The Worst Day in Crypto History! These 8 News Brought Disaster! – Cryptokoin.com

Bitcoin had a rough week with its worst performance since November. The price of the largest cryptocurrency fell below the $20,000 threshold for the first time in two months. Bitcoin’s decline has also negatively impacted other major cryptocurrencies. Most of the top 20 coins by market cap lost 8 percent or more. According to many people in the crypto community, we may be experiencing one of the worst days in cryptocurrency history, especially since this type of bearish movement has not been seen in a while. Here are the details…

Are we having the worst day in cryptocurrency history?

On March 10, the crypto market experienced a massive sell-off that destroyed billions of dollars in a matter of hours. The main cryptocurrencies, Bitcoin and Ethereum, have dropped 8 percent in the last 12 hours. This was attributed to several negative news that hit the market at the same time. Some of the developments that marked the price movements in the last 24 hours are as follows:

1. Huobi Token (HT) collapse

cryptocoin.com As we have also reported, one of the most important developments of the day was the drop in Huobi Token. HT exhibited a sudden 90 percent drop in value. This was due to a series of leveraged liquidations by some users. Despite this significant drop, Sun argues such market fluctuations are normal. Sun, the largest holder of the HT token, apologized for the market volatility caused by “several users triggering a series of forced liquidations in the spot and HT contract markets.” As it is known, Sun, who is also the founder of TRON Blockchain, acts as an advisor to Huobi.

2. New York Attorney General calls some cryptocurrencies “securities”

Ethereum was marked as a security in a lawsuit filed by a New York lawyer alleging that KuCoin was selling the securities on an unregistered basis. This marks the first time the second largest cryptocurrency in the market has been marked as a security in public documents. To many, this sets an unseen precedent that could seriously harm the cryptocurrency trading industry. The Attorney General is seeking to ban cryptocurrency exchange KuCoin from conducting any business activity in New York.

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3. Hedera Hashgraph (HBAR) shuts down network services

Hedera Hashgraph (HBAR), a decentralized PoS ledger, has shut down network services and fueled rumors of a possible attack, citing “network irregularities.” The HBAR Foundation, the organization behind blockchain, reported “network irregularities” affecting various Hedera-based decentralized applications (dApps) and their users in the morning.

4. Silvergate shuts down payment network

Meanwhile, Silvergate Bank announced that it was shutting down due to a banking operation triggered by regulatory concerns over whether its payment network facilitated thousands of customer transfers from FTX to Alameda Research accounts.

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5. Biden’s budget plan included cryptocurrencies

On the other hand, US President Joe Biden has proposed a 30 percent tax on crypto mining electricity use, regardless of ownership and rental, as part of his budget plan to reduce environmental impact and mining activities. This contributed to the overall negative feeling. White House officials claim that energy-intensive practice is hindering the transition to a low-emission energy future.

6. Silicon Valley Bank sells its bond portfolio

Also, Silicon Valley Bank fell 60 percent on Thursday after selling its $21 billion bond portfolio. The bank’s role in the start-up industry is comparable to that of Lehman Brothers, and the bank’s boom dealt a major blow to the economy in general.

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7. Stocks are falling

On the other hand, the Dow Jones Industrial Average fell by more than 500 points. Other major indices are also on track to post significant weekly losses.

8. FED Chairman Jerome Powell’s speeches affected the market

Finally, concerns about higher interest rates remain after the hawkish comments from Federal Reserve Chairman Jerome Powell. Investors are waiting for non-farm employment data and unemployment rate data, which will be announced today at 16.30 Turkish time.

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