Millions of investors are likely to take a comfortable break in Bitcoin.
According to CoinGecko, the most popular cryptocurrency, has recovered some living at the moment. The price was at $19,516.56 at the last check, up 3.5 percent in the past 24 hours.
Bitcoin was down from $17,677.43 on June 18, then regaining $18,290.75. After Elon Musk, a billionaire and crypto expert said he was currently buying his meme coin Dogecoin.
On June 19, Musk wrote that "I will continue to support Dogecoin."
"I am," says the author.
Musk''s tweet sparked a real rebound in the market, which saw the post of the world''s richest man as a sign of renewed trust in cryptocurrency, while many concerns about the future of many projects and firms.
Ether, the second cryptocurrency by market value, climbed at $1,050.76 at last check, up about 7% in the last 24 hours. The native token of the Ethereum platform had dropped as low as $881 the previous day, the lowest rate since January 2021.
Ether and Bitcoin share just over 55% of the crypto market, which often changes according to their price. The crypto market as a whole has increased by 3.7 percent to $972 billion in the last hour.
Bitcoin has lost 30.1% of its value over the past seven days, but Ether has lost another 30.8%. Despite Bitcoin''s all-time high of $69,044.77 on November 10, Bitcoin is down 72.1%, while Ether is down 70.7%, according to its all-time high $4.878,26 today.
The reasons for the crash are the same: concerns of a recession are forcing investors to liquidate dangerous assets. Cryptocurrencies and IT organizations are considered as such.
"A lot of people in the #crypto industry are saying this is a healthy shake-out," writes journalist and crypto critic Peter Schiff on Twitter. "I agree that this industry as we know it is dead, which is extremely beneficial for the economy. Crypto is likely to have a future, but #Bitcoin will not be a part of it."
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''''Terrible'''' News Cycle for Crypto
Various breaches have forced the crypto market to be shook.
UST and Luna''s sister tokens have collapsed despite their founders promising that their technology was solid and effective.
The second issue is the decision, made on June 12 by Celsius Network, to interfer withdrawals and other transactions from its platform. In the past, rumors have spread about an eventuel insolvency from Celsius, which they have yet to dispelled.
Babel Finance, a cryptocurrency financial services business, said on June 17, that it was temporarily suspending withdrawals and redemptions in the event of the most recent impact to the cryptocurrency sector.
"Due to the present situation, Babel Finance is under severe liquidity pressures," the firm said in a statement. "We are in close contact with all related parties on the steps we are taking to best protect our customers."
"Reemptions and withdrawals from Babel Finance products will be temporarily suspended, and the resume of normal service will be notified separately."
Babel Finance is described as "one of the largest service providers to institutions in the crypto financial world."
Three Arrows Capital (3AC) claims to have experienced a lot of financial difficulties following its investments in Luna''s transformation into a disaster.
The cryptocurrency hedge fund co-founder told the Wall Street Journal that we are committed to working things out and finding an equitable solution for all our constituents.
"The news flow has been terrible for crypto," said Edward Moya, a senior market analyst for the Americas, while the Texas Securities and Exchange Commission investigates the Celsius networks decision to postpone withdrawals, and everyone is anticipating restrictive guidelines to make life difficult for crypto-lending firms."
Bitcoin has decreased "as Wall Street''s risk appetite has left investors worried about a much quicker deterioration for the US economy," according to Moya.
"Soaring recession worries hamper appetite for risky assets, and crypto traders are remaining cautious about buying bitcoin at these lows," he said.