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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.

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

‘It was hard to breathe’: Zhengzhou flood terror as train submerged

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China’s Zhengzhou is sinking, with thousands trying to flee

Desperate passengers have tried to flee a Chinese subway station drowning in floodwater, as Zhengzhou cops record rainfall.

In one train carriage, water seeped in and rose from ankle to waist, to then, neck height.

Panicked commuters stretched upwards to breathe, while others lifted shorter people into the shrinking air pocket above.

Terrifying videos published on social media captured the moment some passengers stood on chairs and clung to the ceiling, hoping not to drown.

One tried to smash a window, before realising that there was even more water outside the carriage

“I can’t speak any more,” one woman wrote on the social media site Weibo. “If no rescue comes in 20 minutes, hundreds of us will lose our lives.”

Another woman who gave her name as “Ms. Li ” told Elephant News. “We were all standing on the seats, and the water was already on our knees,”

After about an hour, the train carriage was plunged into darkness and the oxygen level dropped significantly as people started to panic.

“I was really scared”

Some shorter passengers had water up to their necks, adding that as time went on the air supply began to diminish.

After several hours of fear and uncertainty, rescuers were able to gain access through the roof of the carriage and pulled people out. “We knocked on the glass a bit [on the ceiling]. Then suddenly there was air,” an unnamed woman told state broadcaster CCTV.

Hundreds saved from flooding subway tunnel

Hundreds of people were eventually saved from the flooded subway tunnel in Zhengzhou. The city has a population of more than 10 million people, and many take public transport.

Chinese scientists say global warming has made the situation more dangerous and warn that extreme weather could become more frequent in the future.

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Crypto

Bitcoin bounces back as Musk announces Tesla to accept crypto again

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Bitcoin has risen by more than 8 percent, rebounding after erasing most of its gains, with Ether and Dogecoin also moving into the green

It follows Tesla CEO Elon musk reiterating his backing of cryptocurrencies and confirming he owns multiple coins.

Musk also says Space Exploration Technologies Corp owns Bitcoin, just like Tesla.

“It looks like bitcoin is shifting a lot more toward renewables and a bunch of the heavy-duty coal plants that were being used…have been shut down, especially in China,” said Musk at an event hosted by the Crypto Council for Innovation.

However Musk continued saying that “one thing you do need to watch out for with crypto, especially bitcoin, using proof of work, using energy that’s a bit too much and not necessarily good for the environment.”

LOS ANGELES, CA – OCTOBER 21: Tesla Motors CEO Elon Musk arrives at “Revenge Of The Electric Car” Premiere held at Landmark Nuart Theatre on October 21, 2011 in Los Angeles, California. (Photo by Jeff Vespa/WireImage)

“I want to do a little more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50% and that there is a trend toward increasing that number. If so, Tesla will most likely resume accepting bitcoin,” he said.

Will the bounce up stay?

Since May, most cryptocurrencies have tumbled dramatically, with around $1.3 trillion wiped from the market value.

Bitcoin has faced numerous challenges in recent times… including regulatory scrutiny in China, Europe and the U.S.

Authorities around the world are concerned about the level of energy needed by the computers that undermine the entire network.

“Long-term, renewable energy will be the cheapest energy, but it doesn’t just happen overnight,” Musk added. “But as long as there is a conscious and determined, real effort by the mining community to move toward renewables, then obviously Tesla can support that.”

Analysts also believe investors are also becoming increasingly more cautious about sceptical assets.

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Crypto

Bitcoin drops below $30k leaving investors worried

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Nearly $100 billion has been wiped off the crypto market as bitcoin droped again

Bitcoin has dived below $30,000 for the first time since June 22nd, dragging other digital coins lower.

Around $98 billion was wiped off the entire cryptocurrency market in 24 hours according to CoinMarketCap data.

Bitcoin was down more than 6% while Ethereum fell nearly 9%.

Investors are again worried about Bitcoin’s latest slump

Bitcoin’s latest dive follows a volatile few months for cryptocurrency, and comes as many nations crackdown on digital coins.

This week Malaysian authorities seized 1,069 bitcoin mining rigs then laid them out in a parking lot at police headquarters and used a steamroller to crush them.

You’d call it a crypto crackdown — literally

Malaysian authorities have seized 1,069 bitcoin mining rigs then laid them out in a parking lot at police headquarters and used a steamroller to crush them.

The Assistant Commissioner of Police the crackdown came after miners allegedly stole $2 million worth of electricity.

Police opted to crush the mining gear rather than sell it, in accordance with a court order.

Ether co-founder ditches crypto

The co-founder of etherium has sensationally abandoned the cryptocurrency market.

Canadian entrepreneur Anthony DiIorio has revealed he is quitting crypto and plans to sell his Toronto-based blockchain company Decentral.

The 48-year-old plans to never set foot in the cryptocurrency world again. As you might expect, the announcement has sent the price of ethereum also plummeting.

The digital coin fell by 7.13 percent in the last 24 hours.

Ethereum is the second biggest cryptocurrency after bitcoin, with a market capitalisation of $275 billion.

Global markets slump

Yesterday saw heavy selling pressure in equity markets across the globe.

The Dow Jones fell 2.1% while London’s FTSE 100 dropped by 2.3%.

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