![]() ![]() Layoffs are on the rise in the midst of crypto winter Representation of Bitcoin and other cryptocurrencies are seen in this illustration photo taken in Krakow, Poland on February 16, 2022. ![]() One venture capitalist who focuses on bitcoin and crypto assets agreed that FTX’s problems won’t derail the entire digital assets universe. “While we acknowledge that the FTX saga could weigh on the crypto space in the near term, we also believe the sell-off in shares…reflected significant misunderstanding of the mechanics of the company’s platform,” said Mark Palmer, head of digital asset research at BTIG, in a report. The near-collapse of FTX, one of the largest cryptocurrency exchanges, has prompted questions of contagion. Some analysts think that it’s a mistake though to punish the entire crypto industry because of the problems at FTX. Overreaction in the broader crypto sector? The crypto crash has also led to a massive plunge in the shares of publicly traded companies with ties to bitcoin, such as Coinbase, crypto mining firms Hive Over that longer time horizon, digital assets are still outperforming tech stocks,” said Jeff Dorman, chief investment officer at Arca, a firm that specializes in crypto. “Bitcoin and ethereum went straight up and down but they have still gained a lot from mid-2020. The Nasdaq, by way of comparison, is only up about 1% from July 2020 levels. They’re up more than 80%…even though it has been far from a smooth ride. Just look at bitcoin prices since the summer of 2020. ![]() Opinion: The Fed's rate hikes are already damaging the economy Kent Nishimura/Los Angeles Times/Getty Images Bitcoin prices have been notoriously volatile over the past few years, but they have still done better than many major stock market indexes.įederal Reserve Chair Pro Tempore Jerome Powell testifies about 'monetary policy and the state of the economy' before the House Financial Services Committee on Capitol Hill on Wednesday, Main Washington, DC. This isn’t the first time that there has been a so-called crypto winter. Some experts are hopeful that the worst could soon be over for bitcoin and other cryptocurrencies.īitcoin has historically had big swings up and down Why buy gold or digital assets when the greenback is proving to be the king of currencies? So can gold and crypto bounce back? The strength of the US dollar has hurt both precious metals and cryptos. Gold, like bitcoin, then surged in the latter part of 2020 as a sort of safe haven trade. Gold prices have fallen about 6% this year, and the price of the yellow metal is not far from the lows it hit at the beginning of the Covid-19 pandemic in early 2020. They’ve gotten hit just like stocks and bonds, proving there really is no place to hide in a market where worries about rate hikes and recession reign supreme. The sudden decline of one of the largest crypto exchanges could rattle the sports industry The FTX logo on the umpire's uniform during the game between the Washington Nationals and the Colorado Rockies at Nationals Park on in Washington, DC. ![]()
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