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Bitcoin plunged to $18,248, and ether fell to $944 as of mid-afternoon on Saturday, as the sell-off in the crypto market accelerates. The world’s two most popular cryptocurrencies are down more than 35% in the past week, as both breach symbolic price barriers.
Carnage in the crypto market is partly to do with pressure from macroeconomic forces, including spiraling inflation and a succession of Fed rate hikes. We have also seen these blue chip cryptos track equities lower. It doesn’t help that crypto firms are laying off large swaths of employees, and some of the most popular names in the industry are facing solvency meltdowns.
Here’s how we got here.
Monday
Celsius CEO Alex Mashinsky.
Piaras Ó Mídheach | Sportsfile for Web Summit | Getty Images
The week started with crypto prices plummeting, and bitcoin falling as much as 17% at one point in the day. It seemed like the crypto winter was here.
In the chaos, Celsius, a major crypto staking and lending firm, shocked the...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...