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“Crypto Winter” Is Here. Bitcoin Crash Signals Tough Times, Say Experts

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“Crypto Winter” Is Here. Bitcoin Crash Signals Tough Times, Say Experts

For investors, there is nothing scarier than a bear market – unless you are involved in crypto, in which case winter is worse.

The creepy term refers to a sharp decline, followed by a drop in trading volume and months of market downturn — a phenomenon that happened in the cryptocurrency market in 2018 unforgettable. Bitcoin’s price ranged from late 2017 to December, a period marked by a boom and bust in initial coin offerings, and several major banks shelved plans to open cryptocurrency trading desks. Bitcoin will not reach new highs until December 2020, according to data compiled by Bloomberg.
Memories of 2018 have sparked fears that it is now repeating itself after the world’s largest cryptocurrency plunged 50% from its most recent high of nearly $69,000 in November. The cryptocurrency world has lost more than $1 trillion in market value amid growing belief that the Federal Reserve will begin to scale back the ultra-easy policy environment that fueled the boom in risk assets. The pullback has touched every corner of the crypto ecosystem, from bitcoin to memecoins and publicly listed crypto exchanges. UBS said that while the crash itself was disturbing enough, it raised bigger concerns that the pain could linger for months.

“The closest analogy to how we can describe this is probably 2018, which is the idea of ​​a crypto winter,” UBS head of foreign exchange research James Malcolm said by phone. The period that will be extended, so the analogy of crypto winter is very good. Remember that the crypto winter of 2018 was not just the winter months in the northern hemisphere. It basically extended for a whole year – so it is a valid lasting one year cryptocurrency winter.”

Complete News Source : NDTV

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.

As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.

Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.

Congress demands JPC probe

Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.

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Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.

He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.

The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.

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“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.

Other Oppn leaders join attack

Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.

Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.

ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%

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Adani stocks latest updates

The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.

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