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Price risk – “Maybe we weren’t pessimistic enough”

Bitcoin

In cryptocurrency, the $ 20,000 mark is now crucial.

(Photo: Reuters)

Dusseldorf If you want to get an idea of ​​how much sentiment has dropped in the cryptocurrency market, you just have to look back seven months. Leading cryptocurrency Bitcoin was trading for $ 64,000 when cryptocurrency exchange Crypto.com announced on November 16 that it had acquired the name rights to the Staples Center, home of the US basketball team the Los Angeles Lakers.

According to media reports, the company paid $ 700 million for the 20-year deal. A record.

Seven months later, bitcoin plummeted to $ 22,000 and Crypto.com laid off 5% of its workforce this week, compared to competitor Coinbase’s 10%.

Cryptocurrency exchanges adjust to new market events: the mood of the gold rush is over. According to data provider Coingecko, daily trading volume on Crypto.com has dropped from nearly $ 4 billion to $ 700 million since mid-November.

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