Bitcoin fell to an 18-month low on Wednesday, bringing other digital tokens down with it. Concerns about a broader crypto market meltdown were fueled by expected interest rate hikes, as well as a decision by U.S.-based crypto lender Celsius to block withdrawals and transfers between accounts.
MicroStrategy also stated that it still has enough bitcoins to repay the payment. In a tweet, the company’s CEO also stated that the company had constructed its balance sheet to withstand the volatility in cryptocurrency markets.
The two cryptocurrency laws produced by the New York state legislature, according to the mayor of New York City, are unnecessary and perhaps harmful. Bill Gates has denied any involvement with NFTs or crypto, claiming that he is sceptical of the hoopla.
Gates has long been a vociferous critic, claiming that they lack actual value. The value of cryptocurrency, according to the billionaire philanthropist, is defined by the willingness of others to pay a particular amount.
The greater fool theory is a practise in which people purchase assets in the expectation that someone else will pay more for them later. When purchasers are no longer willing to pay a higher price for an asset, demand for the asset plummets, leaving the owner with nothing.
Meanwhile, key cryptos are still trading in the red, indicating that the crypto world is on its way to a slaughter. The floor pricing of NFTs have also taken a major damage, as has the price of Ethereum.
More News at Cryptotraderspro.com News Section.