{"id":1519751,"date":"2022-06-17T06:05:15","date_gmt":"2022-06-17T10:05:15","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1519751"},"modified":"2022-06-17T06:05:18","modified_gmt":"2022-06-17T10:05:18","slug":"bitcoin-eases-from-18-month-low-as-crypto-market-stabilizes","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bitcoin-eases-from-18-month-low-as-crypto-market-stabilizes\/","title":{"rendered":"Bitcoin Eases From 18-Month Low as Crypto Market Stabilizes"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbitcoin-eases-from-18-month-low-as-crypto-market-stabilizes%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1519751&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>LONDON\/NEW YORK\u2014Bitcoin recovered on Wednesday after diving to an 18-month low, buoyed by the U.S. Federal Reserve\u2019s tough stance on inflation even in the midst of a market meltdown this week after <a href=\"https:\/\/www.theepochtimes.com\/t-crypto\">crypto<\/a> lender Celsius froze customer withdrawals.<\/p>\n<p>The world\u2019s largest cryptocurrency fell as much as 7.8 percent to $20,079.72, its lowest since December 2020. It has lost about 33 percent against the U.S. dollar since Friday, dropping more than 50 percent since the beginning of the year. It has slumped about 70 percent from its record high of $69,000 in November.<\/p>\n<p>Bitcoin was last down 1.31 percent at $21,669.37.<\/p>\n<p>The digital currency sector has been pummelled this week after Celsius froze withdrawals and transfers between accounts, stoking fears of contagion in markets shaken by the demise of the terraUSD and luna tokens last month.<\/p>\n<p>Cryptocurrencies were buoyed as the S&#038;P 500 rallied after a policy announcement by the Fed to raise interest rates, snapping a five-session losing skid.<\/p>\n<p>The Fed raised its target interest rate by three-quarters of a percentage point, its biggest rate hike since 1994.<\/p>\n<p>Crypto funds saw outflows of $102 million last week, according to digital asset manager CoinShares, citing investors\u2019 anticipation of tighter central bank policy.<\/p>\n<p>The value of the global crypto market has tumbled 70 percent to under $900 billion from a peak of $2.97 trillion in November, CoinMarketCap data shows.<\/p>\n<p>\u201cSome parts of the broader crypto ecosystem are facing a rather harsh reckoning,\u201d said Mikkel Morch, executive director at digital asset hedge fund ARK36. \u201cAs the reality of the bear market starts to settle in, the hidden leverages and structural weaknesses of projects that only worked when the prices went up are finally brought to light.\u201d<\/p>\n<p>Smaller cryptocurrencies, which tend to move in tandem with <a href=\"https:\/\/www.theepochtimes.com\/t-bitcoin\">bitcoin<\/a>, also fell. Ether, the second largest token, fell to as low $1,013, the lowest since January 2021, and was last down 1.22 percent at $1,172.76.<\/p>\n<p>The chaos in the crypto market has spread to other companies, with a number of exchanges slashing workforces.<\/p>\n<p>Major U.S. exchange Coinbase Global Inc. said on Tuesday it would cut about 1,100 jobs, or 18 percent of its workforce. Gemini, another U.S. exchange, said this month it would cut 10 percent of its workforce.<\/p>\n<p>Still, others continue to hire. Binance, the world\u2019s largest exchange, said it was hiring for 2,000 positions, and U.S. exchange Kraken said it had 500 roles to fill.<\/p>\n<p>\u201cHunker down,\u201d said on Twitter Binance CEO Changpeng Zhao.<\/p>\n<p>Crypto hedge fund Three Arrows, facing social media chatter it is facing liquidation issues, said it was committed to working things out.<\/p>\n<p>U.S. crypto broker Genesis also sought to ease investor concerns, saying its balance sheet was strong and its lending business continued to meet client demand despite elevated market volatility.<\/p>\n<p><em>By Tom Wilson, Gertrude Chavez-Dreyfuss, and Hannah Lang<\/em><\/p>\n<div class=\"author_wrapper\">\n<div class=\"one_author_block round\">\n<div class=\"top_row\">\n\t\t\t\t\t<a href=\"https:\/\/www.theepochtimes.com\/author-reuters\"><\/a><\/p>\n<p>Follow<\/p>\n<\/div><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>LONDON\/NEW YORK\u2014Bitcoin recovered on Wednesday after diving to an 18-month low, buoyed by the U.S. Federal Reserve\u2019s tough stance on inflation even in the midst of a market meltdown this<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1519751","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1519751","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1519751"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1519751\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1519751"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1519751"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1519751"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}