The two leading cryptos, Bitcoin and Ethereum suffered the most with $122.6 million and $234.2 million in liquidation respectively.
21Shares CEO Hany Rashwan earlier disclosed that the approval of the ARK 21Shares Bitcoin ETF would be a big win for the crypto industry.
Mayor Suarez’s stand does not come as a surprise as he has always promoted Miami as a crypto and tech hub.
The Bitcoin price is 60% down from its all-time high of $69,000. The crypto market cap is also down to $1.3 trillion from $3 trillion.
During the latest difficulty adjustment, the Bitcoin network mining difficulty has dropped by over 4% for the first time since July 2021. At the same time, the BTC hashrate has also dropped more than 5% in the last two weeks.
Even though it is decentralized, Bitcoin is still subject to the influence of macroeconomic variables in the same way as other assets.
Bitcoin price has in the past year shown increased correlation with the traditional stock market. However, as data shows, the asset has held better during the recent sell-off.
Since two years of its launch, the growth in the funds flow into the Fidelity Bitcoin Index Fund remains subdued.
The company has been recording more losses as Bitcoin’s price has plummeted more than 50% from its record high.
IMF executives see CBDCs setting up a strong system of global financial payments in the next three-to-five years. IMF chief recommends not shunning the entire crypto space because of Terra’s collapse.
This news comes while the crypto industry is in a bear market. The Paris-based fashion house, however, has made it clear that its crypto plans are long-term.
The prediction is linked to the expected additional increase in interest rate in the US to control the inflation that is rising at a faster pace not seen in 40 years.
The growing popularity of cryptocurrencies has continued to attract a lot of prominent fintech firms with PayPal coming off as one of the many.
Block has released its Q1 2022 earnings report amid an overall slump in Bitcoin price which impacted its Cash App business.
The Bitso launch in Colombia happened during a volatile period in the crypto market. Besides the fact that there are still so many people who are unfamiliar with digital assets, the market witnessed one of its biggest crashes in recent memory leading to losses for investors.