Crypto industry gripped by anxiety as bitcoin wobbles near key $20,000 level

  • 📰 Reuters
  • ⏱ Reading Time:
  • 26 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 97%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

The cryptocurrency industry was on edge on Monday morning as investors feared contagion from problems at major crypto players could unleash a major shakeout if not contained.

Bitcoin was trading either side of $20,000 on Monday, while no.2 token ether was at $1,075, having dipped below its own symbolic level of $1,000 over the weekend.

"There is a lot of credit being withdrawn from the system and if lenders have to absorb losses from Celsius and Three Arrows, they will reduce the size of their future loan books which means that the entire amount of credit available in the crypto ecosystem is much reduced. To be sure, the developments in crypto have coincided with an equities slide, as U.S. stocks suffered their biggest weekly percentage decline in two years on fears of rising interest rates and the growing likelihood of recession.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bitcoin drops below $20,000 as crypto market tumult continuesThe biggest cryptocurrency has fallen more than 70% from its all-time high in November. 🤣🤣🤣 The road to goblintown👺 AdamMorganMc matter more
Source: TheBlock__ - 🏆 464. / 53 Read more »