Bitcoin lost more than -8% today, plunging to late July price levels and erasing most of the gains accrued in the past three weeks. BTC/USD traded as high as $25,130 earlier this week and hit a daily low of $21,510 earlier today.
Many are calling the current climate in the cryptocurrency markets the crypto winter with tokens such as Terra (LUNA) and UST collapsing, major institutions such as the Coinbase cryptocurrency exchange axing huge numbers of jobs, and tokens across the board having sustained a significant loss of value and market capitalization.
When Bitcoin was trading above $60,000 in October and November 2021, it was making headlines all around the world and in all types of media. Nevertheless, many people who were first exposed to Bitcoin and crypto at that time were turned away from investing by thinking that they are far too late to hop on the crypto train. While it is completely possible that today’s Bitcoin holders will never see such high gains as those enjoyed by the super early adopters between 2009 and 2011 when BTC started from literally $0, investing in crypto can still generate a nice profit.
Trust Machines, the startup on a mission to create the largest ecosystem of Bitcoin Apps, has announced today that Dan Held will join them as an adviser. The company, which is exclusively dedicated to growing the Bitcoin economy, announced that Held will assist with the growth of Trust Machines, its applications built on the Bitcoin blockchain.
When Bitcoin first launched in 2009, there was no centralized (CEX) or decentralized exchange (DEX) available to trade digital assets. Instead, early BTC adopters had to rely on peer-to-peer (P2P) trades to buy and sell digital assets.
With each passing year, cryptocurrency enthusiasts have access to more and more options to invest in digital assets. From spot market trades to a plethora of derivatives products and decentralized finance (DeFi) services, it can sometimes feel overwhelming picking among numerous trading options and strategies.
In their latest weekly report – aptly named Pressure Builds on Diamond Hands – Glassnode researchers examined past Bitcoin downtrends to determine whether “widespread capitulation” is near and – with Bitcoin trading more than 70% removed from its all-time high – the bottom has been reached.
On Tuesday, the exchange rate for the euro expressed in the US dollar dropped to its 20-year low of roughly $1.001. This marks another in a series of drops that have seen the euro lose nearly 16% in the past 12 months.
Celsius (CEL), a struggling cryptocurrency lending platform, has paid off 20 million USDC debt to decentralized finance (DeFi) protocol Aave (AAVE). Recall that Celsius paused withdrawals last month to protect itself from potential bankruptcy stemming from the broader cryptocurrency downturn and the drastic increase in user withdrawals.