Good morning Asia, here's what's making news today: 1. Cryptos tumble amid worries about Silvergate, inflation and NY state lawsuit alleging ether is a security. 2. Holders of BTC, ETH futures contracts seem upbeat. JPRubin23, GWilliamsJr_CMT write
Bitcoin returned to January levels on Thursday, plunging below $20,000.
The largest cryptocurrency by market capitalization was recently trading at $20,067, down 7.7% over the past 24 hours as nervous investors stewed over ongoing inflationary pressure, fallout from the implosion of crypto-friendly Silvergate Bank, and most recently, a New York state lawsuit thatether and other cryptos are securities.
"There's a lot of people that are scared that maybe the domino effect is just starting," Eddy Gifford, a wealth adviser for investment adviser Tactive."There's FTX, now Silvergate, who's next? We also had news out of the Fed where Powell was very hawkish on raising interest rates likely higher than anyone wanted to even expect – and potentially keeping those rates higher for longer.
He added:"So if the interest rate environment remains elevated for longer, that's going to push prices down." Ether roughly matched bitcoin's plunge to change hands at about $1,430, its lowest level since mid-January. Other major cryptocurrencies were firmly in the red with CRO, the token of exchange
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