Posted on 06/15/2022 3:49:36 AM PDT by dennisw
Cryptocurrencies including Bitcoin are plunging amid market panic today Bitcoin fell nearly 8% to nearly $20,000, its lowest value in seven months
Market has been spooked by US Federal Reserve plan to hike rates
Cryptocurrencies including Bitcoin are crashing in value again in a new digital currency plunge as spooked traders frantically sell off assets before the US Federal Reserve is expected to raise interest rates today.
Bitcoin fell this morning to a new 18-month low as the recent tumble in crypto markets showed no sign of letting up.
The world's largest cryptocurrency fell as much as 7.8% to $20,289, its lowest since December 2020, before rebounding slightly. It has lost around 28% since Friday and more than half of its value this year. Since its record high of $69,000 in November, it has slumped about 70%.
Smaller cryptocurrencies, which tend to move in tandem with bitcoin, also fell. Ether, the second largest token, has tumbled more than 15% to $1,017.20 this morning, a new 15-month low, then similarly bounced back slightly.
Meanwhile, US stocks also fell amid as expectations of sharper US Federal Reserve interest rate hikes as inflation soars heaped pressure on risky assets and rattled global markets.
Today is the latest in a series of crashes for Bitcoin, which has seen it drop more than 60 per cent in value over the last seven months and wiped hundreds of billions of dollars off the entire cryptocurrency market this week.
Cryptocurrencies have been hit hard after US crypto lender Celsius froze withdrawals and transfers between accounts, stoking fears of wider fall-out in digital asset markets already shaken by the demise of the terraUSD and luna tokens last month.
(Excerpt) Read more at dailymail.co.uk ...
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The current sell-off has been fuelled by the threat of rising interest rates as central banks battle to tame runaway inflation.
It comes as digital asset trading companies slash jobs after the new cryptocurrency crash began on Monday.
Crypto lender Celsius Network stopped customers making withdrawals due to ‘extreme market conditions’.
The company’s own digital currency, known by its CEL ticker, plunged 55 per cent in the wake of the suspension as investors feared it could be on the brink of insolvency.
The meltdown has left millions nursing heavy losses.
Data from the Financial Conduct Authority (FCA) published a year ago estimated around 2.3m UK investors owned cryptocurrency, equivalent to 4.4 per cent of the adult population.
One in seven of those buying crypto during the pandemic borrowed money to do so.
Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, said: ‘Red lines on a chart belie the financial pain which this loss of value is set to cause for millions of crypto holders.
‘It’s a stark reminder that dabbling in the crypto Wild West is highly risky and investments in such assets should only be at the edges of a portfolio, with money you can afford to lose.’
Crypto exchange Coinbase also announced that it is sacking over 1,000 employees after previously rescinding job offers.
Crypto funds saw outflows of $102million last week, according to Digital Asset Manager CoinShares, citing investors’ anticipation of tighter central bank policy. The value of the global crypto market has fallen under $900billion, CoinMarketCap data shows, down from a peak of $2.97trillion in November.
‘The ripples running through the market haven’t stopped yet,’ said Scottie Siu, investment director at Hong Kong-based Axion Global Asset Management. ‘I think we’re still in the middle of it unfortunately, the game isn’t over.’
Celsius has hired restructuring lawyers and is looking for possible financing options from investors, the Wall Street Journal reported, citing people familiar with the matter. Celsius is also exploring strategic alternatives including a financial restructuring, it said.
Coinbase is planning to slash nearly a fifth of its workforce as the value of the digital currency market continues to crumble.
The company, which has seen its value plunge 85 per cent since it listed on the Nasdaq stock exchange in New York last April, said it would cut 1,100 staff, about 18 per cent of its total employees, as part of a restructuring plan.
It follows a move from rival crypto exchange BlockFi, which this week announced plans to cut 170 jobs – 20 per cent of its staff.
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Bitcoin Price (BTC)
$20,621.31
Down 8.34%
$19.37 ETH - Up 3.10% -— (Ethereum)
but, but, but Larry David, Charli D’Amelio, Jamie Foxx, Paris Hilton, LeBron James, Kim Kardashian, Ashton Kutcher, Gwyneth Paltrow and Reese Witherspoon all said i should “invest” my life savings in CryptoTulips ... i can’t believe my heroes all lied to me!
btw, it’s been pretty obvious for quite some time that a crash of CryptoTulips was going to be the vehicle THIS GO ROUND of inflation for draining excess artificial liquidity from the economy ... the crash in CryptoTulips is a direct consequence of Bidenomics’ synthetic trillions ... hopefully, the youngsters who’ve lost their shirts will wise-up both economically and politically ...
Clark Howard said if you like gambling invest in crypto......if not, don’t.
That’s all I needed to hear.
I’m not smart enough to understand how it works anyway.
The tulips are wilting. Technically the chart action is very bad. There was a predictable bounce off 20K to 21,500 and that was instantly snuffed out.
I’m not smart enough to understand how it works anyway.
No one can explain what “crypto” is. I have not heard a simple, concise definition.
And if you cannot come up with a simple, concise definition, then you dont know what it is either.
“I’m not smart enough to understand how it works anyway.”
which is the best reason in the world NOT to invest in something ... btw, given that there are literally THOUSANDS of DIFFERENT varieties of CryptoTulips being actively traded, i’d have to say that the primary way they work is to separate fools and their money ... btw, NFT-tulips are an even bigger scam ...
The wife watches Dr. Phil......so by osmosis so do I occasionally.
He had several “knowledgeable” people on discussing the pros and cons of crypto.
The 3 that were pro crypto were young and a bit cocky....two of ‘em had these little smirks on their faces like they knew something no one else did. The third was a female and she was all in your face obnoxious about it.
The one guy that was warning about why not to get into crypto asked a few pointed questions, all the 3 yutes could do was be smartasses and insult the man......if they were selling crypto, it wasn’t a very good sales pitch.
At the end dr Phil admitted he was as lost as he was at the beginning of the show.......it was a scene man.
As with conventional gambling I like to say I can piss my money away just fine on my own....I don’t need any help.
SMH
Crypto crashing could really help us with inflation, if it’s done right.
PING!
Crypto fan boys tout how "only 21 million bitcoins can ever exist", but ignore the fact that an unlimited of different coins types can get created out of thin air by anyone. Crypto inflation.
It has been interesting to watch everything crash at the same time.
Crypto types always post some chart showing the USD down 97% from 1913. “It’s only worth 3%, going to zero”. But they DECEITFULLY leave out little facts like the percentage INCREASE in median hourly wages and salaries, the stock market, house prices and land, commodities, etc, as if all those things have stayed at 1913 levels/prices.
I don’t see how, as the main reason it is cratering is because people are removing money to use in the normal market.
Crypto was great for locking up money and keeping it out of the economy. It was like an underground lock box for removing truly valuable currency.
I think you are right. The time to print money was when crypto was expanding. The Democrats can’t even do that right.
I sold 3 Bitcoin yesterday. I have been mining Etherum for nearly 5 years. Long ago I took my profits. As to valuations, BTC was around 3900 USD in April of 2020 so it is still in positive grace for me.
People who speculate are those getting hammered. BTC is a long-term investment. I still have BTC. I have no doubts that BTC will continue to drop as the Whales and Investment Firms/Banks and those with excess capital continue to buy it up.
BTC isn’t going to die and there are only truely a half dozen crypto currencies worth their due, e.g., BTC, ETH, Solono, Cardano, Litecoin, Biance, BAT, Moreno.
The utility of some crypto’s are that they are being developed to speed financial transactions, and much like IP Packets have different layers or functions in transmission of data. Some are games. MOST are created out of thin air with catchie/y names to gain interest.
Everyone here doing their victory dance over the death of crypto will see this cycle again, and you will do the same victory laps as you hate on crypto’s.
I won’t give out financial advice, but if you care to educate yourselves you can go to any financial newsite and see WHO is buying BTC right now - you will see it is the so called instutional buyers.
The reason they are buying it is because it has become widely acceptable and like someone stated, there are going to be no more than 21 million BTC, unlike all other crypto currencies, and it has become digital gold. Only BTC has been declared an asset rather than security note for tax purposes and that will not change.
Can't even imagine that level of stupidity.
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