(Kitco News) The crypto space faced another sharp selloff during the weekend as Bitcoin plunged below $18,000 and Ethereum dropped below $900. The overall crypto market cap plummeted to $847 billion, down nearly 10% on the day. Bitcoin hit $17,677, the lowest level since November 2020, and Ethereum fell to a low of $893, the … Read more
(Kitco News) As crypto investors watched their market dramatically crash this week, Microsoft co-founder Bill Gates compared NFTs (non-fungible tokens) to “greater fool theory.” Here’s what he meant. Digital assets like NFTs are “100% based on the sort of greater fool theory that someone is going to pay more for it than I do,” Gates … Read more
(Kitco News) All eyes were on Federal Reserve Chair Jerome Powell after the US central bank raised rates by 0.75% — the biggest increase since 1994. And he did not hold back – stating that another 0.75-percentage-point hike is possible in July and that the so-called ‘softish landing’ will now depend more on external factors … Read more
(Kitco News) Following the latest massive selloff, the overall crypto market cap is now below $1 trillion — that is billions of dollars vanished in the last few days. And even though the macro-environment remains unsupportive for risk-on assets until inflation slows down, the focus remains more long-term, according to Messari senior research analyst Tom … Read more
The plummeting value of Bitcoin and turmoil across major cryptocurrency platforms has many investors fretting about their digital wallets and leaders in the space warning about a “crypto winter.” So what’s happening, and what does it mean for your portfolio? Here’s what you need to know. What’s happening to Bitcoin? Bitcoin is continuing a downward … Read more
Photo: Michael M.Santiago (Getty Images) The most recent crypto crash is causing quite a lot of reviled FUD (a term used in the community for fear, uncertainty, and doubt) not only among investors but inside the companies as well, though in the latter’s case its for their job prospects. The crypto lending company BlockFi announced … Read more
(Kitco News) The crypto space saw another sudden crash over the weekend as Bitcoin and Ethereum posted significant losses, eroding future price outlooks. Bitcoin was below $28,000 on Sunday, down 6% during the last week. And Ethereum witnessed even bigger losses, touching a low of $1,433 — the lowest level in about a year and … Read more
(Kitco News) Gold is Bitcoin without the Internet option, said Edward Snowden, whistleblower and president of the Freedom of the Press Foundation. He also sees the financialization hype dividing the crypto space, advising people to use cryptocurrencies instead of investing in them. At the Consensus 2022 conference in Austin, Snowden stressed the need for an … Read more
(Kitco News) The US dollar will inevitably come to a clash with crypto for the reserve currency status, said Chess Grandmaster and Avast Security Ambassador Garry Kasparov. Kasparov sees the US dollar losing its reserve currency status with time as more people embrace crypto for its independence. He spoke at the Consensus 2022 conference being … Read more
(Kitco News) The crypto space won’t see a break in the bear market until the Federal Reserve is forced to pause its aggressive rate hike cycle that is meant to bring inflation under control, said Mike Novogratz, founder and CEO of Galaxy Digital. “Bitcoin and crypto won’t trade well until the Fed flinches,” Novogratz said … Read more
