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Bitcoin news – live: Crypto collapse continues as BTC losses top 70%

Bitcoin crashed below $21,000 on Wednesday, dropping a further 10 per cent overnight to reach its lowest level since the end of 2020.

The cryptocurrency has since recovered slightly, though analysts warn that the volatility may not yet be over.

The latest losses mean that the price of BTC is now more than 70 per cent since its all-time high in November 2021, though previous major downturns following then-record highs in 2013 and 2017 resulted in corrections of more than 80 per cent.

The overall crypto market is down below $1 trillion, following similarly heavy price falls for other leading cryptocurrencies like Ethereum (ETH), Cardano (ADA) and Solana (SOL).

Major platforms including Celsius and Binance have experienced operational issues this week, which they blamed on an influx of investors liquidating their assets.

Crypto exchange Coinbase has also announced that it is culling over 1,000 employees after previously rescinding job offers, however Binance has announced it is hiring 2,000 more staff.

Key points

Tether sees another wave of redemptions

07:21 , Vishwam Sankaran

Investors have pulled out nearly $1.6 billion in 48 hours from Tether’s USDT.

The stablecoin’s circulating supply has dropped to about $70 bn, the lowest since October 2021, according to data from CoinMarketCap.

Bitcoin miners scaling down production

06:28 , Vishwam Sankaran

Bitcoin miners are reportedly scaling down production due to the crypto market crash and surging energy costs.

The bitcoin hash rate, which is a measure of the amount of power spent for minting new coins, has slipped by 4 per cent since the beginning of this week, according to data from

“Currently, it’s not fun to be in the mining business,” Alexander Neumueller, digital assets project lead at the Cambridge Centre for Alternative Finance, said according to the Financial Times.

Bitcoin sinks but regains value

04:42 , Vishwam Sankaran

After sinking very close to the $20,000 mark on Wednesday, Bitcoin has marginally risen to over $22,000, growing in value by about 3 per cent in the last day.

The leading cryptocurrency is still down by over 25 per cent compared to its price last week.

Ethereum has also grown by over 2 per cent in the last day, but is down by over 30 per cent compared to its value a week ago.

Cardano, polkadot, and dogecoin have grown by over 10 per cent in the last 24 hours.

The overall crypto market has grown by 3 per cent in the last day, but is still below the $1 tn mark.

‘Bitcoin is the best performing asset’: MicroStrategy CEO responds to price crash

Wednesday 15 June 2022 17:30 , Anthony Cuthbertson

We reported earlier that more than $1 billion has been wiped from MicroStrategy’s bitcoin holdings following the latest market downturn.

CEO Michael Saylor has today addressed those losses on live TV, appearing on CNBC to say he has a long-term view of the bitcoin market, noting that bitcoin has never moved below its four-year simple moving average in its history. That means anyone who has ever bought bitcoin and held it for more than four years has not lost money.

“I think it’s been a net positive,” he told CNBC.

“Over any time frame - two years, four years, eight years - bitcoin is the best performing asset, I can’t come up with a better idea.”

Wednesday 15 June 2022 17:00 , Adam Smith

Coinbase’s reduction in staff shows shows the dangers of relying on HODL, instead of a calculated approach to the crypto industry, according to Dmitry Gooshchin, co-founder of AI trading platform EndoTech.

“Investors and pioneers have failed to factor market volatility into their business models, which is an oversight given that volatility is an inherent component of this young market. It’s clear that both investors and crypto pioneers took a HODL approach instead of one that represents a more calculated approach to this nascent industry”, Mr Gooshchin said.

Crypto exchange Binance is hiring

Wednesday 15 June 2022 16:39 , Anthony Cuthbertson

Just a day after Coinbase announced that it would be firing 18 per cent of its workforce - totalling roughly 1,100 people - rival crypto exchange Binance has announced that it is hiring.

CEO Changpeng Zhao, known as CZ, said the company has 2,000 open positions, which he attributed to Binance not splashing the cash on expensive crypto ads and sponsorship deals during the latest bull run.

Crypto crash: MicroStrategy’s bitcoin losses top $1 billion

Wednesday 15 June 2022 16:02 , Anthony Cuthbertson

Today’s losses mean MicroStrategy, the world’s biggest corporate investor in bitcoin, is now down more than $1 billion from its initial investment.

CEO Michael Saylor remains adamant that the firm won’t sell its holdings, and that previous concerns on a margin call on one of its loans were over stated.

After spending nearly $4 billion on its stockpile, MicroStrategy’s BTC is now worth less than $2.7 billion. Advocates would say that the USD value may drop but the number of bitcoins remains the same.

You can read more about it here.

The world’s biggest bitcoin investor has now lost more than $1 billion

Wednesday 15 June 2022 15:00 , Adam Smith

stETH has dropped to $4 billion from about $10 billion last month as holders sell while ether’s price crashes.

“In the short term, stETH will face tremendous selling pressure,” Huobi Research Institute’s report states. “Turbulence is expected in the near future.”

Celsius holds 409,260 stETH tokens

Wednesday 15 June 2022 14:00 , Adam Smith

Celsius, which froze withdrawals last weekend is also holding 409,260 stETH tokens.

Celsius took a loss of almost $71 million earlier from staking stETH on Stakehound because Stakehound misplaced the keys, according to Johnny Louey and Andy Hoo, analysts at Huobi Research Institute.

“What Celsius can do is sell its stETH in order to buy ETH on the market to satisfy client requests,” Noelle Acheson, head of market insights at crypto market maker Genesis, told CoinDesk

Bill Gates says NFTs are based on ‘greater fool theory'

Wednesday 15 June 2022 13:34 , Anthony Cuthbertson

Billionaire Bill Gates has once again spoken out about cryptocurrencies and non-fungible tokens, claiming they are “100 per cent based on greater fool theory - that somebody is going to pay more for it than I do”.

Speaking at TechCrunch talk, he joked: “Obviously digital images of monkeys are going to improve the world immensely, and that’s so incredible.”

As the biggest private owner of famland in the US, he added: “I’m used to asset classes like a farm where they have output or a company where they make products.”

Here’s the full story:

Bill Gates reveals how people sell NFTs for so much

Bitcoin price teeters above 2017 peak

Wednesday 15 June 2022 12:05 , Anthony Cuthbertson

A further 10 per cent price slide on Wednesday morning has left bitcoin hovering just above $20,000.

Rewind nearly five years and this was the peak seen in 2017 after a record-breaking rally. If it fails to hold support at this key level, analysts fear that even more losses could be on the way. BTC is currently around 70 per cent down from its 2021 record, with major corrections in the past wiping upwards of 80 per cent from the cryptocurrency’s value.

You can read more about it here.

Bitcoin price crashes further amid warnings it could still go ‘much further south’

Crypto needs safeguards against a liquidity crisis

Wednesday 15 June 2022 12:01 , Adam Smith

Crypto lenders and exchanges need to leverage adult tools to safeguard against a liquidity crisis, according to Dr. Anna Becker, co-founder of AI trading platform EndoTech.

“In the same way trading platforms are growing up by incorporating volatility into their business strategy, for instance with the use of algorithmic trading as opposed to the old model of emotional buy and hold trading, crypto lenders and exchanges need to leverage adult tools to safeguard against a liquidity crisis like the one we’re seeing,” said Dr. Becker.

“It is unacceptable for lending institutions and currency exchanges to prevent customers from accessing their funds. I urge regulatory bodies to clamp down on cowboy crypto firms who are robbing innocent people, and help steer the market into maturity.”

Wednesday 15 June 2022 11:30 , Adam Smith

Hedge fund tweet means more speculation

Wednesday 15 June 2022 11:00 , Adam Smith

A tweet from crypto hedge fund Three Arrows Capital has caused more fear in the market. The hedge fund has been liquidating its crypto holdings admit the price drop.

“We are in the process of communicating with relevant parties and fully committed to working this out,” former Credit Suisse Group AG trader Zhu Su tweeted from his verified account, without providing further details.

Three Arrows started withdrawing a cryptocurrency called staked Ether, or stETH from decentralized platforms last month, Bloomberg reports.

Crypto prices this morning

Wednesday 15 June 2022 08:32 , Adam Smith

Today, BItcoin is down 6.13 per cent to $21.072. Ethereum is down 8.52 per cent to $1,114.08.

MicroStrategy says it can withstand further volatility

Wednesday 15 June 2022 07:30 , Vishwam Sankaran

US software developer MicroStrategy says it has not received a margin call against its bitcoin-backed loan, and could withstand more volatility in the crypto market.

“We can always contribute additional bitcoins to maintain the required loan-to-value ratio,” MicroStrategy said in a statement, according to Reuters.

“Even at current prices, we continue to maintain more than sufficient additional unpledged bitcoins to meet our requirements under the loan agreement,” the company reportedly said.

Bitcoin could tank further if it slips below $20K, expert says

Wednesday 15 June 2022 07:00 , Vishwam Sankaran

Arthur Hayes, former BitMEX chief, has said if bitcoin’s value dips below the $20,000 mark, a “massive sell pressure” may ensue, which could further drive down prices of the leading cryptocurrency.

Ethereum’s price could also be impacted in a similar way if it slips below $1000, he said.

“If these levels break, $20k $BTC & $1k $ETH, we can expect massive sell pressure in the spot markets as dealers hedge themselves,” Mr Hayes said.

“We can also expect that there will be some otc dealers and that will be unable to hedge properly and might go belly up,” he added.

Bill Gates slams crypto as based on ‘greater fool’ theory

Wednesday 15 June 2022 06:20 , Vishwam Sankaran

Bill Gates has dismissed crypto projects like NFTs as shams based on the “greater fool” theory.

Speaking at a climate conference on Tuesday, hosted by TechCrunch, the billionaire reportedly said he is neither long nor short on the entire sector.

“Obviously, expensive digital images of monkeys are going to improve the world immensely,” Mr Gates said sarcastically, according to Bloomberg.

Wall Street watchdog asks laid-off crypto employees to work with them

Wednesday 15 June 2022 05:40 , Vishwam Sankaran

The chief of US Financial Industry Regulatory Authority (FINRA) Robert Cook has said the company is planning to increase its resources to monitor cryptocurrencies.

Amid the ongoing layoffs and hiring freezes by crypto firms including Coinbase, Blockfi, and, FINRA has said it wants to “bulk up” its capabilities to understand cryptocurrencies better.

“We’re going to need to be engaged and prepared to have the resources to do that, so anybody who is getting laid off from a crypto platform and wants to work for FINRA, give me a call,” Mr Cook said, according to Reuters.

stETH is crashing too

Wednesday 15 June 2022 09:05 , Adam Smith

stETH has dropped to $4 billion from about $10 billion last month, due to holders selling as ether’s price crashes.

“In the short term, stETH will face tremendous selling pressure,” Huobi Research Institute’s report states. “Turbulence is expected in the near future.”

Crypto has ‘not moved in step with traditional assets'

Wednesday 15 June 2022 05:00 , Adam Smith

“[Cryptocurrencies] have in the past not moved in step with traditional assets such as equities, however in recent times the link between the two has grown ever closer,” Simon Peters, an analyst at the online trading platform eToro, wrote in a note on Monday.

“Now the clearest signal yet that cryptoassets such as bitcoin and ether are moving in lockstep with equities has flashed, as inflation worries have sent stocks and crypto tumbling. The reasons for this are varied, but much of it comes down to institutional holders, which calibrate their risk assets in similar ways, be they tech stocks or bitcoin.”

Bank of England chief warns people about crypto investment

Wednesday 15 June 2022 04:40 , Vishwam Sankaran

Bank of England governor Andrew Bailey has warned people to prepare for huge losses if they invest in digital assets.

“If you want to invest in these assets, OK. But be prepared to lose all your money,” Mr Bailey said on Monday amid the crypto market crash as Celsius Network froze withdrawals and transfers between accounts citing “extreme market conditions”.

Bitcoin, altcoins marginally rise in value

Wednesday 15 June 2022 03:34 , Vishwam Sankaran

Bitcoin has grown by about 3 per cent compared to its value a day earlier.

However, the leading cryptocurrency is still hovering around the $22,000 mark over the last 24 hours.

Other top cryptocurrencies, including ethereum, cardano, and dogecoin, have surged by about 8 to 10 per cent in the last day, but are still down by 25 to 30 per cent compared to their values a week earlier.

Prices of top cryptocurrencies over last 24 hours (CoinMarketCap)
Prices of top cryptocurrencies over last 24 hours (CoinMarketCap)

The overall crypto market is up by about 4 per cent in the last 24 hours but its value is still below the $1 tn mark.

Coinbase says a ‘crypto winter’ could come

Wednesday 15 June 2022 02:00 , Adam Smith

Crypto exchange Coinbase will sack 18 per cent of staff amid fears of an incoming “crypto winter”.

The company said that it feared that a recession could bring with it a crypto winter that could “last for an extended period”. That in turn would hit trading volumes, Coinbase’s primary source of income.

Brian Armstrong, Coinbase’s chief executive and co-founder, said that he admitted the company had grown too quickly and was to blame for at least some of its problems.

But it now faced a situation in which it had to sack a large proportion of its staff in order to keep the company secure through any future economic downturn, he said.

Coinbase employees were to receive emails from HR to tell them if their job was affected, he said. Those would be sent to their personal email addresses, since the people being sacked would immediately lose access to the company’s systems.

El Salvador says financial risk is ‘minimal'

Tuesday 14 June 2022 23:00 , Adam Smith

As the crypto market continues to crash, El Salvador’s bitcoin stockpile is now worth less than 50 per cent of the price it acquired it for following the latest crypto market crash.

The losses, which total more than $50 million, pose an “extremely minimal” fiscal risk for the Central American country, according to Finance Minister Alejandro Zelaya.

“When they tell me that the fiscal risk for El Salvador because of bitcoin is really high, the only thing I can do is smile,” he said according to Reuters.

“The fiscal risk is extremely minimal. 40 million dollars does not even represent 0.5 per cent of our national general budget.”

The IMF “stressed that there are large risks associated with the use of bitcoin on financial stability, financial integrity, and consumer protection, as well as the associated fiscal contingent liabilities.”

Despite these warnings, the Central African Republic (CAR) voted in April to become the second country in the world to make bitcoin legal money.

Binance chief executive says it will carry on

Tuesday 14 June 2022 20:00 , Adam Smith

Binance’s chief executive has said that it will be hiring more - even as other companies are reducing staff.

“We have a very healthy war chest; we in fact are expanding hiring right now,” Zhao said, as Fortune reports. “If we are in a crypto winter, we will leverage that, we will use that to the max,” he said, adding that the company is “kicking into high gear in terms of M&A activity.”

This is Binance did not spend money on large promotions like Super Bowl ads or naming rights to sports arenas - which did.

Other crypto firms are reducing heads

Tuesday 14 June 2022 17:00 , Adam Smith

As well as Coinbase, BlockFi CEO Zac Prince has that the company will be “reducing [its] headcount by roughly 20 per cent”. also announced that was laying off 260 employees.

Tuesday 14 June 2022 16:20 , Adam Smith

“If [Celcius] goes into full liquidation mode, then it will have to close out these positions,” said Omid Malekan, an adjunct professor at Columbia Business School, but a sell off of crypto assets is likely to only affect the crypto market - although inflation and a general crash among tech stocks has also happened recently.

Crypto investors are worried about another downturn

Tuesday 14 June 2022 16:00 , Adam Smith

“In the medium term, everyone is really bracing for more downside,” said Mikkel Morch, executive director of crypto hedge fund ARK36, told CNBC.

“Bear markets have a way of exposing previously hidden weaknesses and overleveraged projects so it is possible that we see events like last month’s unwinding of the Terra ecosystem repeat.”

Monsur Hussain, senior director of financial institutions at Fitch Ratings, also told the publication that the liquidation of Celsius’ assets would “further rock the valuation of cryptoassets, leading to a wider round of contagion within the crypto sphere.”

Tuesday 14 June 2022 15:40 , Adam Smith

El Salvador’s bitcoin plunges

Tuesday 14 June 2022 15:30 , Adam Smith

 (The Independent)
(The Independent)

Coinbase users could lose their crypto

Tuesday 14 June 2022 15:14 , Adam Smith

Last month, Coinbase warned users that their cryptocurrency could be at risk if the exchange ever went bankrupt.

The cryptocurrency exchange included a new disclosure to its customers in its first-quarter earnings report earlier this week.

“Because custodially held crypto assets may be considered to be the property of a bankruptcy estate, in the event of a bankruptcy, the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings and such customers could be treated as our general unsecured creditors”, the warning states.