As prices plunge, companies collapse and skepticism soars, fortunes and jobs are disappearing overnight, and investors’ feverish speculation has been replaced by icy calculation, in what industry leaders are referring to as a “crypto winter.”
But the crypto sell-off is more than that, experts say; it signals growing trepidation on Wall Street and Main Street about the industry’s fundamentals, which right now are looking shaky. — A company called Celsius Network, which operates like a bank for crypto holders, last week froze the accounts of its 1.7 million customers. Celsius took deposits, paid interest, and made loans and other investments with its customers’ cryptocurrencies, once valued at close to $10 billion. Unlike a real bank, there is no federal insurance backstopping these customers’ deposits.
This isn’t the first crypto winter. In 2018, bitcoin fell from $20,000 to less than $4,000. But analysts say this time feels different.Hilary Allen, a law professor at American University who has done research on cryptocurrencies, said she’s not worried about the latest industry turmoil spilling over into the broader economy. However, among crypto investors, problems may be brewing under the surface.
Source: Digital Coin News (digitalcoinnews.net)
It's not only the crypto market it's all the markets.
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