Trending Tokens on BTSE:
Asset |
Price |
24h % |
$26,072.74 |
-0.15% |
|
$1,675.65 |
0.44% |
|
$0.5326 |
2.82% |
|
$0.06379 |
-0.57% |
(as of 11:45 AM Singapore Time, August 21, 2023)
Recently, the crypto market has shown considerable sensitivity to various external influencers. From the news of SpaceX’s Bitcoin write-down to the bankruptcy application of Evergrande Group in the U.S. and potential interest rate hikes by the Federal Reserve, the crypto world, especially Bitcoin, has felt pronounced repercussions. A marked testament to this was Bitcoin’s sharp 10% drop, pushing its value below the $26,000 threshold. While such market fluctuations are not unprecedented – considering last year’s FTX crash – the frequency and intensity of these shifts merit attention.
Beyond these high-profile influences, liquidity has emerged as a pressing concern for Bitcoin. Post its significant decline, an alarming amount of market liquidity was wiped out. In the current landscape, the sale of merely 463 BTC, equating to around $12 million, can instigate a 1% price dip. This contrasts sharply with earlier figures this year when the collapse of Silicon Valley Bank shocked the crypto market, where offloading 856 BTC was necessary to trigger a similar price impact. This evolving liquidity scenario underscores the market’s mounting vulnerability and potential susceptibility to manipulation.
Yet, the challenges don’t end at market sensitivity. The realm of crypto is also grappling with intensified cybersecurity threats. According to a recent report by TRM Labs, North Korean hackers, among other cybercriminal entities, have snatched over $200 million in cryptocurrencies this year alone; the previous year witnessed thefts surpassing $800 million, targeting DeFi protocols.
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