Latest Crypto News: Crypto Lender Genesis Cuts 20% of Workforce and Announces CEO Exit, Dogecoin Surges to a Record High, Galaxy Digital Backs Out of BitGo Acquisition

It’s been a tumultuous year for investors, but it’s been even more so for those with a stake in crypto.

In 2022, the price of bitcoin is down nearly 50% from its all-time high of $68,000 in November. ethereum has followed the example of bitcoin and almost every other cryptocurrency as well.

Reading: Bitcoin surges it one week. warren

The cryptocurrency market, which has been keeping pace with stock markets of late, has been a victim of the sell-off of risky assets in the market as investors battle high inflation, the war in Ukraine and changes in us uu. monetary policy. Although not usually correlated to stocks, crypto markets and stock markets go up and down in similar patterns.

June, in particular, was a breakneck month for the cryptocurrency industry. several crypto firms announced layoffs and froze withdrawals due to extreme market conditions. some have even filed for bankruptcy to contain losses.

and some experts warn that the worst may be yet to come, and the price of bitcoin, as well as other cryptocurrencies, could fall further.

See also: El Salvadors adoption of bitcoin as legal tender is pure folly | Jeffrey Frankel | The Guardian

“Sometimes bear markets can last up to several months,” charlene fadirepo, crypto expert and founder of guidefi, recently told nextadvisor during an instagram live. “Some people track the 20-week average for bitcoin, and based on that, that gets us into the $20,000 to $30,000 range. I don’t know where it will go, but based on past trends, we’ve been in that range.”

The latest crypto market crash is just a reminder to investors that crypto assets carry additional risk and volatility, especially in times of economic and political uncertainty like the one we are experiencing right now. Either way, experts advise against making financial decisions based on news-related panic or exaggeration. Here’s what investors should do with the latest crypto news:

  • Crypto brokerage genesis announced Wednesday that CEO Michael Moro will step down and the company will cut 20% of its 260-person workforce. is the latest major crypto firm to show signs of struggle as the cryptocurrency market winds down. Last month, Genesis revealed that it incurred losses related to the collapse of Three Arrows Capital earlier this summer.
  • One of Elon Musk’s favorite cryptocurrencies is surging. dogecoin is up more than 15% over the last week, mainly due to the hype around its recently launched blockchain called dogechain. promotes itself as a complementary layer 2 blockchain for dogecoin, allowing users to connect the meme token to the network to access different applications and nfts. If users move the meme coin to dogechain, they receive a wrapped version of the coin called wdoge. experts have warned that meme coins like dogecoin are largely worthless and generally recommend staying away from them.
  • galaxy digital said this week that it was wrapping up a $1.2 billion deal to acquire cryptocurrency broker bitgo. the now-terminated deal was announced in May 2021 as the largest corporate acquisition in the history of the crypto sector. galaxy said it terminated the deal because bitgo failed to deliver audited financial statements for 2021. bitgo called the termination “improper” and said it plans to “hold galaxy digital legally liable.”

bitcoin is the largest cryptocurrency by market cap and a good indicator of the crypto market in general, as other coins like ethereum (and smaller altcoins) tend to follow its trends. Even though bitcoin recently set another new all-time high, it was a fairly normal rally for the crypto, which is notorious for its volatility. That’s not to say that investors should take changes in either direction lightly, and this is also why investment experts recommend against making major investment changes based on these normal fluctuations.

Cryptocurrencies are still very new and everything from innovation to regulation can have a huge impact on investors. This is how you can invest wisely, regardless of the news or bitcoin price fluctuations.

how investors should deal with volatility

Cryptocurrency volatility is nothing new and you should be comfortable with this if you decide to invest.

The volatility can be attributed to an “immature market,” says ollie leech, information editor at coindesk, a cryptocurrency news outlet. anything from a celebrity tweet to a new federal regulation can send prices skyrocketing.

See also: Powers On. The Fed endorses cryptocurrency — Kind of – Cointelegraph Magazine

“if elon musk puts the hashtag bitcoin in his twitter bio, it makes bitcoin go up 10%,” says leech.

This unpredictability is part of the reason investment experts warn against investing large amounts of your portfolio in a risky asset like cryptocurrencies. many recommend keeping your cryptocurrency holdings to less than 5% of your total portfolio.

For new investors, daily swings can seem scary. But if you’ve invested with a buy-and-hold strategy, dips are no reason to panic, says Humphrey Yang, the personal finance expert behind Humphrey Talks. Yang recommends a simple solution: don’t look at your investment.

“don’t check it. that’s the best you can do. if you let your emotions get too involved, then you might sell at the wrong time, make the wrong decision,” says yang.

This is the traditional “set it and forget it” advice followed by many traditional long-term investors. If you can’t get on board, and extreme drops continue to worry you, then you may have too much at stake in your cryptocurrency investments.

“The most important thing any investor can do, whether they’re investing in bitcoin or stocks, is not just have a plan in place, but also have a plan they can stick to,” says douglas boneparth, a cfp and the president of the wealth in good faith. “While buying the dip can be appealing, especially with an asset you really like, it may not always be the best idea at the moment.”

See also: Is it true that Cillian Murphy invested in Bitcoin Revolution? | Invezz

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