Hussam Abdulnabi (Dubai)
Cryptocurrencies reduced their losses, yesterday, led by the “Bitcoin” currency, which accounts for more than 46% of the market, in light of the resumption of the major cryptocurrency trading platforms with “Bitcoin” withdrawals after stopping withdrawals and transfers between accounts temporarily due to the presence of accumulated transactions and “Bitcoin”. harsh market conditions” the previous day, according to the description of those platforms. Although the “Bitcoin” currency briefly traded below the level of $21,000, it managed to return to a level of more than $22,000 to trade around $22,300 in mid-trading. The “Ethereum” currency, which dominates 28.6% of the market, also decreased. Its losses amounted to only 1.8% to trade at $ 1215, while the price of the “Tether” coin settled at the level of $ 0.999, with a very limited decrease, and the same was true of the “USD Coin” currency, which maintained its price above the dollar level.
currency consistency
The consolidation of cryptocurrencies came to reflect that sellers did not surrender (so far) to the low levels, especially after the removal of the greater risk of stopping “Bitcoin” withdrawals across platforms, as the major cryptocurrency exchange “Binance” announced that it resumed Bitcoin withdrawals after more than Three hours of shutdown amid intense market volatility, in what was described as “Black Monday” for cryptocurrencies, and “Binance” is one of the largest companies in the field of cryptocurrency lending, with a lending volume of more than 8 billion dollars to clients, and it has assets under management close to 12 billion dollars. As of May.
In the same context, Tether, the issuer of the stablecoin that is considered an active cryptocurrency, issued a statement regarding the major crypto lending platform Celsius, which has suspended withdrawals due to the liquidity crisis announced by the company due to the fallout in the currency market. Tether said Tether’s lending activity with Celsius has always been collateralised, as with any other borrower, and has no impact on the company’s reserves.
hedge funds
A report by PricewaterhouseCoopers indicated that hedge funds maintained their limited investments in cryptocurrencies despite their strong decline over the past days, despite these funds adopting a slow approach to investing in cryptocurrencies. The report revealed that about a third of traditional hedge funds are already investing in cryptocurrencies such as Bitcoin, and that of the hedge funds currently investing in those currencies, 57% of them have allocated less than 1% of the total assets under management, and two-thirds of the companies currently investing are planning to increase their investments by the end of this year.