Market BuzzBitcoin jumps 3%, Ether surges over 10%
Major cryptocurrencies traded in the green early on July 17 as the global crypto market-cap rose by 3.25 percent to $962.55 billion over the last day. On the other hand, the total crypto market volume dropped 1.05 percent to $62.10 billion over the last 24 hours. The total volume in DeFi stood at $6.09 billion, which is 9.80 percent of the total crypto market 24-hour volume. The volume of all stable coins was $55.98 billion, which is 90.15% of the total crypto market 24-hour volume. The price of Bitcoin hovered around Rs 17.10 lakh. Bitcoin’s dominance stood at 41.98 percent, a decrease of 0.16 percent over the day, according to CoinMarketCap data. The cryptocurrency market has been nothing short of a financial soap opera in 2022, and the drama continued this week when the lender Celsius Network filed for bankruptcy protection. Yet there is one important place where the drama has cooled off noticeably: the actual prices of the largest digital tokens themselves. The relative stabilization in the charts is fuelling hopes that contagion may have run its course following the spectacular collapse of tokens on the Terra blockchain, a wipe out that also sent hedge fund Three Arrows Capital and brokerage Voyager Digital into bankruptcy court.
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content]Big StoryCelebrate purging of bad crypto businesses, Bitcoin price will quadruple with regulations[body]
Millionaire investor Kevin O’Leary has predicted more pain for cryptocurrency markets going ahead and called for a “celebration” over the purging of bad businesses and managements in the bear phase. In an interview with Moneycontrol, the Shark Tank star also said the value of Bitcoin will quadruple if regulations for the crypto markets are put in place, as it would lead to strong institutional investments. Pains have only begun. “A bottom is usually created when there is a catastrophic event like a large player going bankrupt or somebody is in deep trouble for buying crypto on over leverage. When such an event occurs, markets will bottom out. Until then, there is no bottom,” O'Leary said and added that events like the collapse of companies like Voyager “don’t matter.” Read More
Crypto ContagionCrypto World Crosses Fingers in Hopes Contagion Has Run Course
The cryptocurrency market has been nothing short of a financial soap opera in 2022, and the drama continued this week when the lender Celsius Network filed for bankruptcy protection. Yet there is one important place where the drama has cooled off noticeably: the actual prices of the largest digital tokens themselves. Bitcoin climbed almost 8% in the final three days of the work week, while Ether surged 20%. Neither of the two dominant tokens has set a new low point in this bear market for almost a month. Bitcoin has been hugging the closely watched $20,000 round number, while Ether is hovering near $1,000.