Tag: bitcoin crash

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Bitcoin Falls Below $20,000 After Jackson Hole Caution – Top Crypto Updates

Bitcoin falls below $20,000 on post-Jackson Hole caution

Bitcoin extended its fall below $20,000 on Monday as part of a wider crypto market retreat, primarily due to concerns about the Federal Reserve’s rate-hike path. U.S. Fed Chairman Jerome Powell’s speech at the Jackson Hole Economic Symposium rocked both equity and crypto markets on Friday with comments about economic pain ahead as the central bank raises interest rates to tackle inflation.

Crypto prices today: Bitcoin falls 1%, ETH down 3%

Bitcoin is currently trading at $19,845.16, a decline of 1.09% over the previous day. Ethereum is down 2.90% over the last 24 hours to $1,451.4. Solana fell 3.78% to $30.47, while Cardano is trading lower by 3.77% at $0.432. Avalanche (AVAX) has fallen sharply by 10.5% to $17.93. The global crypto market cap stands at $955.7 billion, a 1.29% decline over the previous day.

Singapore plans tougher rules on crypto

Singapore is planning to roll out new regulations that will make it more difficult for retail investors to trade cryptocurrencies at a time. “Despite warnings and measures, surveys show that consumers are increasingly trading in cryptos globally, attracted by the prospect of sharp price increases”, said Ravi Menon, managing director of the Monetary Authority of Singapore (MAS). “They seem to be irrationally oblivious about the risks of crypto trading,” he added.

Mining and hash rate difficulty at all-time high amid Bitcoin crash

Bitcoin’s difficulty and hash rate, which indicate the state of the crypto network, has increased rapidly over the past month. Some analysts have stated that Bitcoin’s difficulty level is expected to hit an all-time high next week. The price of Bitcoin has been under severe pressure after US Federal Reserve Chair Jerome Powell’s comments on raising interest rates further to tame inflation.

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Bitcoin Crash Hasn’t Harmed Global Financial Stability, Says IMF – Top Crypto Updates

Bitcoin crash hasn’t harmed global financial stability: IMF

In its ‘World Economic Outlook Update: Gloomy and More Uncertain’ report, the International Monetary Fund (IMF) said the Bitcoin bear market hasn’t impacted global financial stability yet. The largest crypto by market cap is down nearly 70% from its all-time high last November of over $69,000. Despite the massive sell-off, “spillovers to the broader financial system have been limited so far,” the IMF said.

Crypto prices today: Bitcoin rises 0.8%, ETH up 1%

Bitcoin is currently trading at $21,237.28, an increase of 0.84% over the previous day. Ethereum rose 1.04% over the last 24 hours to $1,463.51. Solana rose 0.68% to $37.06, while Cardano is trading higher by 0.71% at $0.470. Polygon (MATIC) is up 1.6% to $0.815. The global crypto market cap stands at $985.01 billion, a 1.8% increase over the previous day.

NFT projects lost $22M to hackers on Discord: Reports

Two Web3 security firms have issued reports focused on the recent hacks targeting non-fungible tokens (NFT) projects. The attacks are likely by a linked group of hackers using compromised Discord server administrator accounts. Cyber attacks against NFT collections have steadily risen in 2022, costing the NFT community over $22 million in May alone. NFT minting scams deployed through compromised Discord accounts increased by 55% in June 2022 compared to the previous month.

U.S. consumer watchdog to scrutinize crypto payments

The U.S. Consumer Financial Protection Bureau (CFPB) plans to scrutinize the use of cryptos for real-time payments and ramp up oversight of Big Tech companies as they expand into the traditional financial sector. Cryptocurrencies have come under scrutiny in recent months after the market crashed, leading to financial troubles for some crypto companies.

Crypto startup VC funding reaches $17.5B in H1 2022: Report

As per a PitchBook report, venture capitalists (VCs) invested at least US$17.5 billion into the crypto and blockchain industry in the first half of this year (H1 2022). Investments in blockchain and crypto startups topped US$26.9 billion in 2021. North American startups were at the center of most deals, bagging US$11.4 billion in H1 2022.

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Bitcoin Falls to Lowest Level in 16 Months – Top Crypto News

Bitcoin falls to lowest level in 16 months

Bitcoin has fallen to its lowest level in 16 months on Thursday as a wider crypto selloff gathered steam. The cryptocurrency dropped to ~$26,350, to stand at its lowest since December 28, 2020. In the last eight sessions, it has lost a third of its value (or $13,000). The crypto market has come under pressure in recent days alongside stock markets.

Crypto prices today: Bitcoin falls 8%, ETH crashes 16%

Bitcoin is currently trading at $27,924.95, an 8.31% decline over the previous day. Ethereum has crashed 16.5% over the last 24 hours to $1908.21. Solana plummeted 28.33% to $45.17, while Cardano is trading lower by 23.5% at $0.461. Polygon (MATIC) crashed ~30% to $0.572. The global crypto market cap stands at $1.18 trillion, a 12.95% decline over the previous day.

Coinbase loses half its value in a week as crypto slumps

Crypto trading platform Coinbase lost half its value in the past week, including its biggest one-day drop to date on Wednesday. The company reported a $430 million net loss in the first quarter due to a decline in sales and active users. Revenue was down as trading volumes fell. Active monthly users fell 19% from the fourth quarter.

Zerodha’s Nithin Kamath cautions Indian crypto investors

Zerodha co-founder Nithin Kamath has cautioned Indian investors against the prospect of US cryptocurrency exchange Coinbase Global on Twitter. He claimed that customer assets could be at risk in case of bankruptcy of Coinbase. He advised Indian crypto investors to be aware of Coinbase’s dramatic fall and added “crypto with exchanges carry a risk”.

Citadel Securities, BlackRock slam social media accusations of involvement with UST collapse

Social media had been swarming with accusations surrounding the collapse of TerraUSD (UST). Many formed a conspiracy theory involving the same entities from the GameStop short squeeze— BlackRock, Citadel Securities, Gemini. While BlackRock manages cash reserves for USDC, it said in a public statement it does not trade UST. Citadel Securities has also stated that it does not trade in stablecoins. Meanwhile, Gemini tweeted that it has made no such loan as claimed in the conspiracy theory.

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Biden Administration to Release Executive Order on Crypto in Feb – Top Crypto News

Closeup Bitcoins mockup on the keyboard over the cryptocurrency trading graph in the computer screen, crypto currency and investment concept

Biden Administration to release executive order on crypto in February: Report

As per a Bloomberg report, the White House is preparing an executive order for release as early as February that will outline a comprehensive government strategy on cryptocurrencies. The directive would place the White House in a central role overseeing efforts to set policies and regulate digital assets. Federal agencies have already been studying or providing regulatory guidance around the digital asset sector for years.

Crypto prices today: Bitcoin Falls 1.8%, ETH down 4%

Bitcoin is currently trading at $35,059, a 1.78% decline over the previous day. Ethereum fell 4% over the last 24 hours to $2,395. Solana has crashed 13.45% to $87.6, while Cardano has declined by 7.5% to $1.04. Polygon (MATIC) crashed over 10% to $1.45. The global crypto market cap stands at $1.60 trillion, a 3% decline over the previous day.

Delhi Police probe in crypto theft finds link with banned Palestinian group

The Delhi Police Cyber Cell has busted scamsters who allegedly stole crypto from a Delhi-based businessman and transferred the amount to the wallets of Al-Qassam Brigades, the military wing of Palestinian organisation Hamas. The current value of the cryptocurrency is over Rs 4 crore. The details of his crypto wallet, along with other accounts, were found to have been uploaded on the Darknet. 

Adidas partners with Prada to hit the NFT market

Italian fashion house Prada has joined forces with Germany leading sports brand Adidas to introduce a first-of-its-kind non fungible token (NFT) collaboration that will feature user-generated art. The project aims to bring together participants across fashion, design, and crypto industry to co-create a large-scale digital artwork.

New ‘BHUNT’ malware is targeting crypto wallets of Indians

Cybercriminals are now stealing crypto wallet contents, passwords, and security phrases, targeting crypto wallets users have on their personal computers. According to Bitdefender (a cyber security firm), a crypto-wallet stealing malware dubbed ‘BHUNT’ enters computers through pirated software installs and attacks Exodus, Electrum, Ethereum, Bitcoin, and Litecoin wallets.

Bitcoin pyramid schemes wreak havoc in Rio de Janeiro’s Cabo Frio city

Cabo Frio, a city in Rio de Janeiro state, is now known as “New Egypt” due to a high number of alleged crypto pyramid schemes. The central figure in these huge pyramid schemes is 38-year-old Glaidson Acácio dos Santos. His company, G.A.S Consulting & Technology (a crypto investment firm) had total transactions worth at least $7 billion from 2015 through mid-2021 as part of a Bitcoin-based Ponzi scheme that promised investors 10% monthly returns.