Crypto suffers huge losses across the board – but can they recover?
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.
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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Is the metaverse the future of social network?
U.S. firms like Meta, the parent company of Facebook and Microsoft are going all in on the metaverse. Meanwhile, Chinese companies appear to be taking a more cautious approach amid tighter regulation.
#metaverse #china #unitedstates #tech #veronicadudo #ozsultan #crypto
Who will win the global metaverse race?
China is looking to invest in the metaverse market as numerous cities rollout policy proposals.
Technology continues to change our lives forever.
As new advancements are released to the public—safety continues to be a major concern.
People are interacting with computers in a different way, with the word Metaverse becoming a buzzword in both the tech and business industries.
While the term, “metaverse” is broad, it refers to a set of digital spaces online—including 3D—that allows people to do many things from socializing and learning to interacting and collaborating.
Analysts say it’s the next evolution in social connection and the successor to the mobile internet.
According to Morgan Stanley, the metaverse market could be worth $8 trillion in the future.
China’s technology giants are investing in the metavese and recently, numerous Chinese cities have announced policy proposals to attract and support metaverse companies.
This comes after tense year of regulatory scrutiny on the countries tech sector.
The Chinese city of Zhengzhou recently announced a series of policy proposals to support metaverse companies operating in the region.
The initiative involves the municipal government establishing a nearly $1.5 billion dedicated fund in an effort to foster growth and development in the industry.
So, is the metaverse taking the world by storm?
Oz Sultan from the Sultan Interactive Group joins us to discuss. #china #metaverse #veronicadudo #ozsultan #regulation #crypto #tech
North Korean hacker groups steal billions in crypto assets
G7 finance ministers are supporting measures to counter growing threats in the crypto space
Hacker groups associated with North Korea have stolen over $700 million worth of crypto assets since 2017 from Japanese firms and businesses.
The amount equates to 30 per cent of the total of such losses globally.
This comes on the back of G7 finance ministers supporting measures to counter growing threats.
In total, hackers has stolen a total of $2.3 billion in cryptocurrency from businesses between 2017 and 2022.
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