Bitcoin was fluctuating previously between the $20K-25K price points. Due to Bitcoin’s crash, billions have been lost. This was especially true in the last 4 weeks. The loss has become the primary cause of several firms’ liquidation issues in the crypto industry.
Some businesses have made hard decisions to maintain and balance their financial standings. Celsius is a cryptocurrency lending platform. The company suspended withdrawals from users in June. The company stated the decision was due to changes in the market.
CoinFlex, which is a cryptocurrency exchange, is another noteworthy example. The platform announced that withdrawals would be stopped for users at the time. It was due to a customer who didn’t pay his forum debt.
The bullish trend in crypto markets is not yet evident. Bitcoin is trading at just $21,550 as of the writing.
Bitcoin price on DBS Exchange
DBS recently revealed an increase in the rate of digital currency transactions via its exchange. DBS, a digital investment firm based in Singapore is DBS. It announced that the number of transactions in digital currencies has doubled since the June plunge.
DBS crypto transactions’ success is quite surprising given the nature of the current crypto winter. A number of other cryptocurrency exchanges reported that the market had a negative impact on them. Coinbase, Bybit and CryptoCom are some of the most prominent examples.
Digital currency businesses saw the need for staff reductions at the time. But the decline of the cryptocurrency market wasn’t the only reason. Companies also revealed that many investors had fled.
Piyush Gupta, meanwhile, believes DBS will be an integral part of the financial industry. Piyush Gupta stated that DBS’s effect on the financial system would position it to be a replacement for gold. Piyush Gupta is the CEO of DBS Bank, the trading platform’s mother company. Gupta, a proponent for digital currencies, is also well-known.
Crypto Winter: Major Impacts
There are several factors that led to the fall of crypto markets, including the possible collapse of Terra. The first was that the event caused a significant market crash. Three Arrow Capital is another. Three Arrow Capital was also ordered into liquidation by the British Virgin Island-based Court.
The crypto market crashed due to the global energy crisis, Ukraine’s military conflict, and the reoccurring inflation worldwide. BTC’s value fell by $17500 in the aftermath of this heat event.
Featured image taken from Pixabay. Chart from TradingView.com