Portfolios deep in red as Bitcoin plunges below $18,000
Bitcoin (BTC) has dropped over 33 per cent this week and has failed to hold support at the 2017 cycle high. It is now trading below $18,000, with the total crypto market cap hovering near $800 billion.
The volatility has been aided by the US Fed’s interest rate hikes as well as liquidation issues faced by centralized DeFi platforms such as Celsius and the possible collapse of 3AC venture capital.
Bitcoin’s demand from big investors has been decreasing, as per data. With the portfolio of most investors in deep red, the pain is likely to extend further. Micheal Saylor’s Microstrategy, Bitcoin’s biggest institutional investor, is down more than $400 million on its BTC investment. US-based exchanges have indicated a freeze in hiring for the rest of the year.
While this bear market plays out, we look at some positives in terms of adoption and other stories of the week below.