Market focus

Bitcoin slumped to below $23,000, while the big crypto lender Celsius halted withdrawal. For the first time since early 2021, the overall crypto market capitalization fell below $1 trillion, amid traditional markets also came under severe pressure. On Monday, Bitcoin suffered its largest price drop in 2022 as signs emerged that the steep correction in…

As the crypto economy has dropped lower in value against the US dollar, sliding to $1.2 trillion, the value of decentralized finance (DeFi) protocols and smart contract tokens has suffered a significant decline. Statistics show that the total value locked (TVL) in DeFi has dropped 7.96% since May 18, to roughly $104 billion, and the…

Breaking crypto news from the last week (June 4 – 10, 2022): June 4: The Dubai-based real estate developer, DAMAC Properties, has completed cryptocurrency deals worth $50 million since the beginning of 2022, the company’s COO Ali Sajwani revealed. June 5: The Federal Trade Commission (FTC), the enforcer of civil US antitrust law, revealed that…

According to a survey conducted by Deloitte, over 85% of merchants are giving high or very high priority to enabling cryptocurrency payments. Furthermore, nearly three-quarters of those surveyed reported plans to accept cryptocurrency or stablecoin payments within the next 24 months. Deloitte, one of the Big Four major financial services firms, published on June 8…

The $1.19 trillion crypto economy is now lower in value than the July 2021 lows. Over the last week, digital currencies like Bitcoin, Ethereum, Cardano, and XRP, have shed significant value against the US dollar, as the top cryptos have lost from 50% to 80% against their all-time highs. During the last seven days, the…

Bitcoin’s price sank following the latest US Consumer Price Index (CPI) release, which showed that the index had unexpectedly hit 8.6%, reaching its highest level in 40 years. Despite economists’ expectation that the CPI figure to remain flat at 8.3%, the same as April, the Labor Department’s announcement on June 10 defied that inflation is…