The Crypto Industry is Gripped by Anxiety As Bitcoin Wobbles Near Key Support Level

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The crypto industry is reeling from an ongoing crisis. Crypto industry gripped by anxiety as bitcoin wobbles near key. This has seen the price of bitcoin plummet in recent weeks. On Monday, it was down by over 37 percent. Its value has plummeted below $20,000, which was its zenith for the 2017 cycle. A number of major players in the industry have suffered hardships, and further downfalls could lead to a major shakeup.

This is affecting both major and minor cryptocurrencies. The market capitalisation of stablecoins such as Tether, the world’s largest, is plummeting as investors pull their money out of the industry. Traders are attempting to protect their investments by purchasing these coins as they offer a measure of relative security.

A slew of lenders are pulling their funds out of the industry, and some are considering selling their assets or seeking a bailout from another agency. This latest news follows the collapse of cryptocurrency lender TerraUSD, which shut down in May. Meanwhile, bitcoin and ether were trading near the $20,000 level on Monday. The ether price, which was below $1,000 over the weekend, is now up to $1,075.

While the use of crypto for transactions is relatively new, there are many advantages to this approach. It may provide access to new demographic groups that may not otherwise be reached. For example, crypto users tend to be young, tech-savvy, and cutting-edge. Some studies have found that up to 40% of these customers are new to a retailer, and that their purchases are double those of a credit card user.

A bipartisan group of senators recently proposed a bill to regulate cryptocurrencies. Many crypto firms have shut down, and some have even been accused of operating illegal securities exchanges. As a result, the crypto industry is ripe for regulation. Some consumer advocacy groups have suggested that the Securities and Exchange Commission should take over regulatory duties.

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