Saturday, May 28, 2022

ਵਾਹਿਗੁਰੂ

spot_img





Global crypto market suffers $1 trillion loss as Bitcoin crashes

New Delhi, Jan 22, 2022 – Bitcoin, along with other digital cryptocurrencies, crashed to its lowest level on Saturday and the continuing meltdown has wiped out over $1 trillion from the global crypto market value.

Bitcoin was hovering at $35,000 per coin and the largest digital asset by market value has lost more than 40 per cent since reaching its peak in November 2021.

Bitcoin hit an all-time high of roughly $69,000 in November.

The crypto crash came as the US Federal Reserve raised the possibility of boosting interest rates as soon as March and withdrawing stimulus from the market.

Other digital currencies, Ethereum, Finance Coin and Cardano also witnessed similar meltdowns. Solana, Dogecoin and Shiba Inu also saw massive drops.

Bitcoin has crashed below $36,000 — a level below which “there is not much support until the $30,000 level,” Edward Moya, senior market analyst at Oanda, said in a note.

Bitcoin’s decline since that November has wiped out more than $600 billion in its market value.

Crypto assets such as Bitcoin have matured from an obscure asset class with few users to an integral part of the digital asset revolution, raising financial stability concerns.

Given their relatively high volatility and valuations, cryptocurrencies’ increased co-movement could soon pose risks to financial stability especially in countries with widespread crypto adoption, according to IMF research.

It is, thus, time to adopt a comprehensive, coordinated global regulatory framework to guide national regulation and supervision and mitigate the financial stability risks stemming from the crypto ecosystem.

The market value of these novel assets rose to nearly $3 trillion in November from $620 billion in 2017, on soaring popularity among retail and institutional investors alike, despite high volatility.  (Agency)

- Advertisement -

Yes Punjab - TOP STORIES

Punjab News

Sikh News

Transfers, Postings, Promotions

- Advertisement -spot_img

Stay Connected

20,323FansLike
114,297FollowersFollow

ENTERTAINMENT

National

GLOBAL

OPINION

How to Install Bootstrap in Angular

Bootstrap is accountable for creating mobile-first applications. It is used to style something during web development. Installing Bootstrap in Angular is easy but it...

Pakistan sheds crocodile tears over its protege Yasin Malik – by Amjad Ayub Mirza

It was a day full of speculation and anxiety and then came the much-awaited verdict against Yasin Malik. Finally the butcher of Kashmiri Pandits...

Making a career based on a hobby is a wise step – by Narvijay Yadav

In my first few years in journalism, my mind was so engrossed in the work that it seemed like fun to me. I was...

SPORTS

Health & Fitness

Preterm birth: Warning signs that indicate complications during pregnancy

New Delhi, May 23, 2022 - Preterm birth, defined as a baby born before 37 weeks of pregnancy, is a leading cause of infant death and can result in long-term disabilities for those who survive. Each year, approximately 1 million children die as a result of preterm birth complications. According to the World Health Organization, many survivors will live...

Gadgets & Tech