Crypto Fears Coming True, Says Bank For International Settlements; Bitcoin Rises

The Bank for International Settlements, which is an international financial organisation of 63 central banks of the world, has warned that the risks of decentralised digital currency are already becoming apparent.

It said in an annual report that since November 2021, the entire value of the cryptocurrency industry has fallen by more than $2 trillion.

The BIS has outlined its vision for the monetary system’s future, one in which central banks use the technological advantages of Bitcoin and its ilk to develop digital versions of their own currencies. Many believe it will prepare children for the Internet and help them avoid cryptocurrency, according to a report in NDTV.

In other news, Bitpanda has announced that it would reduce its headcount from 1,000 employees to 730. As crypto winter sets in, Web3 companies are finding themselves in the difficult position of cutting staff. Other companies slashing employees include Crypto.com, Bitso, Buenbit, BlockFi, and Coinbase.

The company has cited a number of reasons for the layoffs, including shifting market moods, geopolitical unrest, increased prices, and worries about an impending recession. Tech tycoon Peter Thiel had invested in Bitpanda, when it was formed in October 2014. Between September 2020 and August 2021, Thiel oversaw a series of fundraising efforts for the European exchange that raised over $500 million. Bitpanda was valued at $4.1 billion in August 2021, according to decrypt.co.

 Crypto Prices

The price of Bitcoin in the cryptocurrency market rose by 2.29 per cent in the last 24 hours, and it was trading at $21,400.46 at 4:30 pm IST. According to Coinmarketcap.com, its dominance in the crypto market is currently at 42.50 per cent, down by 0.22 per cent in the last 24 hours.

Ethereum (ETH) was trading at $1,223.38, up by 6.05 per cent, in the last 24 hours, while Binance Coin (BNB) was up by 2.33 per cent during the same time period. It was trading at $238.88. Solana (SOL) was up by 8.87 per cent to $42.28, while Cardano (ADA) was up by 1.18 per cent to $0.5023.

 Meme Coins

Dogecoin was trading at $0.06811 at 4:30 pm IST, up by 3.89 per cent on Coinmarketcap.com. Its rival, Shiba Inu, was up by 8.88 per cent, and it was trading at $0.00001168. Samoyedcoin was up by 9.01 per cent, and it was trading at $0.006417, while Dogelon Mars was up by 45.47 per cent, and it was trading at $0.000000407.

 Overall Scenario

According to Coinmarketcap.com, the global crypto market cap was at $960.59 billion, an increase of 2.90 per cent in the last 24 hours, while the total crypto market volume was 63.28 billion, an increase of 1.36 per cent