Bitcoin spent most of its time around the $20k mark, before rising slightly above $22,000 on Friday
Bitcoin spent most of its time around the $20k mark, before rising slightly above $22,000 on Friday
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Cryptocurrency watchers and investors anticipating a dramatic turnaround in the market were disappointed again this week as bitcoin spent most of its time around the $20k mark, before rising slightly above $22,000 on Friday. Ether also climbed above $1,200 and many of the biggest cryptocurrencies by market cap also saw a mild price recovery.
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However, a report by crypto analysis platform glassnode Turns out that June 2022 was one of the worst months for bitcoin on record since 2011. The largest cryptocurrency by market cap fell close to 38%, with active addresses also falling sharply.
This is a difficult time for investors, with many new and inexperienced traders afraid to exit their positions. Meanwhile, long-time holders, known as hodlers in crypto, and high-profile buyers – known as “whales” – can use this time to add more to their wallets, in a bear market. You can wait for , or reduce your losses to exit.
While the number of BTC held by addresses is still increasing day by day, it is more likely that short-term investors will be shaken up and hodlers will instead set the trend for bitcoin’s performance.
trapped money
Another company joins a rapidly growing array of crypto lending platforms and exchanges that were struggling to keep up during the ongoing market downturn.
Singapore-based Wald announced on 4 July that it was Suspend trading, deposits and withdrawals, citing “volatile market conditions” among other recent events. Wald CEO Darshan Bathija also announced that customers have withdrawn more than $197.7 million since June 12, adding to the company’s challenges.
Many of Wald’s users are from India.
Moving on to the big players, crypto investors continue to look to the two exchange giants – Binance and Coinbase – to see how they navigate the bear market. While Coinbase has laid off more than 1,000 employees worldwide, Binance was in the last place. hiring spree, According to Glassnode, Binance also saw an increase in its net balance of bitcoin, surpassing Coinbase in terms of BTC supply.
theft
As cryptocurrencies, NFTs and Web3 make more headlines, hackers and illegal actors are also stepping up their game.
according to a CertiK. report of, a blockchain security evaluation company, was costly for the growing Web3 space in the first two quarters of 2022, as more than $2 billion was taken in hacking. This was more than the losses incurred during the whole of 2021.
The report states that phishing attacks and sudden loan attacks – which use crypto loans to defraud the market – are both on the rise.
Although Web3’s growing view emphasizes decentralization, mass adoption of blockchain technology, and user freedom, it is clear that both founders and users will need to invest more in security.