‘Get-rich-quick’ days over for crypto investors post
A sharp fall in the price of Bitcoin and other cryptocurrencies is another hard blow to the already sinking cryptocurrency market in India.
Cryptocurrency
Bitcoin sinks to fresh 18-month low of $20,079 as crypto meltdown
Bitcoin slumped on Wednesday to a new 18-month low, dragging smaller tokens down with it and deepening a market meltdown sparked by crypto lender Celsius this week freezing customer withdrawals. The world’s largest cryptocurrency fell as much as 7.8% to $20,079.72, its lowest since December 2020. It has lost about 33% of its value against…
Crypto update: Bitcoin’s unrelenting selloff puts prices on
Bitcoin tumbled again, driving the token to the brink of $20,000 as evidence of deepening stress within the crypto industry kept piling up. There’s a growing sense of anxiety about the stability of crypto projects large and small. Tron founder Justin Sun’s roughly month-old stablecoin USDD drifted from its intended dollar peg, at one point…
Top headlines: Govt approves 5G spectrum auction; May trade defic
Govt to auction 5G spectrum for 20 yrs; allows private captive networks The Union Cabinet has cleared the auction for 5G airwaves paving the way for auction and commercial launch of next generation telecom services this year. The cabinet in its meeting on Tuesday approved Department of Telecom’s proposal for the auction of 72 GHz…
Bill Gates blasts cryptocurrencies, NFTs as based on ‘great
Billionaire Bill Gates dismissed cryptocurrency projects such as nonfungible tokens as shams “based on the greater-fool theory” at a climate conference Tuesday, reviving past criticisms of digital assets. “Obviously, expensive digital images of monkeys are going to improve the world immensely,” Gates said sarcastically while speaking at an event in Berkeley, California hosted by TechCrunch….
Coinbase lays off 18% of workforce; firm entering recession, says
Leading crypto exchange Coinbase has announced that it is laying off 18 per cent of its workforce, or about 1,100 jobs amid the economic downturn. Brian Armstrong, CEO and co-founder said that while the company tried its best to get this just right, in this case, it is now clear that it is over-hired. “We…
World’s richest have lost $1.4 trillion in 2022 after rapid
The 500 wealthiest people in the world have lost a combined $1.4 trillion this year, including $206 billion on Monday alone, according to the Bloomberg Billionaires Index, as global financial markets buckle under the weight of higher interest rates and inflation anxiety. It’s a stark contrast to last year, when soaring markets boosted the world’s…
MicroStrategy can withstand bitcoin volatility: CEO amid margin c
MicroStrategy CEO Michael Saylor said on Tuesday the software firm was capable of withstanding volatility in bitcoin prices after the token slumped to levels that triggered fears of possible liquidation on its leveraged position. MictroStrategy, an aggressive investor in bitcoin, said it borrowed $205 million from crypto bank Silvergate Capital in March, with the three-year…
Bitcoin stems heavy losses but pessimism reigns in crypto markets
Bitcoin steadied on Tuesday after earlier hitting a new 18-month low, as major crypto lender Celsius Network’s freezing of withdrawals and the prospect of sharp U.S. interest rate rises shook the volatile asset class. Bitcoin clawed its way to positive territory after falling as much as 7.3% to $20,816, its lowest since Dec. 2020. It…
El Salvador’s bitcoin holdings value slashed in half by cry
El Salvador’s bet on bitcoin was slashed on Tuesday by half as the more than $100 million in the country’s publicly disclosed purchases dropped more than 50% in value. The 10 purchases announced by President Nayib Bukele via Twitter have a market value of just over $51 million, with the biggest single trade – 420…