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What’s behind Bitcoin’s slide and what investors should be doing right now

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bitcoin privacy update to protect against ransomware attacks

Why did Bitcoin’s value slide and what do experts believe investors should be doing right now

What’s behind the Crypto crash?

Anyone who’s been interested in cryptocurrency knows that it’s volatile with its “boom and bust” cycles.

Bitcoin has fallen below US $20,000 dollars for the first time since November 2020

Over the last 7 months its value has shrunk by more than 70%

So why are digital currencies losing value?

Global stocks have gone into a downturn due to a number of factors including:

The war in Ukraine, Inflation and high interest rates.

In June, a major US crypto currency trading firm froze withdrawals and transfers citing “extreme conditions”

This led to a sharp drop in Crypto Currencies.

Some experts say China’s crackdown on crypto also plays a role, and there are some rumors that Russia might stop its crypto trading.

There have also been major sell offs of cryptocurrencies causing panic.

Many are wondering whether Bitcoin will recover.

Given its volatility, It may garner up some momentum.

But the truth is, due to its nature it is unpredictable.

Business

FTX Bankman-Fried now “living on credit cards”

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1 million creditors

Sam Bankman-Fried, the former boss of collapsed cryptocurrency exchange FTX, has denied committing fraud.

In a series of interviews to news agencies including the New York Times, ABC America and CNBC, the man once hailed as the ‘King of Crypto’ says he had a bad month and is almost broke.

FTX fell apart last month, having once been valued at $32bn.

Many investors have not been able to withdraw their funds from the now-bankrupt global exchange.

30-year-old Bankman-Fried has apologised to investors.

He denied having moved any personal money out of FTX himself – saying he now has “close to nothing.”

Speaking from The Bahamas, he said he had one credit card left.

In the interview, he said he had not deliberately misled investors.

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Business

Crypto’s Kraken slashes 30 percent of workforce

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One of the world’s largest crypto exchanges, Kraken, is laying off about 30% of its headcount, more than a thousand people.

The company’s co-founder and CEO Jesse Powell says the cuts are being made “in order to adapt to current market conditions.”

Powell wrote in a blog post that slowing growth, prompted by “macroeconomic and geopolitical factors,” had muted customer demand.

Powell says:

“We had to grow fast, more than tripling our workforce in order to provide those clients with the quality and service they expect of us,”

“I remain extremely bullish on crypto and Kraken.”

Crypto exchanges have been buffeted by withdrawals and regulatory scrutiny after the implosion of FTX, which is now spreading to other crypto exchanges.

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Crypto

Crypto companies on the verge of collapse

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The collapse of crypto empire FTX has sent shockwaves right around the world, with many questioning the future of digital coins

Now, one Australian company is feeling the pinch.

Brisbane-based ‘Digital Surge’ says it will halt all withdrawals, citing the “greatly upsetting” news FTX is in administration.

Digital Surge allows investors to trade cryptocurrencies in a number of different ways, including through self-managed super funds.

CEO Dan Rutter says his company “operates as a broker and is committed to facilitating the best trade for users at any time”.

This means a portion of assets are actually held by trading partners.

FTX was one of these trading partners and as a result, Rutter says the company isn’t currently able to operate “business as usual”.

Withdrawals have already been blocked for over a week. The CEO says the company is still solvent and this is all related to short-term liquidity challenges.

Adding, “until a permanent solution has been implemented, it is a legal requirement for Digital Surge to suspend all deposits and withdrawals”.

But the company remains tight-lipped about how many customers are affected and what exposure it had to FTX.

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