Bitcoin BTC, Ethereum and other major cryptocurrencies are in a sudden crash a week after some major cryptocurrency companies were rocked by shocking regulatory actions, and more bombshells are on the way. ing.
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Bitcoin price has fallen to around $25,000, down 5% to its lowest since March, reflecting the drop in Ethereum prices. However, the other top 10 cryptocurrencies (BNB, XRPXRP, Cardano, Matic, Dogecoin, Solana) all suffered much bigger losses, dropping 10% to 25% in just a few hours.
Recent Crash of Cryptocurrencies – Cryptocurrency Market Plunges to Nearly $1 Trillion, explained Moody’s, one of the world’s top credit rating agencies, stabilizes the outlook for beleaguered bitcoin and cryptocurrency exchange Coinbase in an ‘absolute carnage’ on Twitter by a trader. It happened in response to the reduction from the target to the negative.
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Analysts at Moody’s wrote that an event of “uncertain scale” this week triggered a downgrade for Coinbase, with a “negative” price outlook for the next 12-18 months.
This week, the U.S. Securities and Exchange Commission (SEC) sued the world’s largest cryptocurrency trading platform, Binance, for various violations, including mishandling of user funds, before suing Coinbase for alleged illegal operations. and expanded crackdowns on the industry. Inflating trading volumes and circumventing regulations.
“The change from a stable to a negative outlook reflects uncertainty about the magnitude of the impact the SEC allegations will have on Coinbase’s business model and cash flow,” Moody’s researchers said. rice field. I have written.
Coinbase Stock Hits Highs Immediately After Market Debut in 2021 at the Peak of Bitcoin and Cryptocurrency Bull Markets, but Fears US Crypto Trading Crackdown Could Bring Industry End plummeted by almost 90% due to the rise in
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Concluding a week of turmoil in the bitcoin and cryptocurrency markets, Binance’s U.S. affiliate has stopped accepting dollar deposits and has suggested it will soon be unable to withdraw dollars.
Meanwhile, trading app Robinhood has announced that it will end support for three major cryptocurrencies, Cardano, Polygon and Solana, after the SEC branded them unregistered securities. Currency exchange Crypto.com has announced its intention to suspend services for the United States. It will be announced to institutional traders based in the US later this month.
“Crypto realized volatility is starting to come to a head after this week’s broad regulatory announcements,” Gordon Grant, co-head of trading at Genesis Trading, wrote in an email.
“After what seemed like months of coiled up reptile-like volatility, back-to-back spikes on Monday and Tuesday against the backdrop of Binance and Coinbase headlines have stunned the stock market. Surprise, head-scratching, and above all preempted by the realization that assets are their assets, this class remains habitually prone to severe gaps in price movements.”
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