On March 10, there was a significant sell-off in the cryptocurrency market that quickly destroyed billions of dollars’ worth of value. For the last 12 hours, the two most important cryptocurrencies, Bitcoin and Ethereum, both decreased by 7%. This has been ascribed to numerous pieces of bad news that suddenly hit the market.
Huobi token (HT), one of the largest losers, experienced a sharp decline in value of 90%. This resulted from several leveraged liquidations performed by several consumers. Although there has been a significant fall, Sun still believes that market changes are common. Five Reasons Why Bitcoin (BTC) Dropped Below $20,000 in Related Articles In the complaint that the New York attorney filed, Ethereum is also identified as a security.
The fact that the second-largest cryptocurrency on the market would be listed as a security for the first time in public documentation sets a precedent that might be extremely harmful to the cryptocurrency trading industry. Ads Decentralized PoS ledger Hedera Hashgraph (HBAR) shut down network services due to “network irregularities,” which stoked concerns of a potential breach. The platform continues to be mum on the subject.
As a result of a bank run brought on by regulatory worries over whether Silvergate Bank’s payment network had permitted thousands of customer transfers from FTX to Alameda Research accounts, Silvergate Bank declared its liquidation. JPMorgan Continues to Be Negative on Crypto.
Here’s Why As part of his budget plan to lessen environmental effect and mining activities, President Biden also contributed to the bad news by suggesting a 30% tax on all power used for cryptocurrency mining, regardless of ownership or renting. And the cherry on top: Following the $21 billion in bond sales on Thursday, Silicon Valley Bank saw its stock drop by 60%. The bank plays a similar role to Lehman Brothers in the startup sector, and its collapse has a significant negative impact on the economy as a whole.