Bitcoin falls to lowest level in 16 months

Bitcoin has fallen to its lowest level in 16 months on Thursday as a wider crypto selloff gathered steam. The cryptocurrency dropped to ~$26,350, to stand at its lowest since December 28, 2020. In the last eight sessions, it has lost a third of its value (or $13,000). The crypto market has come under pressure in recent days alongside stock markets.

Crypto prices today: Bitcoin falls 8%, ETH crashes 16%

Bitcoin is currently trading at $27,924.95, an 8.31% decline over the previous day. Ethereum has crashed 16.5% over the last 24 hours to $1908.21. Solana plummeted 28.33% to $45.17, while Cardano is trading lower by 23.5% at $0.461. Polygon (MATIC) crashed ~30% to $0.572. The global crypto market cap stands at $1.18 trillion, a 12.95% decline over the previous day.

Coinbase loses half its value in a week as crypto slumps

Crypto trading platform Coinbase lost half its value in the past week, including its biggest one-day drop to date on Wednesday. The company reported a $430 million net loss in the first quarter due to a decline in sales and active users. Revenue was down as trading volumes fell. Active monthly users fell 19% from the fourth quarter.

Zerodha’s Nithin Kamath cautions Indian crypto investors

Zerodha co-founder Nithin Kamath has cautioned Indian investors against the prospect of US cryptocurrency exchange Coinbase Global on Twitter. He claimed that customer assets could be at risk in case of bankruptcy of Coinbase. He advised Indian crypto investors to be aware of Coinbase’s dramatic fall and added “crypto with exchanges carry a risk”.

Citadel Securities, BlackRock slam social media accusations of involvement with UST collapse

Social media had been swarming with accusations surrounding the collapse of TerraUSD (UST). Many formed a conspiracy theory involving the same entities from the GameStop short squeeze BlackRock, Citadel Securities, Gemini. While BlackRock manages cash reserves for USDC, it said in a public statement it does not trade UST. Citadel Securities has also stated that it does not trade in stablecoins. Meanwhile, Gemini tweeted that it has made no such loan as claimed in the conspiracy theory.