A dramatic meltdown in bitcoin and other cryptocurrency appears to have slowed, with investors left counting their losses after one of the most dramatic plunges in recent times.
The whole market is still significantly down over the last week. Ethereum, for instance, has been particularly hard hit and lost 24 per cent of its value in the last seven days.
There are signs that dramatic fall could be turning around, however. Bitcoin is up 14 per cent over the last day – and back through the important psychological milestone of $30,000 – and the market as a whole is up 13.5 per cent.
Tesla chief Elon Musk has announced that his deal to buy Twitter is on hold.
The billionaire chief of Tesla and SpaceX has said the Twitter deal is “temporarily on hold,” until he could get more information on the social media company’s claim that less than 5 per cent of its users are fake and spam accounts.
Mr Musk, who is a vocal crypto advocate and dogecoin investor, had said last month that one of his priorities after taking over Twitter would be to crack down on cryptocurrency scam accounts on the platform, as well as potential changes to introduce methods to tip other users in cryptocurrency.
Twitter’s share price has plunged by about 20 per cent in pre-market trading amid fears Elon Musk deal could be pulled.
However, it remains to be seen how the latest announcement would affect the price of dogecoin and other cryptocurrencies.
Terra’s failure may topple more dominoes, Fitch Ratings says
The American credit rating agency Fitch Ratings Inc. has said the failure of Terra’s USD stablecoin (UST) has sent “shocks through the decentralised finance sector.”
“Bouts of volatility will probably continue as the crypto sector digests the repercussions of the failure of the UST peg, and as US policy rate increases and equity volatility pressure high-beta assets,” it said in a statement.
While the potential for crypto market volatility to cause wider financial instability is limited, according to the agency, it said many regulated financial entities that have increased their exposure to cryptocurrencies in recent months could be affected if the volatility becomes severe.
Emirates will reportedly add bitcoin as payment method
UAE airliner Emirates has announced it will embrace blockchain, metaverse, and cryptocurrency as part of its new strategy to connect with customers.
Emirates Chief Operating Officer Adel Ahmed Al-Redha reportedly said the company is planning to employ bitcoin as a payment service and is adding NFT collectibles on the company’s websites, according to Arab News.
The Dubai-headquartered airline said it will also hire new staff for metaverse and NFTs. The company said it also seeks to use blockchain technology in tracing records of aircraft.
“NFTs and metaverse are two different applications and approaches. With the metaverse, you will be able to transform your whole processes — whether it is in operation, training, sales on the website, or complete experience — into a metaverse type application, but more importantly making it interactive,” Mr Al-Rehda said.