The crypto industry suffers another casualty in the bear market.

The crypto industry suffers another casualty in the bear market.

by | Nov 17, 2022 | Market News, News

An increasing number of cryptocurrency service providers are closing their doors permanently in the midst of the bear market, including the German crypto bank Nuri.

Three Arrows Investment. Celsius. Voyager Electronics In 2022, the number of cryptocurrency bankruptcies, closures, and trade freezes seemed never-ending. The year is still not over. Nuri, a German cryptocurrency bank, asked users to withdraw money this week in advance of the company's anticipated liquidation in December. At least users of Nuri received adequate notice.

The market has been mercilessly purified of excess, leverage, bad risk management, and outright scams by the cryptocurrency bear. If business forecasters are to be believed, the market may experience one more surrender before things start to get better.

The closure of Nuri, the most recent drama involving Voyager Digital, and Silvergate Capital's challenging quarter are all covered in this week's Crypto Biz.

500K consumers are advised by the German cryptocurrency bank Nuri to withdraw money before the closure.

Nuri informed its 500,000 subscribers this week that it would suspend operations on December 18 after citing liquidity concerns in August. Users have two months to withdraw their money before the business closes the shop as a result of the bear market. Users were given the reassurance that all assets in their Nuri account are safe and untouched by Nuri's insolvency by Nuri CEO Kristina Mayer. Although the industry wasn't helped by Nuri's collapse, Celsius handled its insolvency far worse by locking user withdrawals.

Voyager Digital won't sue its executives for negligence and will instead make a claim against its insured.

This week, the story of Voyager Digital took another unexpected turn when the business decided against suing its management for negligence for their part in enabling the Three Arrows Capital disaster (and Voyager's in the process). For those who are not familiar with the drama: Without conducting adequate due diligence, Voyager provided Three Arrows Capital with a $675 million loan. This loan was never repaid, and it played a significant role in Voyager's bankruptcy. Why then don't the executives face legal action? They reportedly got immunity from the lawsuit when FTX US purchased the assets of Voyager through an auction in late September.

Crypto-to-fiat transactions at Silvergate Capital fell by $50 billion from the 3rd Quartile of 2021 to the 3rd Quartile of 2022.

Silvergate Capital's crypto-to-fiat transfers are among the statistics that best illustrate how severe the crypto winter has been. This week, the company revealed that transfers on its network fell by $50 billion year over year in Q3, which is worrying news for those hoping for widespread adoption of cryptocurrencies by financial institutions. However, there was a bright spot: Silvergate's profits increased by 84% to $43.328 million from the previous year. In response to the announcement, investors sold off Silvergate shares, which fell 20% on October 18.

Cryptocurrency miners can now apply for $500 million loans from Binance.

Binance, a cryptocurrency exchange, has announced the launch of a new $500 million financing programme to assist struggling Bitcoin miners during the current bear market. By putting up physical or digital assets as collateral and paying 5% to 10% in interest, miners will have access to loans with terms of 18 to 24 months through the new Binance Pool. For the financing, only "blue-chip" miners are eligible. A spokesman for Binance informed Cointelegraph that one of the requirements is that the applicant is a Binance VIP member and connects at least 500 PH/s to the Binance Pool for at least 24 months after the loan is provided.

When will the crypto market bear market end?

Are you over the bear market in cryptocurrencies? How much time is left before the market turns? Even though no one has a crystal ball, I am still adamant that Bitcoin will most likely reach a cyclical bottom in the coming months, which will be followed by a protracted accumulation phase. I sat down with fellow analysts Marcel Pechman and Benton Yaun to talk about the near-term forecast for cryptocurrencies in this week's Market Report. Every Thursday, Crypto Biz is a weekly email that gives you a pulse on the blockchain and cryptocurrency industries.

Learn how to earn amidst a bear market in crypto

Learn how to earn amidst a bear market in crypto

by | Oct 15, 2022 | Cryptopedia, How to Crypto

Similar to investing, it is quite normal for you to be intimidated by the current situation of such a firm, which is itself characterized by continual uncertainty in addition to fear over the future. This is normal. When your account is consistently being attacked, it can be challenging to draw logical conclusions and tough to carry out the tasks that have been requested of you. Both of these challenges can make it difficult to focus on what needs to be done. Whenever there is a bullish atmosphere in the cryptocurrency industry, virtually all resources in that economy begin to decrease in value, even though they may publish positive news or improvements. This occurs regardless of whether or not they have made any advancements.

What do you need to do to survive a bear market?

If you want to make it through a bear market, one of the most important things you can do is adopt a long-term perspective and center your attention on the fundamentals of the business rather than the valuation that exists at the moment. This will give you a very high probability of success. Bear markets often bring about an increase in prices, even though it may take some time for very many holdings that had been ravaged by bear markets to return for the damages that they had experienced as a result of the bear markets. On the other hand, a few of them may never bring it back again. It is essential to use extreme caution when making significant investments to protect one's financial position, and a bear market is an excellent example of the signs that indicate such a situation.

There are still certain benefits to investing in digital currencies, especially during a bad market.

A bear market, although it is disheartening for shareholders, does have a lot of positive benefits on that front as well. The following is a list of a few of the advantages that can be gained from a bear market in the cryptocurrency sector:

Traders with experience know that when the price of a product is dropping, it is the ideal moment to acquire the goods so that investors can resell them for a bigger profit. This strategy is known as "buy low and sell strong." When the market is doing poorly, investors will buy stocks at a significant discount and then hold on to them until the market crashes and prices have significantly increased. This enables investors to get leverage on products sold at lower prices.

Traders acquire the ability to regulate their impulsive behaviors. Even though it may be difficult to maintain composure when the value of an investment is falling, it is essential to keep in mind that bear markets are only temporary and that prices will eventually rise again. This is true even though it may be difficult to remain calm when the value of an investment is falling.

Traders are therefore able to maintain their reliability and consistency thanks to this: A bear market makes a distinction between investors who are interested in the medium-haul and yet are dedicated and others who are investing for the near run and are looking to make easy cash. Investors who are interested in the medium-haul and yet are dedicated face the brunt of a bear market.

The degree to which traders are willing to take risks can be gauged by the extent to which they liquidate all of their holdings during a period of global economic contraction. Some traders may suddenly realize that, contrary to what they had initially imagined, they are not interested in experimenting with new strategies.

Obtain income streams easily

The following is a list of numerous methods that can be applied to obtain income streams while the market is in a bearish state:

  • Skating
  • Crypto trading
  • Mining
  • Affiliate marketing & more.