This crash kicked off last month, as the U.S. Federal Reserve signalled its intention to hike interest rates to combat inflation, prompting investors to sell off risky assets like crypto holdings. But it's not the only factor that explains the recent collapse in the crypto market.
But in May, the value of TerraUSD, a popular stablecoin, dropped from around US$1 to less than 10 cents. As of June 18, that cryptocurrency is worth less than a penny. While crypto exchange platforms may offer services similar to what a bank offers, Clements notes that there are far fewer protections. Unlike bank deposits, which are insured by the Canadian Deposit Insurance Corporation, crypto deposits have no insurance, meaning that all of your assets could be gone if your crypto platform shuts down.CALLS FOR BETTER CRYPTO REGULATION
"We have rules with respect to virtual currency dealers being money service businesses and having to register with FINTRAC and be subject to reporting requirements relating to anti-money laundering and anti-terrorism financing," he said.
How many Canadians' savings have been destroyed or damaged by Pierre Poilievre talking up Bitcoin and recommending it as an investment? They shoulda listened to Warren Buffett (he said don't touch crypto), instead of reckless PP.
How could you put faith in an invisable currency ,backed by no Nation ?you cant feel it touch it then its all an illusion ,the only only thing real is the real dollsrs you loose investing in it .
zoom out
Its planned by the globalists elite. They are bringing down their Central Bank System. The one they installed in 1970, by removing the US dollar backed by gold and replaced it with the fiat currency or federal reserve note. They are doing the 1970 thing again, this time digital.
Well it is easy, the common folk put their money in during pandemic, now with the increase prices of everything had to pull it all out.
PonziPierre
Did you cc Pierre Poilievre on this article? He seems to have much love for Crypto/Bitcoin
Why people invest their hard earned money in cryptos... knowing that it's not a commodity based on standard economic indicators. There is nothing like a free lunch 🤔. Don't take shortcuts.
According to the geniuses at CTV crypto which has no intrinsic value is tanking because Central Banks are raising interest rates. Can they explain what exactly gives this ethereal product value?
Because it was all buzz and no substance.
It's so simple strongest will survive. Digital currency is here. But like any other, they have to somehow will be regulated.
Defi exchanges..Designed crash
How did it get that high to begin with, it boggles the mind. It's like placing real value on monopoly money.
YAY FINALLY
Worry about your failing Loonie. Bitcoin will be just fine.
Pierre the pigeon jinxed it
It’s Called reality.
ldiots that get vaxxad are slow learners .Depopulation will resolve this .
Not worried, it's happened before and came back even higher. Don't let the media fool you folks.
Blackrock got involved.
I don't care if it goes down 100% anyone who is into crypto is a genius millionaire investor and so much smarter than everyone else
CTV is corporate propaganda
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: nationalpost - 🏆 10. / 80 Read more »