It wasn’t long ago when crypto had taken the world by storm. But, the recent crypto meltdown has caused a panic among the investors and employees. If you’re in the same boat, we have put together five reasons to help you understand why the crypto market is going down.
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Inflation is Blooming
The prices are rising mainly due to the Russian invasion of Ukraine and post covid demand. And this is not happening in just one or two countries but worldwide. Inflation has hit all countries, with rising energy and food prices.
To control the hike in inflation, the interest rates are rising. These increased interest rates are set to prevent businesses and consumers from borrowing or spending money. However, the Fed’s struggle against the rising inflation has increased the risk of recession. And all of this is bound to impact the crypto marketing.
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Binance Paused Withdrawals for a Few Hours
The world’s largest cryptocurrency exchange – Binance – put a hold on bitcoins withdrawal for a few hours on 13th June 2022. This temporary halt was done after the Celcius Network – a U.S cryptocurrency lending company – froze transfers and withdrawals. The company blamed the “extreme market conditions” for this halt. And, the Bitcoin fell around 14% right after the news of halted withdrawals and transfers tumbled on the internet.
It harmed the crypto market, and people are now reluctant to invest in the market. As a result, crypto marketing is continuing down.
Crypto Companies Are Slashing Their Staff
Coinbase has laid off 18% of its workforce amid the crypto meltdown. The CEO of the company has blamed an upcoming “Crypto Winter” and recession as the reasons for such a drastic step.
For many employees, this news was given abruptly. Their access to Coinbase systems was cut immediately. And the notifications of their sacking were sent to their email addresses.
Other companies, including Crypto.com and BlockFli, have also announced major layoffs. All of this has caused uncertainty and reduced much confidence in the market. The developers working in the industry are fairly worried about their careers and the industry’s future.
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Investors Are Selling Out More Bitcoins
Another reason bitcoin is dropping is that the sell-off in cryptocurrencies is deepening. Bitcoin – the most popular cryptocurrency – has now lost more than 70% of its value. Another widely known cryptocurrency – Ethereum – took a similar tumble. It is the latest sign of turbulence in the crypto industry amid great chaos in the financial industry.
The investors are quickly selling off riskier assets as the interest rates are rising to combat inflation. As a result, cryptocurrency’s overall market value has reduced from $3 trillion to less than $1 trillion. According to the data of coinmarketcap.com, the global market value of crypto stood at around $834 billion on 18th June 2022.
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Cryptocurrency has no Real Contribution
During a climate conference, the remark “crypto has no real contribution” came from Bill Gates. He has slammed the crypto projects, referring to them as a sham “based on the greater fool theory”.
He has strongly criticised this industry and stated that Bitcoin is too risky for retail investors. Warren Buffett and Peter Schiffalso share the same worries. Both of them have also rejected the idea of crypto. Their remarks and worries have begun a debate, causing people to think twice before investing in crypto. People are more conscious and concerned about investing in this industry now. They don’t have the confidence they had in the industry a few years ago.
All in all, the crypto market is lately going through major turbulence. There is a massive concern that the industry is overleveraged. But will it continue to go down? Or will the ongoing crash lead to a stronger and better crypto future? No one knows. So, just keep your fingers crossed.