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Crypto suffers huge losses across the board – but can they recover?

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Bitcoin has fallen bellow $30,000 for the first time since June, and Ethereum is suffering huge losses across the board. Could this be the end of crypto?

Around 98 billion dollars was wiped off the entire cryptocurrency market in 24 hours, in what comes as huge losses for crypto investors.

Bitcoin is down more than 6%, and Ethereum fells almost 9%. Since bitcoin’s all-time high of nearly $65,000 in mid-April, its price has plunged over 50 percent

The co-founder of one of the earliest rivals to bitcoin has sensationally abandoned the cryptocurrency market, sending prices tumbling.

Ethereum has dropped massively in recent days. Picture: CoinDesk
Ethereum has dropped massively in recent days.

Co-founder leaves Ethereum

The crash follows Ethereum co-founder Anthony Di Iorio making a dramatic exit from the crypto world at the end of last week. The Canadian entrepreneur says he plans to sell his Toronto-based blockchain company Decentral.

Di Iorio said he believes the startup is worth “hundreds of millions.” He plans to sell the company for fiat, or equity in another company rather than crypto.

Di Iorio financed Ethereum at its inception. Ethereum is the second biggest cryptocurrency after Bitcoin. Ether, the native token of the network, has a market value of about $225 billion.

Ethereum is home of many of the hottest crypto projects, especially in decentralized finance. This allows people to borrow, lend and trade with each other without intermediaries like banks.

“It’s got a risk profile that I am not too enthused about”

He told Bloomberg he was leaving crypto behind because he was tired of feeling unsafe. He plans to redirect his focus on philanthropy in the future.

“I don’t feel necessarily safe in this space,” said Di lorio. Since 2017, a security team has escorted him whenever he leaves his house.

Forbes evaluated his net worth at about US$1 billion in 2018. The value of Ethereum has more than doubled since then. For now, crypto enthusiasts will need to wait and see whether the loss continues.

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Keira is the front-page editor at Ticker NEWS. She's previously worked at Reuters in Jakarta, and ABC in Australia. She has a Bachelor of Journalism, specialising in international politics. Keira is particularly interested in writing about politics, technology and human rights.

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Crypto

Mass protests in El Salvador as thousands protest against Bitcoin

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El Salvador President Nayib Bukele remains hopeful that Bitcoin will help the people of his nation that are currently working abroad, transfer money back home.

Protesters however feel the cryptocurrency will bring instability and inflation to the Latin American nation.

During the protests on Thursday demonstrators could be seen setting fire to a brand-new Bitcoin machine, while others spray painted some shop windows.

As of last week, El Salvador officially became the first country to allow the digital currency to be used as legal tender, alongside the US dollar.

Protesters are against Bitcoin becoming legal tender / Image: The Gaurdian

The demonstrators, gathered in the capital San Salvador on the 200th anniversary of the country’s independence, brandishing placards reading “No to Bitcoin” and “Respect the Constitution”.

Protesters have accused President Bukele of abusing his authoritative power by allowing Bitcoin to become the country’s legal tender.

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Crypto

How a fake Walmart news post boosted cryptocurrencies

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A fake Walmart news release claiming the retail giant would soon accept cryptocurrency has send the digital coin sector into a frenzy

Cryptocurrency Litecoin saw a sudden surge on Monday over the press release, which turned out to be fake.

The release, published through a legitimate press channel, claimed that Walmart would accept the currency through all of the company’s digital stores.

Walmart Store / Image: File

Walmart later told US media outlets the announcement was “inauthentic”

By the time Walmart confirmed that the news release was fake, several major news websites and press agencies had spread the supposed news.

The announcement made it on to Globe Newswire, a service widely used to distribute press material from companies.

The faked release has since been deleted, and did not appear on Walmart’s own website.

A tweet from a verified Litecoin Twitter account linking to the release has also been deleted.

Hours later, the Litecoin Foundation tweeted to confirm that the organisation had no such partnership:

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Crypto

Bitcoin-drop: El Salvador falters in legal tender rollout

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Bitcoin plunged as much as 17 per cent to its lowest level in a month as El Salvador’s crypto rollout got off to a rocky start

The largest cryptocurrency fell as low as $43,050 in New York on Tuesday, plunging more than 10 per cent over an hour, before recovering about half the losses.

The Bloomberg Galaxy Crypto Index, which tracks some of the largest digital tokens, lost as much as 19 per cent at one point. 

El Salvador has become the first country to accept Bitcoin everywhere

The drop comes as Bitcoin faces one of its biggest test in its 12-year history as El Salvador became the first country to adopt it as legal tender

You can now pay for a burger using bitcoin, as businesses across the nation are advised to accept the digital coins as payment 

The Central American nation’s president, Nayib Bukele, said on Twitter that the digital wallet being used in the project can now be downloaded after it was shut down earlier because of technical glitches.  

The wallet, known as Chivo, comes pre-loaded with $30 worth of the currency for users who register with a Salvadoran national ID number

Millions of people are expected to download the government’s new digital wallet app.

More than 200 new cash machines are being installed across the country to enable dollars to be converted into Bitcoin.

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