlier thanks to high oil prices, the uncertainty over the war in Ukraine and the threat of Covid-19 and possibly monkeypox lurking just around the corner, things have decidedly taken a turn for the worse wherein investors have started dumping riskier assets such as equities and crypto assets.

Bitcoin dropped below $20,000 on Saturday to its lowest level in 18 months, extending its slide as investors pull back from riskier assets amid rising interest rates.

“It's worth noting there’s a flight towards quality crypto in the market. The Bitcoin dominance has climbed to 45%, suggesting investors have moved capital from lesser-known coins to quality crypto,” says Ashish Singhal, Co-founder and CEO, CoinSwitchThe crypto market, with no doubts, is in a tight bear grip. How do you see this phase and how long can it sustain? Do you think the Indian market and investors are mature enough to handle the long crypto winters?The supersized hike by the US Fed to control inflation has impacted the capital markets – be it traditional equities or cryptos. With capital becoming expensive, it was inevitable the markets would be bearish as investors temper their risk appetite. It is worth noting the strong correlation between Bitcoin and Nasdaq Composite, suggesting investors are valuing crypto assets in the same breath as deep tech stocks. We also have to keep in mind that asset classes such as cryptos are coming off a multi-year bull run. Course correction is thus understandable.