Whats going on with crypto
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As the DeFi space continues to heat up, two platforms have emerged as major contenders… What is happening to the crypto market The result down the line was inflation rising to the highest level in four decades. Abundant liquidity also drove prices up across most asset classes, including traditional stock markets and cryptocurrency markets, as traders invested their money anticipating stronger returns.
Crypto drop today
Large-cap cryptocurrencies are generally considered to be safe crypto investments. These are companies with a market cap of more than $10 billion. Investing in coins with large market capitalisation is usually a conservative strategy. These coins are likely to be less volatile than other cryptocurrencies but still more volatile than traditional assets like stocks. What other cryptos are a good buy in June 2022? It helps to remember that for all the madness of crypto — Dogecoin’s hijinks, buying “land” in the metaverse, an NFT sold for $69 million — it’s just a software play. Truly. Blockchain is a new type of database. And as with any software play, the staying power and value of crypto will ultimately be determined by its adoption. In Bitcoin’s case, that means the mass-market embrace of digital money that can change hands electronically without the need of intermediaries such as central or commercial banks. In Ethereum’s case, it means using smart contracts, an innovation in computer science that enables users to code entire financial agreements into tidy digital packages that operate on autopilot.
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With multiple big crypto firms collapsing in recent months, the sector that promised an alternative to the traditional global financial model now faces existential questions. In May last year, the TerraUSD and Luna coins crashed, losing almost all of their value overnight and wiping out $45bn from the crypto market in a day. Singapore-based crypto hedge fund Three Arrows Capital abruptly shut down. Crypto lenders Voyager Digital and Celsius Network – which had both loaned money to Three Arrows Capital – soon filed for bankruptcy. How to store cryptocurrency However, on Thursday, the price plummeted to a low of $22,259 per coin. Prior to the drop, there were many long positions, and according to statistics from Coinglass, 78,116 traders were liquidated when the price fell at 8 p.m. Eastern Time. The total liquidations since the price change amount to $237.97 million, with the largest liquidation occurring on Okx.
Why is bitcoin down today
For years, regulators were criticized for failing to come to grips with the crypto industry, even as it grew into a multitrillion-dollar business. In November, the FTX crypto exchange, once regarded as one of the most reliable firms in the freewheeling industry, failed practically overnight, and its founder, Sam Bankman-Fried, was charged with orchestrating a yearslong fraud. Why is crypto down so much? Uncertainty in traditional markets and Fed concerns, experts say Since taking office, the Biden-Harris Administration and independent regulators have worked to protect consumers and ensure fair play in digital assets markets by issuing guidance, increasing enforcement resources, and aggressively pursuing fraudulent actors. As outlined in the reports released today, the Administration plans to take the following additional steps:
