Crypto lending may not be down and out, but it’s certainly on the ropes.
Browsing: Cryptocurrencies
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The crypto industry was on edge on Monday morning on fears contagion from problems at major crypto players could unleash a major shakeout if not contained.
Bitcoin snapped a 12-day slide on Sunday after a record-breaking string of declines. Analysts cautioned the respite may be brief.
Bitcoin fell on Wednesday to a new 18-month low, dragging down smaller tokens with it, as the recent tumble in crypto markets showed no sign of letting up.
Billionaire Bill Gates has dismissed cryptocurrency projects such as non-fungible tokens as shams “based on the greater-fool theory”.
Coinbase Global will cut about 1 100 jobs, or 18% of its workforce, the cryptocurrency exchange said on Tuesday.
Crypto markets have dived in the past few weeks as rising interest rates and surging inflation prompted investors to ditch riskier assets across financial markets.
The value of the cryptocurrency market on Monday fell below $1-trillion for the first time since January 2021, reaching as low as $926-billion.
Bitcoin plunged to the lowest in about 18 months on Monday as the impact of Friday’s shock US inflation data continued to reverberate.