What are cryptocurrencies? | DecomplicatedBitcoin 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…
The Celsius cryptocurrency has lost nearly 80 per cent of its value amid a major collapse that has wiped more than $400 billion from the crypto market.The CEL token is affiliated with the lending platform Celsius Network, which suspended customer withdrawals on Sunday evening citing “extreme market conditions”.“Due to extreme market conditions, today we are…
New York state has passed a bill that would ban bitcoin mining operations that use electricity from fossil fuel power plants.The state Senate voted 36-27 to impose a two year moratorium on all cryptocurrency mines that use carbon-based energy sources in an effort to address environmental concerns with the technology.Bitcoin mining requires vast amounts of…
The price of bitcoin has dipped back below $30,000 amid warnings that the crypto market will likely see unusual volatility over the coming weeks.After hitting an 18-month low below $27,000 in mid May, bitcoin finished the month strongly by bouncing back by 18 per cent. Any hopes of a sustained recovery were ended by yet…
Bitcoin’s price shot up by about eight per cent in the last week, taking its price nearly 18 per cent above its lowest mark this year of about $26,700.The world’s largest cryptocurrency is currently valued at about $31,500, after being stuck in a bear run for most of the month.The leading cryptocurrency was at its…
A cryptocurrency crash that wiped $40 billion from investors’ holdings was caused by just seven traders, according to new research.Crypto analytics firm Nansen released an in-depth report on the downfall of Terra’s LUNA and UST tokens earlier this month, debunking the narrative among some industry figures that the collapse was caused by a single entity.“We…
Bitcoin is in the early stages of a price recovery, according to strategists at JPMorgan Chase, who claim that the cryptocurrency has “significant upside potential” following one of the most severe crashes in its history.The price of bitcoin returned above $30,000 on Monday, marking a 15 per cent increase from the 18-month low it hit…
Tether has paid out over $10bn in withdrawals since the start of the crypto market crash in early May.At the time of publishing, Tether’s USDT market capitalisation was at $73.21bn after an all-time high of $84.15bn on 12 May.The cryptocurrency’s crash comes following the collapse of algorithmic stablecoin TerraUSD, that is meant to be pegged…
The founder of Binance has joked that he is “poor again” after losing billions of dollars worth of cryptocurrency following the market’s crash.In a tweet on Monday, Chanpeng Zhao said that Binance held 15 million Luna tokens. Last week, the price of the Terra (LUNA) cryptocurrency has fallen by more than 99 per cent, wiping out the…
In March 2021, after investing tens of millions of dollars into the LUNA cryptocurrency, billionaire Mike Novogratz told his Twitter followers that he would get a LUNA tattoo if its price hit $100.At the time, LUNA was trading just below $20 but within nine months the price target had been hit. The Galaxy Digital CEO…