Crypto Trends Weekly June 11 – 17

    20 Jun 2022
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    Breaking crypto news from the last week (June 11 – 17, 2022):

    June 11: 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.

    June 12: Gulf News has announced that it will be hosting Web3 DeCode, a two-day exhibition at the Grand Hyatt in Dubai, on June 25 and 26.

    June 13: 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.

    June 14: Mike Novogratz, the CEO of the institutional crypto investment firm Galaxy Digital, said that the bottom might be near after the recent market turmoil. He is drawing parallels between crypto and Long Term Capital Management, a highly leveraged hedge fund that blew up in the late 1990s.

    June 15: After the US Federal Reserve announced Wednesday further monetary tightening, Bitcoin’s price fell to as low as $20,270. But an hour later, the cryptocurrency surged to $21,444.

    Crypto exchanges Binance and Kraken, reportedly along with layer-2 sidechain Polygon, are looking to add staff amid crashing crypto markets. While Coinbase, BlockFi, and Crypto.com are among the crypto-related companies announcing layoffs this week.

    June 16: A new survey from Capgemini revealed that 71% of high-net-worth individuals (HNWI) around the world have invested in cryptocurrencies and other digital assets. The survey also has advised wealth management firms to prioritize providing education and advice.

    June 17: The NFT and Web3 gaming-focused crypto startup Immutable announced it launched a $500 million ecosystem development fund to accelerate the adoption of promising Web3 projects building on its Ethereum Layer 2 scaling platform, Immutable X.

    Huobi Group, the major global crypto exchange, announced Friday it obtained a DIFC Innovation License in Dubai, seeing its development as a significant milestone in the group’s compliant growth. Huobi also got registration on New Zealand’s Financial Services Provider Register.

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