In the cryptocurrency, the $20,000 mark is now crucial.
(Photo: Reuters)
Dusseldorf If you want to get a feel for how low sentiment in the crypto market has fallen, you only have to look back seven months. Major cryptocurrency Bitcoin was trading at $64,000 when crypto exchange Crypto.com announced on Nov. 16 that it had acquired the naming rights to the Staples Center — home of US basketball team Los Angeles Lakers.
According to media reports, the company paid $700 million for the 20-year deal. A record.
Seven months later, bitcoin has plummeted to $22,000 and Crypto.com laid off 5 percent of its workforce this week, compared to 10 percent at competitor Coinbase.
The crypto exchanges adapt to the new market events: the gold rush mood is over. According to the data provider Coingecko, the daily trading volume on Crypto.com has fallen from almost four billion dollars to 700 million since mid-November.
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