Bitcoin went through its share of battles in June this year, losing a huge 13% on the 18th of the month alone and dipping below the $20,000 point to touch a low of $17,593. This activity ran parallel to a big slump in US stocks – in fact the biggest weekly slump in two years – off the back of intensified concerns about a recession and rising US interest rates. When institutions have purchased Bitcoin, it’s often been to counterbalance losses in other stocks, but Bitcoin “Hasn’t demonstrated that it is an uncorrelated asset”, explains Michael Purves of Tallbacken Capital.
Several firms in the blockchain business were suffering, for example Coinbase Global Inc., which was forced to lay off 18% of its staff, Gemini Trust Co. (which cut 10% of its personnel) and Crypto.com. On June 12th, Celsius Network Ltd., a major platform for lending cryptocurrency, said it would have to stop all transfers, withdrawals, and swaps due to its inability to deliver promised returns to customers. These...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
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...