What ails the crypto industry?

13 Jun 2022 , 10:24 AM

On Monday, the crypto tokens were a sea of deep red, with the major cryptocurrencies trading with significant price drops, scared by mounting inflation fears. Bitcoin hit a new low of $25,500, while Ethereum fell below $1,400. The crypto colossi were hovering at 18-month lows. The price drop emphasized investors’ risk aversion.

Other coins are also facing the heat of global uncertainty. Avalanche lost more than 15% of its value and dropped out of the top 15 tokens. Solana, Cardano, and XRP all dropped by 11%. Polkadot lost 9% of its value.

The worldwide cryptocurrency market capitalization was trading at $1.03 trillion, down more than 6% in the previous 24 hours. The overall cryptocurrency trade volume, on the other hand, increased by nearly 22% to $92.98 billion.

In some positive news, Ropsten, Ethereum’s oldest testnet, is switching to a proof-of-stake mechanism. It successfully migrated to PoS just one day after being live. The success of the merge demonstrates that the developers are on the right route, providing a significant boost to the Ethereum community’s trust.

Block CEO Jack Dorsey and hip-hop superstar Jay-Z are working up to bring Bitcoin and financial education to the rapper’s childhood home. The start of Bitcoin Academy was announced by Dorsey. Residents of the Marcy Houses, a public housing project in Brooklyn, will receive free financial education.

The Securities and Exchange Commission (SEC) has been ‘raising questions’ about the BNB exchange token, according to Binance founder and CEO Changpeng Zhao, but the exchange has not yet been summoned.