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Banking is one of the oldest industries that currently exists, it dates back to 2000 BC when the first merchant banks were introduced. Today, most economies around the world rely on banks for value addition in the form of financial services. Most of these services are centralized. With DeFi, however, there is no centralized infrastructure, but only distributed nodes. It creates a hacking-proof solution capable of providing broader access to services and products.
The “crypto winter” appears to be in full effect, with the majority of coins in the cryptocurrency top 100 being down 80% or from their all-time highs. As the market struggles with uncertainty, let’s take a look at 3 crypto assets that will be worth following in the coming days.
The largest cryptocurrency exchanges such as Binance, Coinbase, KuCoin, eToro and others allow users to open demo accounts for trading with zero risk of losing money. Through the demo account, novice traders can learn about the market, get acquainted with the platform, try their trading skills and experiment with strategies at their own pace before jumping to real trading.
Three Arrows Capital, a major cryptocurrency hedge fund and venture capital investor, has had its positions liquidated by the FTX, Deribit and BitMEX cryptocurrency exchanges after failing to meet margin calls. Meanwhile, The Financial Times reports that collateral provided by Three Arrows Capital was also liquidated by cryptocurrency lender BlockFi after the hedge fund failed to meet margin calls.
Tesla and SpaceX CEO Elon Musk is facing a $258 billion lawsuit over allegations of “running a pyramid scheme” to support Dogecoin (DOGE), reported Reuters on Thursday.
Bitcoin is down a steep 7% since the start of the day as the cryptocurrency begins to trend back to $20,000. The coin has seen a disastrous week of trading in which prices have dropped by around 30%. The recent price drop has caused BTC to now sit a total of 70% off of its previous all-time high price at $68,770.
The cryptocurrency bear market is beginning to show its impact on even the biggest players in the industry. Coinbase, Crypto.com and BlockFi have all announced significant layoffs recently.
Last month’s implosion of the TerraUSD stablecoin (renamed to TerraClassicUSD after the launch of Terra 2.0) is still very much fresh on every crypto investor’s mind. What was once the third largest stablecoin with a market cap of $18 billion saw its total value dwindle to mere cents in one of the most prominent bank run scenarios in crypto to date.
How widespread is the adoption of Bitcoin payments? We see that big players as well as medium-sized businesses accept Bitcoin as means of payment to buy IT services, merchandise, tickets, food, top up on gambling sites etc.
Bloomberg’s Senior Commodity Strategist Mike McGlone recently appeared as a guest market commentator on Kitco News, where he presented his views on the current market situation, with an emphasis on cryptocurrency markets. Among other things, he predicted that Bitcoin would outperform all other assets in the world and hit $100,000 by 2025.
