Saturday, January 28, 2023
No Result
View All Result
SUBSCRIBE
eNaira Online News
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
eNaira Online News
No Result
View All Result

Why Bitcoin and Crypto markets are dropping faster than gravity

by e-Naira Online News
June 14, 2022
in Crypto
Reading Time: 2 mins read
A A
0
Home Crypto
Share on FacebookShare on Twitter


It has been a season of sell-offs in the fast-evolving market. According to CoinMarketCap, the combined market capitalization of all cryptocurrencies has fallen below a trillion dollars, indicating that the market is firmly immersed in “crypto winter.”

Bitcoin was trading around $23,200 at press time, down 16% for the day. Ether (ETH), the Ethereum blockchain’s native cryptocurrency, fell 18% to $1,222.

The next two-day Federal Reserve monetary policy meeting begins today and concludes on Wednesday with a statement and press conference by Chair Jerome Powell.

What you should know

  • The latest drop came when the huge crypto lender Celsius, which claimed to possess at least 150,000 bitcoin worth $3.5 billion at current values as recently as April, ceased withdrawals. (Another cryptocurrency company, Nexo, has expressed interest in purchasing part of the platform’s assets.)
  • It was a day of fast-paced events and pronouncements, all of which seemed to confirm how gloomy the crypto markets had become.
  • For the first time since early 2021, the total market capitalization of digital assets lost over $300 billion dollars in a span of a few days with significant losses in tokens such as Solana and meme coins. MicroStrategy (MSTR) led the decline in crypto-related stocks.
  • The pioneer crypto-asset withdrawals have been temporarily halted on Binance (reportedly due to technical issues) but at the time of writing it was back online.
  • Crypto.com and BlockFi, a cryptocurrency lender, both announced employment cutbacks. Sentiment for cryptos is horrible. Tron’s USDD stablecoin wobbled off its $1 peg. Bitcoin is attempting to create a base, but if it falls below $20,000, things could become considerably worse.
  • As the broader markets were under significant pressure, the agony in digital assets increased. The Standard & Poor’s 500 Index fell 4% to a new all-time low for the year. The main cause seems to be fresh investor concerns that the US Federal Reserve may be forced to tighten monetary policy forcefully in order to combat inflation, which is at its highest level in four decades.

The flagship crypto had its biggest decrease in a year as indicators emerged that the steep correction in crypto markets is harming significant industry participants and placing digital-asset projects under a lot of stress.

Related



Source link

Tags: BitcoinCryptodroppingfastergravityMarkets
Previous Post

The reign of money and ethno-religious sentiments in Nigerian politics –

Next Post

Inflation: What to do if your salary is no longer sustaining you

Related Posts

Crypto

FTX Lawyers Attempt to Question Bankman-Fried’s Family and Inner Circle for Financial Insight – Bitcoin News

by e-Naira Online News
January 27, 2023
Crypto

Financial Advisors See Strong Interest in Crypto — 90% Receive Inquiries About Crypto Investing, Survey Shows – Featured Bitcoin News

by e-Naira Online News
January 27, 2023
Crypto

Crypto bulls ride on again as Tesla keeps its Bitcoin stash

by e-Naira Online News
January 26, 2023
Crypto

Binance Processed $346 Million for Crypto Exchange Bitzlato, Report Claims – Exchanges Bitcoin News

by e-Naira Online News
January 26, 2023
Crypto

New South African Code Says Crypto Asset Ads Must Include Capital Loss Warning – Africa Bitcoin News

by e-Naira Online News
January 25, 2023
Next Post

Inflation: What to do if your salary is no longer sustaining you

NASS workers suspend strike - Nairametrics

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest

Access Holdings, International Breweries, others lose N51.7bn to investors’ apathy

January 27, 2023

FTX Lawyers Attempt to Question Bankman-Fried’s Family and Inner Circle for Financial Insight – Bitcoin News

January 27, 2023

Bourse sustains negative trend with market capitalisation down N52m – Businessamlive

January 27, 2023

Real Estate Financing Firm Lists N20bn Sukuk On Stock Exchange

January 27, 2023

Rivers kidnapper bags death sentence for murder

January 27, 2023

Financial steps you must take before you relocate abroad

January 27, 2023

The good, the bad, the ugly sides of Oyebanji’s 100 days in office

January 27, 2023

Lagos now closer to its smart city dream with 5G technology —Sanwo-olu

January 27, 2023

Get the free newsletter

eNaira Online News

Get the latest news and follow the coverage of eNaira, Business & Financial, Stock Market, Analysis, and more from the trusted sources.

CATEGORIES

  • Banking
  • Business
  • Capital Market
  • Companies
  • Crypto
  • eNaira
  • Finance
  • Opinion
  • Personal Finance
  • Real estate
  • Uncategorized
No Result
View All Result

GET THE FREE NEWSLETTER

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.