Crypto Moves – Bitcoin and Ethereum rise; Crypto industry anxiety; BitOasis lay off staff

Crypto Moves – Bitcoin and Ethereum rise; Crypto industry anxiety; BitOasis lay off staff

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded higher on Thursday, rising by 9.84 percent to $19,846.39 as of 8:35 a.m. Riyadh time. Ethereum, the second most traded cryptocurrency, was priced at $1064.60 rising by 13.15 percent, according to data from Coindesk. Crypto investors fear problems at major crypto players could unleash a major shakeout if not resolved, according to Reuters. For the first time since December 2020, Bitcoin fell below $20,000 over the weekend, after losing 57 percent this year. The drop resembles the point where the cycle peaked in 2017. Adam Farthing, chief risk office for Japan at crypto liquidity provider B2C2, said: “If the market goes higher, everyone breathes a sigh of relief, things will get refinanced, people will raise equity, and all of the risks will dissipate.” There are several industry players facing difficulties, and further price drops could lead to other crypto investors reselling their holdings to meet margin calls. In a Wall Street Journal story published Friday, Three Arrows Capital founders discussed the possibility of selling assets and a bailout by another firm, the same day Asia-focused crypto lender Babel Finance suspended withdrawals. Based on Coinmarketcap, the market capitalization of crypto has declined from $2.9