Grayscale has said in a report that the current crypto winter could last for another 250 days, based on previous market cycles. According to Grayscale’s “Bear Markets in Perspective” report, a crypto market cycle has an average life span of 4 years (1275 days), and a bear market begins when the realized price moves below the…
Lawyers commenting on Celsius’s recent bankruptcy filing told Reuters that users could face a long, drawn-out process in the path to recover their funds. “Customers should now buckle up for a bumpy ride as they await some clarity over the fate of their money.” Celsius files for bankruptcy following loan pay downs Celsius announced a…
Investment in venture capital-backed crypto startups dipped 25.6% to $9.3 billion in the first half of 2022 compared to $12.5 billion in the first half of 2021, Crunchbase data published on July 15 shows. However, the number of investment deals has gone up from 456 in H1 2021 to 534 in H1 2022, the data…
MetaMask co-founders Aaron Davis and Dan Finlay shared their views on the downturn and the dangers of going all in on crypto, among other topics, during an interview with Vice. Davis conceded that buying crypto is like gambling, as he commented on the proliferation of scams, Ponzi schemes, and hacks. With that, he said the current…
Cryptocurrency trading volumes fell to their lowest point since 2020 at the end of June due to current market conditions, Bloomberg News reported. The report cited data from CryptoCompare to reveal that derivatives and spot trading volumes have fallen over 15% since May across crypto exchanges. Spot trading volume was down 28% on a monthly…
Leading non-fungible token marketplace OpenSea CEO Devin Finzer has revealed that the crypto firm laid off about 20% of its staff on July 14. Today is a hard day for OpenSea, as we’re letting go of ~20% of our team. Here’s the note I shared with our team earlier this morning: pic.twitter.com/E5k6gIegH7 — Devin Finzer…
The recent downturn, along with a myriad of other factors, has put Bitcoin mining companies under pressure to stay operational. According to Politico, miners have also had to contend with interest rate rises and rocketing energy costs, in addition to prices crashing, which means less demand and tighter profit margins. “Rising interest rates, crashing crypto…
JPMorgan Chase & Co. strategists said that Bitcoin’s (BTC) cost of production is down by almost half to $13,000 presently from $24,000 at the start of June, Bloomberg News reported July 14, The Nikolaos Panigirtzoglou-led strategists wrote that this decline in production cost is primarily due to the reduction in electricity use. The Cambridge Bitcoin…
BitcoinA recent analysis from Glassnode revealed that long-term holders (LTH) are locking their coins at a 33% loss, indicating an LTH capitulation that suggests Bitcoin (BTC) might have reached its bottom. At the same time, Wall Street disagrees and says BTC will see $10,000. Glassnode analysts said: “Bottom formation is often accompanied by LTHs shouldering…
Bitcoin’s (BTC) price has crashed under $20,000 following news that inflation in the United States has hit its highest point in 40 years. According to the latest statistics released by the US Bureau of Labor Statistics, the Consumer Price Index for June 2022 was 9.1%, up from the 8.6% recorded in May 2022. The latest…