It has been a very trying week for the community as the crypto industry took a beating like never before. Crypto lending platforms like Celsius and Babel Finance suspended all withdrawals to protect liquidity, while VC firm Three Arrows Capital had to be liquidated. Keep reading to find out more.
After a wick down to under $18,000 at the weekend, bitcoin has now stabilised and is enjoying a rally, having recaptured the major support at around $19,500. The number one cryptocurrency is at $21,300 at time of going to press.
Goldman Sachs successfully completed the first-ever Ether-linked derivative trade on Monday. The derivative asset will indirectly expose investors to ETH, the second-largest cryptocurrency by market capitalization.
Decentralized Finance (DeFi) protocol Bancor, often considered a pioneer in the DeFi space, has come under fire after it paused the impermanent loss protection program. The pause was done citing extreme market conditions and comes at a time when liquidity providers need the protection the most.
Bitcoin (BTC/USD) struggled to sustain a small improvement early in the Asian session as the pair tried to get back above the psychologically-important 20000 figure after peaking around the 20795.11 area during a short-lived recovery higher.
Hong Kong based crypto platform Hoo.com has suspended withdrawals, days after the collapse of crypto hedge fund Three Arrows Capital, and other cryptocurrency platforms in Hong Kong have suspended withdrawals.
With all the turmoil in crypto, and world markets, the crypto revolution has been put on pause. The flagship cryptocurrency that is bitcoin has approached to within a whisker of the last 2017 bull run high. Will the support hold, or is there yet another leg down for bitcoin and crypto?
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