Bitcoin Miners To Capitulate Again?

A report by Cryptoquant suggests that the Bitcoin mining difficulty is very high for the miner. This directly means that the costs are getting higher and the current situation is not suitable for doing business. This is the main reason why miners do not work in full force.

Crypto Exchanges Bitfront, AAX Suspend Services

Crypto exchange Bitfront founded by social media giant LINE on Monday announced shutting down the crypto exchange due to facing challenges in the crypto industry.

Users can withdraw their crypto assets until March 31, 2023, with new signups and credit card payments suspended immediately. Several crypto companies are facing challenges amid the FTX contagion.

Terra Co-Founder Could Face Fraud Charges

South Korean prosecutors may charge Daniel Shin, co-founder of Terraform Labs, with fraud. He allegedly promoted Terra-Luna stablecoin as a payment method, despite multiple warnings from financial regulators.

According to local media outlet YTN, in 2018 Shin repeatedly stated that the Terra stablecoin will be available as a payment method on the e-commerce platform for South Korean users. Whereas Financial Supervisory Service several times informed Shin that virtual assets cannot be registered as a payment method.

Mark Mobius Predicts Bitcoin To Plunge To $10,000

Mark Mobius, founder of Mobius Capital Partners LLP, in an interview, said his next target for Bitcoin is $10,000. He also referred to digital assets as “it’s too dangerous” and detailed that he will not invest his or his client’s money in this.

Mobius further added “But crypto is here to stay” because there are many other investors who still have faith in it. He added “It’s amazing how Bitcoin prices have held up” despite the FTX fallout. After the FTX debacle, the concern is that contagion could bring down more cryptocurrency outfits.

FTX Paid For BlockFi-SEC Settlement?

Crypto lender BlockFi is reportedly preparing for bankruptcy filing due to its extensive exposure to FTX. However, Ripple Counsel has raised some crucial questions over the FTX-BlockFi connection and its U.S. SEC settlement.

Cohort Makes Aggressive Bitcoin Accumulation

As reported, one investor group has been buying Bitcoin aggressively during this price correction.

On-chain data provider Glassnode explains that Bitcoin shrimps have witnessed an all-time high balance increase since the FTX collapse. Over the last fifteen days, the Bitcoin shrimps have added 96.2k $BTC to their total holdings.

China To Trigger Next Bitcoin Correction?

Massive protests have erupted across China and spreading like wildfire amid the country’s strict COVID-19 restrictions. The events at Foxconn’s iPhone factory last week have triggered further reactions across the country.

The world’s largest crypto Bitcoin is down by nearly 3% trading at $16,180 levels. On the other hand, altcoins like Ethereum (ETH), BNB, XRP, Polygon (MATIC), etc. are all down by 4-8%.

Dogecoin Price Up by 2%

Dogecoin price jumped by over 2% in the last 24 hours while Bitcoin registered a decline. DOGE is trading at an average price of $0.095, at the press time.

Bitcoin Price Drops By 2%

Bitcoin price has dropped by around 2% in the last 24 hours. BTC is trading at an average price of $16,181, at the press time. However, Bitcoin dominance now stands at 37.98%.

Crypto Market Declines

The global digital asset market dropped by is trading under constant selling pressure. The cumulative market cap has dropped by another 2.5% over the past day. It now stands at $819 billion.

However, the 24 hour trading volume has jumped by 33% to stand at $45.48 billion.