Bitcoin news – live: Crypto exchange Coinbase sacks staff amid price collapse

What are cryptocurrencies? | Decomplicated

Bitcoin has crashed below $24,000, reaching its lowest levels since the end of 2020.

More than $200 billion has been wiped off the entire cryptocurrency market on Monday morning.

It is the latest in a series of price crashes for the cryptocurrency, which has seen it drop more than 60 per cent in value over the last seven months.

While many crypto holders are liquidating their assets, crypto lender Celsius told customers that they would be temporarily unable to withdraw funds from the platform.

Crypto exchange Coinbase has also announced that it is culling over 1,000 employees after previously rescinding job offers. The company made $800 million last year.

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Adam Smith15 June 2022 11:30

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Hedge fund tweet means more speculation

A tweet from crypto hedge fund Three Arrows Capital has caused more fear in the market. The hedge fund has been liquidating its crypto holdings admit the price drop.

“We are in the process of communicating with relevant parties and fully committed to working this out,” former Credit Suisse Group AG trader Zhu Su tweeted from his verified account, without providing further details.

Three Arrows started withdrawing a cryptocurrency called staked Ether, or stETH from decentralized platforms last month, Bloomberg reports.

Adam Smith15 June 2022 11:00

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Crypto prices this morning

Today, BItcoin is down 6.13 per cent to $21.072. Ethereum is down 8.52 per cent to $1,114.08.

Adam Smith15 June 2022 08:32

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MicroStrategy says it can withstand further volatility

US software developer MicroStrategy says it has not received a margin call against its bitcoin-backed loan, and could withstand more volatility in the crypto market.

“We can always contribute additional bitcoins to maintain the required loan-to-value ratio,” MicroStrategy said in a statement, according to Reuters.

“Even at current prices, we continue to maintain more than sufficient additional unpledged bitcoins to meet our requirements under the loan agreement,” the company reportedly said.

Vishwam Sankaran15 June 2022 07:30

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Bitcoin could tank further if it slips below $20K, expert says

Arthur Hayes, former BitMEX chief, has said if bitcoin’s value dips below the $20,000 mark, a “massive sell pressure” may ensue, which could further drive down prices of the leading cryptocurrency.

Ethereum’s price could also be impacted in a similar way if it slips below $1000, he said.

“If these levels break, $20k $BTC & $1k $ETH, we can expect massive sell pressure in the spot markets as dealers hedge themselves,” Mr Hayes said.

“We can also expect that there will be some otc dealers and that will be unable to hedge properly and might go belly up,” he added.

Vishwam Sankaran15 June 2022 07:00

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Bill Gates slams crypto as based on ‘greater fool’ theory

Bill Gates has dismissed crypto projects like NFTs as shams based on the “greater fool” theory.

Speaking at a climate conference on Tuesday, hosted by TechCrunch, the billionaire reportedly said he is neither long nor short on the entire sector.

“Obviously, expensive digital images of monkeys are going to improve the world immensely,” Mr Gates said sarcastically, according to Bloomberg.

Vishwam Sankaran15 June 2022 06:20

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Wall Street watchdog asks laid-off crypto employees to work with them

The chief of US Financial Industry Regulatory Authority (FINRA) Robert Cook has said the company is planning to increase its resources to monitor cryptocurrencies.

Amid the ongoing layoffs and hiring freezes by crypto firms including Coinbase, Blockfi, and Crypto.com, FINRA has said it wants to “bulk up” its capabilities to understand cryptocurrencies better.

“We’re going to need to be engaged and prepared to have the resources to do that, so anybody who is getting laid off from a crypto platform and wants to work for FINRA, give me a call,” Mr Cook said, according to Reuters.

Vishwam Sankaran15 June 2022 05:40

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stETH is crashing too

stETH has dropped to $4 billion from about $10 billion last month, due to holders selling as ether’s price crashes.

“In the short term, stETH will face tremendous selling pressure,” Huobi Research Institute’s report states. “Turbulence is expected in the near future.”

Adam Smith15 June 2022 05:00

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Crypto has ‘not moved in step with traditional assets’

“[Cryptocurrencies] have in the past not moved in step with traditional assets such as equities, however in recent times the link between the two has grown ever closer,” Simon Peters, an analyst at the online trading platform eToro, wrote in a note on Monday.

“Now the clearest signal yet that cryptoassets such as bitcoin and ether are moving in lockstep with equities has flashed, as inflation worries have sent stocks and crypto tumbling. The reasons for this are varied, but much of it comes down to institutional holders, which calibrate their risk assets in similar ways, be they tech stocks or bitcoin.”

Adam Smith15 June 2022 05:00

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Bank of England chief warns people about crypto investment

Bank of England governor Andrew Bailey has warned people to prepare for huge losses if they invest in digital assets.

“If you want to invest in these assets, OK. But be prepared to lose all your money,” Mr Bailey said on Monday amid the crypto market crash as Celsius Network froze withdrawals and transfers between accounts citing “extreme market conditions”.

Vishwam Sankaran15 June 2022 04:40