Crypto crash live: Bitcoin back up above key milestone, but crypto market below $900B

BTC and other major cryptocurrencies see overnight gains

What are cryptocurrencies? | Decomplicated

After sinking below $18,000 on Saturday, Bitcoin has grown by over 8 per cent in the last day and is slightly above the $20,000 mark.

However, the global crypto market value is still below the $1 tn mark at about $880 bn.

Many analysts predicted that last week’s low may be the bottom of the cycle, but others have warned that more volatility may follow.

BTC remains over 70 per cent down from its all-time high in November 2021.

Since the crypto market crash earlier this month that brought the global market cap below $1 tn, leading tokens, Bitcoin and Ethereum have continued to sink, dropping in value by over 20 per cent in the last week.

The failure of two major cryptocurrency projects – Terra Luna and Celsius – both intended as ways of promoting the stability of digital finance, has been linked to market volatility.

Crypto exchange Coinbase also announced that it is culling over 1,000 employees after previously rescinding job offers, however Binance has announced it is hiring 2,000 more staff.

Key points

• Celsius collapse: Crypto plunges after withdrawals suspended
• Crypto exchange Binance blocks bitcoin withdrawals amid market collapse
• Bitcoin could be on the verge of a breakdown and a ‘crypto winter’ might be approaching,

[15 June 2022 06:20 · Vishwam Sankaran]

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.

[15 June 2022 05:40 · Vishwam Sankaran]

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.