Bitcoin news – live: Crypto slump continues as BTC losses top 70%
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Bitcoin fell below $21,000 on Wednesday, falling another 10% overnight to its lowest level since the end of 2020.
The cryptocurrency has since recovered slightly, although analysts warn that the volatility may not be over yet.
The latest losses mean the price of BTC is now over 70% above its all-time high in November 2021, although previous major downturns from then-record highs in 2013 and 2017 have resulted in corrections of over 80%.
The overall crypto market is below $1 trillion, following similarly large price drops for other top cryptocurrencies like Ethereum (ETH), Cardano (ADA) and Solana (SOL ).
Major platforms including Celsius and Binance experienced operational issues this week, which they blamed on an influx of investors liquidating their assets.
Crypto exchange Coinbase also announced that it was cutting more than 1,000 employees after previously rescinding job offers, but Binance announced that it was hiring an additional 2,000 employees.
“Bitcoin is the best performing asset”: MicroStrategy CEO reacts to falling prices
We reported earlier that over $1 billion was wiped from MicroStrategy’s bitcoin holdings following the latest market downturn.
CEO Michael Saylor spoke about the losses on live TV today, appearing on CNBC to say he has a long-term view of the bitcoin market, noting that bitcoin has never dipped below its average. single mobile over four years in its history. This means that anyone who has ever bought bitcoin and held it for more than four years has not lost money.
“I think it’s been a net positive,” he told CNBC.
“Over any period – two years, four years, eight years – bitcoin is the best performing asset, I can’t think of a better idea.”
Anthony CuthbertsonJune 15, 2022 5:30 p.m.
Coinbase’s downsizing shows the dangers of relying on HODL, instead of a calculated approach to the crypto industry, according to Dmitry Gooshchin, co-founder of AI trading platform EndoTech.
“Investors and pioneers have failed to incorporate market volatility into their business models, which is an oversight given that volatility is an inherent component of this young market. Clearly, investors and crypto pioneers have taken a HODL approach instead of a more calculated approach to this fledgling industry,” Gooshchin said.
Adam SmithJune 15, 2022 5:00 p.m.
Binance crypto exchange is recruiting
Just a day after Coinbase announced it would be laying off 18% of its workforce – totaling around 1,100 people – rival crypto exchange Binance announced it was hiring.
CEO Changpeng Zhao, known as CZ, said the company had 2,000 open positions, which he attributed to Binance not spending the money on expensive crypto ads and brokerage deals. sponsorship in the last bull run.
Anthony CuthbertsonJune 15, 2022 4:39 p.m.
Crypto crash: MicroStrategy’s bitcoin losses top $1 billion
Today’s losses mean that MicroStrategy, the world’s largest corporate investor in bitcoin, has now lost over $1 billion from its initial investment.
CEO Michael Saylor remains adamant that the company will not sell its holdings and that previous concerns about a margin call on one of its loans were overblown.
After spending nearly $4 billion on its stock, MicroStrategy’s BTC is now worth less than $2.7 billion. Proponents would say that the USD value may go down but the number of bitcoins remains the same.
You can find out more here.
Anthony CuthbertsonJune 15, 2022 4:02 p.m.
stETH fell to $4 billion from around $10 billion last month as holders sold as the price of ether crashed.
“In the short term, stETH will face tremendous selling pressure,” the Huobi Research Institute report said. “Turbulence is expected in the near future.”
Adam SmithJune 15, 2022 3:00 p.m.
Celsius holds 409,260 stETH tokens
Celsius, which froze withdrawals last weekend, also holds 409,260 stETH tokens.
According to Johnny Louey and Andy Hoo, analysts at Huobi Research Institute, Celsius suffered a loss of almost $71 million earlier while staking stETH on Stakehound because Stakehound misplaced the keys.
“What Celsius can do is sell its stETH in order to buy ETH on the market to satisfy customer demands,” said Noelle Acheson, head of market intelligence at crypto market maker Genesis. , to CoinDesk.
Adam SmithJune 15, 2022 2:00 p.m.
Bill Gates says NFTs are based on a “biggest fool theory”
Billionaire Bill Gates once again spoke about non-fungible cryptocurrencies and tokens, saying they are “100% based on a dumber theory – that someone is going to pay more than me”.
Speaking at the TechCrunch conference, he joked: “Obviously, digital images of monkeys are going to make the world a whole lot better, and that’s so amazing.”
As the largest private owner of family land in the United States, he added, “I’m used to asset classes like a farm where they have production or a business where they make products.”
Anthony CuthbertsonJune 15, 2022 1:34 p.m.
Bitcoin price wobbles above 2017 peak
Another 10% price drop on Wednesday morning left bitcoin hovering just above $20,000.
Rewind nearly five years and that was the peak seen in 2017 after a record rally. If it fails to hold support at this key level, analysts fear further losses are on the way. BTC is currently down around 70% from its 2021 all-time high, with major corrections in the past wiping out over 80% of the cryptocurrency’s value.
You can find out more here.
Anthony CuthbertsonJune 15, 2022 12:05
Crypto Needs Collateral Against a Liquidity Crunch
According to Dr. Anna Becker, co-founder of AI trading platform EndoTech, lenders and crypto exchanges need to take advantage of adult tools to hedge against a liquidity crunch.
“In the same way that trading platforms are growing by incorporating volatility into their trading strategy, for example with the use of algorithmic trading as opposed to the old buy and hold emotional trading model, lenders and crypto exchanges need to take advantage of adult tools to protect against a liquidity crisis like the one we are experiencing,” Dr. Becker said.
“It is unacceptable for credit institutions and money changers to prevent customers from accessing their funds. I urge regulators to crack down on crypto cowboy companies that steal from innocent people and help steer the market to maturity.
Adam SmithJune 15, 2022 12:01
Adam SmithJune 15, 2022 11:30 am