Benjamin Cahill, Author at BetaShares

Voyager declares bankruptcy

Bitcoin posted consistent price increases in the first half of last week but flattened over the weekend. The dominant cryptocurrency continued to oscillate between US$17,500 and $US22,500. Market indicators and crypto pundits both seem to be more confident a market bottom is near, however another high-profile digital asset firm’s bankruptcy highlights there are still issues to be addressed.

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Crypto Contagion

Bitcoin fell below US$20,000 again, losing most of last week’s gains. Q2 2022 has turned out to be the worst quarter in about a decade for Bitcoin. The crypto market has lost US$100B in value over the past week as contagion fears stemming from the collapse of Three Arrows Capital, as well as broader market issues,

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Crypto’s ‘Robin Hood’

After recently breaking below the previous cycle’s high for the first time in history, bitcoin provided investors much needed relief last week and bounced off its June 18 low of US$17,708.62. However, bitcoin and other cryptocurrencies have been struggling to gain solid momentum as systemic macroeconomic issues continue to impact all markets.

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