Bitcoin has fallen below the psychologically important threshold of $US20,000 for the first time since late 2020, in a fresh sign that the selloff in cryptocurrencies is deepening. 7NEWS
Ethereum, another widely followed cryptocurrency that has been sliding in recent weeks, took a similar tumble Saturday.AP
The overall market value of cryptocurrency assets has fallen from $US3 trillion to below $US1 trillion, according to coinmarketcap.com, which tracks crypto prices. On Saturday the company’s data showed crypto’s global market value stood at about $US834 billion. Cesare Fracassi, a finance professor at the University of Texas at Austin who leads the school’s Blockchain Initiative, believes bitcoin’s fall under the psychological threshold isn’t a big deal. Instead, he said the focus should be on recent news from lending platforms.One of them, Celsius Network, said this month that it was pausing all withdrawals and transfers, with no sign of when it would give its 1.7 million customers access to their funds.
Cryptocurrency exchange platform Coinbase announced Tuesday that it had laid off about 18% of its workforce, with CEO and cofounder Brian Armstrong placing some of the blame on a coming “crypto winter.”
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