Bitcoin news – live: Crypto collapse continues as BTC losses top 70%

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Bitcoin crashed below $21,000 on Wednesday, dropping a further 10 per cent overnight to reach its lowest level since the end of 2020.

The cryptocurrency has since recovered slightly, though analysts warn that the volatility may not yet be over.

The latest losses mean that the price of BTC is now more than 70 per cent since its all-time high in November 2021, though previous major downturns following then-record highs in 2013 and 2017 resulted in corrections of more than 80 per cent.

The overall crypto market is down below $1 trillion, following similarly heavy price falls for other leading cryptocurrencies like Ethereum (ETH), Cardano (ADA) and Solana (SOL).

Major platforms including Celsius and Binance have experienced operational issues this week, which they blamed on an influx of investors liquidating their assets.

Crypto exchange Coinbase has also announced that it is culling over 1,000 employees after previously rescinding job offers, however Binance has announced it is hiring 2,000 more staff.


Crypto exchange Binance is hiring

Just a day after Coinbase announced that it would be firing 18 per cent of its workforce – totaling roughly 1,100 people – rival crypto exchange Binance has announced that it is hiring.

CEO Changpeng Zhao, known as CZ, said the company has 2,000 open positions, which he attributed to Binance not splashing the cash on expensive crypto ads and sponsorship deals during the latest bull run.

Anthony Cuthbertson15 June 2022 16:39


Crypto crash: MicroStrategy’s bitcoin losses top $1 billion

Today’s losses mean MicroStrategy, the world’s biggest corporate investor in bitcoin, is now down more than $1 billion from its initial investment.

CEO Michael Saylor remains adamant that the firm won’t sell its holdings, and that previous concerns on a margin call on one of its loans were over stated.

After spending nearly $4 billion on its stockpile, MicroStrategy’s BTC is now worth less than $2.7 billion. Advocates would say that the USD value may drop but the number of bitcoins remains the same.

You can read more about it here.

Anthony Cuthbertson15 June 2022 16:02


stETH has dropped to $4 billion from about $10 billion last month as holders sell while ether’s price crashes.

“In the short term, stETH will face tremendous selling pressure,” Huobi Research Institute’s report states. “Turbulence is expected in the near future.”

adam smith15 June 2022 15:00


Celsius holds 409,260 stETH tokens

Celsius, which frozen withdrawals last weekend is also holding 409,260 stETH tokens.

Celsius took a loss of almost $71 million earlier from staking stETH on Stakehound because Stakehound misplaced the keys, according to Johnny Louey and Andy Hoo, analysts at Huobi Research Institute.

“What Celsius can do is sell its stETH in order to buy ETH on the market to satisfy client requests,” Noelle Acheson, head of market insights at crypto market maker Genesis, told CoinDesk

adam smith15 June 2022 14:00


Bill Gates says NFTs are based on ‘greater fool theory’

Billionaire Bill Gates has once again spoken out about cryptocurrencies and non-fungible tokens, claiming they are “100 per cent based on greater fool theory – that somebody is going to pay more for it than I do”.

Speaking at TechCrunch talk, he joked: “Obviously digital images of monkeys are going to improve the world immensely, and that’s so incredible.”

As the biggest private owner of famland in the US, he added: “I’m used to asset classes like a farm where they have output or a company where they make products.”

Anthony Cuthbertson15 June 2022 13:34


Bitcoin price teeters above 2017 peak

A further 10 per cent price slide on Wednesday morning has left bitcoin hovering just above $20,000.

Rewind nearly five years and this was the peak seen in 2017 after a record-breaking rally. If it fails to hold support at this key level, analysts fear that even more losses could be on the way. BTC is currently around 70 per cent down from its 2021 record, with major corrections in the past wiping upwards of 80 per cent from the cryptocurrency’s value.

You can read more about it here.

Anthony Cuthbertson15 June 2022 12:05


Crypto needs safeguards against a liquidity crisis

Crypto lenders and exchanges need to leverage adult tools to safeguard against a liquidity crisis, according to Dr. Anna Becker, co-founder of AI trading platform EndoTech.

“In the same way trading platforms are growing up by incorporating volatility into their business strategy, for instance with the use of algorithmic trading as opposed to the old model of emotional buy and hold trading, crypto lenders and exchanges need to leverage adult tools to safeguard against a liquidity crisis like the one we’re seeing,” said Dr. Becker.

“It is unacceptable for lending institutions and currency exchanges to prevent customers from accessing their funds. I urge regulatory bodies to clamp down on cowboy crypto firms who are robbing innocent people, and help steer the market into maturity.”

adam smith15 June 2022 12:01


adam smith15 June 2022 11:30


Hedge fund tweet means more speculation

A tweet from crypto hedge fund Three Arrows Capital has caused more fear in the market. The hedge fund has been liquidating its crypto holdings admit the price drop.

“We are in the process of communicating with relevant parties and fully committed to working this out,” former Credit Suisse Group AG trader Zhu Su tweeted from his verified account, without providing further details.

Three Arrows started withdrawing a cryptocurrency called staked Ether, or stETH from decentralized platforms last month, Bloomberg reports.

adam smith15 June 2022 11:00


Crypto prices this morning

Today, Bitcoin is down 6.13 per cent to $21,072. Ethereum is down 8.52 per cent to $1,114.08.

adam smith15 June 2022 08:32

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