Bitcoin has now fallen for seven straight weeks, its longest losing streak since August 2011, when few even knew what cryptocurrency was.
Billionaire hedge fund manager Mike Novogratz cautions investors for calling a bottom to cryptocurrencies and to scale down carefully.
In a sign that even the most “degenerate” cryptocurrency traders are looking for relative safety, Bitcoin is emerging as the dominant digital asset in these uncertain times.
According to data compiled by CoinShares, investors added some US$299 million to Bitcoin products, while funds focused on other cryptocurrencies like Solana, Ether and Polkadot saw outflows.
UST lost its peg, plunging to as low as US$0.67 at one stage before retracing to US$0.80 – hardly the stuff of stability and adding a dose of irony to…
Over the weekend, a swift selloff in both UST and Bitcoin saw the UST’s peg slip to its lowest level in almost a year,
Dropping by over 10% to as low as US$35,600 at one point, Bitcoin erased its previous day gain of over 5%, taking other cryptocurrencies along with it.
Bitcoin was already edging higher on expectations that the Fed would gradually water down the punch bowl.
While Bitcoin-backed loans are not new for DeFi, they could revolutionize traditional finance if they gain enough traction on Wall Street.
Goldman Sachs offers Bitcoin-collateralized loan as more Wall Street heavyweights get in on cryptocurrencies.