Tue 12July 2022:
Industry insiders worry that the top cryptocurrency may soon fall below $10,000 as Bitcoin lingers below $20,000 per digital coin.
Bitcoin has experienced its worst-ever days recently amid the economic breakdown, with prices already down by nearly 70% from their record high of $68,000 in November of last year. As a result, a number of cryptocurrency exchanges and trading platforms have had to suspend operations, fire employees, and put a freeze on new hires.
After EU lawmakers earlier this month agreed on anti-money laundering guidelines for cryptocurrencies, the price of Bitcoin and Ethereum further fell.
According to the most recent Bloomberg “MLIV Pulse study,” the price of Bitcoin is on its way back to $10,000.
Kevin O’Leary of Shark Tank has also claimed that the price of bitcoin has not yet reached its low point.
According to experts, the Bitcoin price will hit $10,000 before recovering to the $30,000 level.
The Singapore government is also planning to introduce additional tough measures to safeguard consumers from the crypto meltdown, including restrictions on retail trading.
The European Union (EU) lawmakers this month passed a new legislation for tracing transfers of crypto assets like Bitcoin in the same way as traditional money transfers to prevent money laundering, terrorist financing and other crimes.
According to reports, Blockchain projects around Web3.0 lost more than $2 billion to hacks and exploits in the first six months this year.
The global cryptocurrency market lost at least $670 million in the April-June quarter (Q2), and 97 per cent of the losses were due to hacks and scams, another report said.
Meanwhile, top cryptocurrency broker Voyager Digital has filed for bankruptcy in the US, after top crypto hedge fund Three Arrows Capital (3AC) also filed for liquidation and then bankruptcy, in which Voyager has made significant investments, which the company is yet to get back.
Due to “financial challenges,” cryptocurrency exchange Vauld has declared that it would immediately stop all withdrawals, trading, and deposits on its site.
Amid volatile market conditions, the bitcoin exchange last month slashed its workforce by around 30%.
While international cryptocurrency exchanges and businesses like Coinbase, Gemini, Crypto.com, and others planned to reduce its workforces, Singapore-based cryptocurrency exchange Bybit has announced the layoff of 2,000 employees.
Celsius, a cryptocurrency lending platform, has let go of 150 employees, or 25 percent of its workforce.
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