AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights:
- A top banker has claimed that those who survive the current crypto crash could become the next big industry giants
- The banker compared the current crypto downturn to the early days of the internet, where a select few companies, like Amazon and eBay, were able to rise from the ashes
A top banker has claimed that those who survive the current crypto crash could become the next big industry giants.
The astonishing claim was made by The Bank of England deputy governor, Jon Cunliffe, speaking during the Point Zero Forum in Zurich this week.
Cunliffe compared the current crypto downturn to the early days of the internet, where a select few companies, like Amazon and eBay, were able to rise from the ashes and go on to become business titans.
Also Read: Jupiter crypto doubles its value. Why is JUP token rising?
Cunliffe added that the crypto technology and finance will continue to exist irrespective of whatever happens to the crypto space in the coming months.
The crypto space has experienced a harrowing past seven months after the market hit an all time high in November.
In November 2021, Bitcoin was priced at a record US$67,500. Since then it’s lost over 65% of its value.
Much of cryptocurrency’s woes has much to do with wider economic conditions such as rising inflation, rising interest rates as well as the ongoing conflict between Russia and Ukraine, which started in February.
Moving on to market news, and Bitcoin grew around 3% in the past 24 hours to rise above the US$21K mark and was recently trading at US$21,100.
Watch
Meanwhile, Ethereum grew 6% overnight and was recently trading at US$1,154.
Winners and Losers
Image Source @ 2022 Kalkine Media®
Image Description: winners and losers in cryptocurrency trading
Data Source: CoinMarketCap.com, based on top 100 cryptos.
Note: Growth from the 24 hours prior to 12:30pm AEDT
Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.
