Tech

Bitcoin Plummets Below $20,000 for First Time Since Late 2020


Square, another payments company, bought $50 million in Bitcoin and renamed it Block, in part to denote their work with blockchain technology. Tesla bought $1.5 billion of that. Venture capital firm Andreessen Horowitz has raised $4.5 billion for its fourth crypto-focused fund, more than double the previous fund.

The excitement peaked last April when Coinbase, a cryptocurrency exchange, went public at a valuation of $85 billion, a coming party for the industry. Bitcoin topped $60,000 for the first time.

Last summer, El Salvador announced that it would become the first country to classify Bitcoin as legal tender, along with the US dollar. The country’s president updated his Twitter profile photo to include laser eye, a calling card for Bitcoinists. The Value of El Salvador’s $105 Million Investment in Bitcoin Has Been cut in half because the price has dropped.

Senators and Mayors Across the US Start Touting Cryptocurrencies, For Industry spend a lot on lobbying. New York Mayor Eric Adams, who was elected in November, said he will receive his first three salaries in Bitcoin. Senators Cynthia Lummis, Republican of Wyoming, and Kirsten Gillibrand, Democrat of New York, have proposed legislation that would create a regulatory framework for the industry, giving more powers to the Commodity Futures Trading Commission. hybrid, an agency that crypto companies have openly courted.

Through frenzy, celebrities fueled their fear of missing out, tossing their NFTs on talk shows and discussing blockchain projects on social media. This year, Super Bowl featured four advertisements for crypto companies, including Matt Damon, warning viewers that “fortune favors the brave.”

That startling optimism faltered this spring as the stock market plummeted, inflation skyrocketed and layoffs for the tech sector. Investors began to lose confidence in their crypto investments, shifting money to less risky assets. Some famous projects have encountered problems while withdrawing. TerraForm Labs, which created TerraUSD, a so-called stablecoin, and Celsius, an experimental cryptocurrency bank, both collapsed, wiping out billions of value and sending the broader market into a ring. eddy.



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