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<ul class="summary-list"><li>Leading <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> lender Celsius froze withdrawals and transfers on Monday due to "extreme market conditions." </li><li>Cryptocurrencies tanked at the weekend, and <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> is now <keyword id="6368158" type="UNKNOWN" weightage="60" keywordseo="trading" source="Orion">trading</keyword> at it lowest since December 2020.</li></ul>Major crypto lender <keyword id="12298676" type="UNKNOWN" weightage="60" keywordseo="celsius-network" source="Orion">Celsius Network</keyword> has frozen all withdrawals, swaps and transfers between accounts, after digital assets tanked over the weekend.Bitcoin fell more than 22% from its late Friday level, and cryptocurrencies slid across the board, as investors shunned riskier assets. The crypto market is now close to falling below $1 trillion in market value for the first time since February 2021."Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts," Celsius said in a <a href="https://blog.celsius.network/a-memo-to-the-celsius-community-59532a06ecc6">blog post</a> Monday."We are taking this necessary action for the benefit of our entire community in order to stabilize liquidity and operations while we take steps to preserve and protect assets," it added.Celsius is a decentralized finance platform that offers customers high yields for token deposits, which it lends to other crypto companies. It managed $11.8 billion in assets as of May 17, The Wall Street Journal <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fbig-crypto-lender-celsius-freezes-all-account-withdrawals-11655096584">reported</a>, and it says it has 1.7 million users. The Celsius freeze revived investor worries about the stability of crypto <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword>, after confidence took a hefty knock from the <a href="https://www.businessinsider.com/crypto-lender-celsius-freeze-withdrawals-transfers-accounts-market-tumble-bitcoin-2022-6">collapse of algorithmic stablecoin TerraUSD</a> and its sister token luna in May. Many crypto investors uses Celsius for crypto staking and liquidity.Celsius' token, cel, nosedived 49% in the wake of the news about the pause, to trade at 20 cents Monday,<a href="https://coinmarketcap.com/currencies/celsius/"> according to CoinMarketCap</a> data.The news weighed further on the wider crypto market, which saw bitcoin,<a href="https://markets.businessinsider.com/currencies/eth-usd?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets"> ether</a>, <a href="https://markets.businessinsider.com/currencies/ada-usd?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">cardano</a>, <a href="https://markets.businessinsider.com/currencies/sol-sol?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">solana</a>, and <a href="https://markets.businessinsider.com/currencies/usd-doge?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">dogecoin</a> fall sharply over the weekend. On Monday, bitcoin plunged to its lowest since December 2020, trading below $25,000 at one point,<a href="https://coinmarketcap.com/"> according to CoinMarketCap</a>. Meanwhile, <keyword id="11896271" type="UNKNOWN" weightage="60" keywordseo="ether" source="Orion">ether</keyword> sank 15.8% to trade at $1,234.93, set for its largest one-day fall in a year."Many think it is mainly due to fear surrounding the insolvency risk of one of the biggest lending platforms Celsius," GlobalBlock strategist Marcus Sotiriou said."They were heavily exposed to UST with around $500 million of client funds, and also lost around $50 million when DeFi protocol Badger DAO was exploited," he added.Celsius did not respond to an Insider request for comment.But Sotiriou also noted the crypto rout is being driven by increasing investor concerns over the Federal Reserve's planned interest-rate rises to tackle red-hot inflation. Data on Friday showed US<a href="https://www.businessinsider.com/inflation-report-cpi-may-gas-prices-federal-reserve-rate-hikes-2022-6"> inflation in May was </a>8.6%, <a href="https://www.businessinsider.com/inflation-report-cpi-may-gas-prices-federal-reserve-rate-hikes-2022-6">its highest rate since December 1981</a>, which could spur the central bank to act more aggressively."I think this is a bigger contributor to the decline we have seen, as it results in a more hawkish Federal Reserve — they are now forced to remove more liquidity from the market in order to bring down inflation. When liquidity is removed, risk-on assets are hit the hardest, which includes crypto," he said.Regulators have expressed concern about Celsius for its promised high returns, with some even likening it to a<a href="https://rorodi.substack.com/p/the-biggest-crypto-lending-company?s=r"> Ponzi scheme</a>. Last year, New Jersey, Texas, and Alabama acted against Celsius, slapping the company with a cease and desist order,<a href="https://www.bloomberg.com/news/articles/2021-09-17/texas-moves-against-celsius-over-unregistered-securities?sref=M8H6LjUF#xj4y7vzkg"> per Bloomberg</a>. Celsius said it hoped to lift the freeze as quickly as possible, but didn't give a timeframe."There is a lot of work ahead as we consider various options, this process will take time, and there may be delays," it said.Read more: <a href="https://www.businessinsider.com/crypto-hard-wallets-comparison-trezor-one-ledger-nano-s-plus-2022-6?r=US&amp;IR=T" target="_blank" rel="noopener noreferrer">Trezor created the world's first crypto hard wallet, but now faces hot competition from newer rivals. I compared Trezor's Model One with the Ledger Nano S Plus to see which fared better in securing my crypto assets.</a>

Crypto lender Celsius pauses account withdrawals and transfers as digital tokens plummet across the board

<ul class="summary-list"><li>The <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> <keyword id="11995361" type="UNKNOWN" weightage="60" keywordseo="market" source="Orion">market</keyword> endured its second brutal sell-off this year, with <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> dramatically plunging. </li><li>Bitcoin fell to its lowest since December 2020 to trade at $25,272 on Monday. </li></ul>Bitcoin dropped to its lowest in 18 months on Monday, as the cryptocurrency market endured a second major battering so far this year after <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-today-cryptocurrencies-crash-as-rout-intensifies-2022-5">US inflation data</a> on Friday sent investor fleeing from risk assets, including equities. Over the weekend, bitcoin plunged to its lowest since December 2020 to trade below $25,000 at one point on Monday, <a href="https://coinmarketcap.com/">according to CoinMarketCap</a>. The token is about 63% below the record high of $69,000 it reached last November. It was last at $24,066, down 12.45% over the past 24 hours.Other tokens, including <a href="https://markets.businessinsider.com/currencies/eth-usd?utm_medium=ingest&amp;utm_source=markets">ether</a>, <a href="https://markets.businessinsider.com/currencies/ada-usd?utm_medium=ingest&amp;utm_source=markets">cardano</a>, <a href="https://markets.businessinsider.com/currencies/sol-sol?utm_medium=ingest&amp;utm_source=markets">solana</a>, and <a href="https://markets.businessinsider.com/currencies/usd-doge?utm_medium=ingest&amp;utm_source=markets">dogecoin</a> also collapsed. <keyword id="11896271" type="UNKNOWN" weightage="60" keywordseo="ether" source="Orion">Ether</keyword>, the second-biggest cryptocurrency, tanked 15.8% to trade at $1,234.93, set for its biggest one-day fall in a year, while while <keyword id="5294933" type="UNKNOWN" weightage="60" keywordseo="cardano" source="Orion">cardano</keyword> and <keyword id="11931714" type="UNKNOWN" weightage="60" keywordseo="solana" source="Orion">solana</keyword> plummeted 13% and 16%, respectively. Meme coin <keyword id="11955065" type="UNKNOWN" weightage="60" keywordseo="dogecoin" source="Orion">dogecoin</keyword> dropped 14%. Ether's drop came in tandem with a Friday announcement made by its core developers who decided to delay the implementation of the "difficulty bomb," a catalyst in upgrading the ethereum network from a <a href="https://www.businessinsider.com/personal-finance/proof-of-stake-vs-proof-of-work">proof-of-work system to proof-of-stake</a> as part of its big upcoming <a href="https://www.businessinsider.com/ethereum-ether-merge-blockchain-change-proof-of-work-stake-2022-4">merge</a>. "Perhaps the biggest carnage has been in the crypto space which is on the verge of a reckoning now that the gloves are off around global inflation and the realities of a new world where fixed interest actually pays a yield – albeit one still deeply negative in real terms," said Jeffrey Halley, senior market analyst of Asia Pacific at OANDA in a blog. This second big rout of 2022 in the crypto market follows data that showed US consumer inflation rose 8.6% in the year through May, the highest rate since December 1981. The reading exceeded economist expectations for last month at 8.3% due to the soaring cost of energy and food.High inflation rates in the US have prompted the <a href="https://www.businessinsider.com/personal-finance/what-is-the-federal-reserve?utm_medium=ingest&amp;utm_source=markets">Federal Reserve</a> to step up its efforts to tame price pressures using more aggressive monetary policy.The Fed's policy-setting committee is expected to announce a half-point rate rise when it concludes its meeting on Wednesday, which would bring its benchmark rate to 1.5%. The central bank raised rates by half a point in May and <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> show investors expect a string of hikes this year.The current sell-off has wiped over a quarter of a billion dollars off the size of the entire crypto market, according to CoinMarketCap. Last month, major tokens including bitcoin and ether endured <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-today-cryptocurrencies-crash-as-rout-intensifies-2022-5">intense sell-offs</a> as investor anxiety built over the Fed's easing of its ultra-easy policy and a high-profile collapse in algorithmic stablecoin TerraUSD. The crypto market as a whole had lost $500 billion in value as a result of the collapse. Meanwhile, crypto lender Celsius said on Sunday it would pause withdrawals alongside its swap and transfer products, citing "extreme market conditions." "Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts. We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations," the company said in a <a href="https://medium.com/p/a-memo-to-the-celsius-community-59532a06ecc6">blog post</a>. The announcement triggered a 54% drop in its Celsius (CEL) token, per CoinMarketCap. Treasury Secretary Janet Yellen last week called for tighter regulation of the crypto industry. She said cryptocurrencies were a "very risky investment," at a Thursday event organized by the New York Times adding that Congress could regulate what assets could be included in retirement plans, <a href="https://www.bloomberg.com/news/articles/2022-06-09/yellen-says-crypto-is-very-risky-option-for-retirement-savers#xj4y7vzkg">per Bloomberg</a>. "I'm not saying I recommend it, but that to my mind would be a reasonable thing," Yellen said on whether Congress should impose the rules.

Bitcoin tumbles to an 18-month low, with cryptocurrencies selling off as inflation shock scares investors out of riskier assets

The free fall in the global cryptocurrency market continued on Thursday as over $275 billion were wiped off from its global market cap within 24 hours and Bitcoin dropped to nearly $27,000 - a level it saw in December 2020. The global cryptocurrency market cap reached the $1.25 trillion mark, down 13 per cent in the last 24 hours. Bitcoin accounts for about a third of the cryptocurrency market. The global crypto mayhem was triggered by the total collapse of Terra Luna cryptocurrency that was linked to the US dollar. Tether (USDT) cryptocurrency dropped to 97 cents, losing its parity with US dollars. According to <keyword id="11929735" type="General" weightage="80" keywordseo="coindesk" source="Orion">CoinDesk</keyword>, traders sold USDT for US dollars amid poor sentiment for stablecoins in crypto communities. Also, rising inflation across the globe have left investors worried over the looming economic slowdown. Ethereum also dropped around 20 per cent in the past 24 hours. Other cryptocurrencies like Shiba Inu, Dogecoin, Solana and <keyword id="5294933" type="General" weightage="80" keywordseo="cardano" source="Orion">Cardano</keyword> also lost about one-third of their value. The global cryptocurrency market cap was trading at the $1.25 trillion mark, down 13 per cent in the last 24 hours. However, the total cryptocurrency trading volume rose about 40 per cent to $218.14 billion. The decline can be attributed to nervousness over the <keyword id="6356435" type="General" weightage="80" keywordseo="us-federal-reserve" source="Orion">US Federal Reserve</keyword>'s determination to tackle inflation. The <keyword id="45672" type="General" weightage="80" keywordseo="fed" source="Orion">Fed</keyword> last week announced an interest rate increase of 50 basis points. Bitcoin investors are likely to lose up to $545 million this year, owing to various reasons like forgetting passwords to their wallets or making a mistake in recording their "seed phrases", according to a new report. A seed phrase is a series of words generated by your cryptocurrency wallet that give you access to the crypto associated with that wallet. Analysts have estimated that at least 20 per cent of all Bitcoin is lost and that the majority of those funds are irretrievably lost. According to research from CryptoAssetRecovery.com, between $272 million to $545 million of Bitcoin will be lost this year. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-nifty-50-fall-for-fifth-straight-session-april-cpi-data-in-focus/articleshow/91517087.cms">Sensex, Nifty 50 fall for fifth straight session, April CPI data in focus</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/lic-ipo-check-out-analysts-view-on-whether-to-sell-or-hold-lic-ipo-post-listing/articleshow/91515679.cms">LIC IPO might list at a discounted price; Here’s analysts view on whether to sell or hold LIC ipo post listing</a>

Global crypto market sheds $275 billion, Bitcoin down at 2020 level

<ul class="summary-list"><li><keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">Bitcoin</keyword> plunged to its lowest since December 2020 on Thursday, as a rout in risk assets slammed <keyword id="11909331" type="UNKNOWN" weightage="60" keywordseo="crypto-market" source="Orion">crypto market</keyword>.</li><li>The most traded cryptocurrency broke below $25,500, wiping out all of 2021's gains.</li></ul>The cryptocurrency market came under fire for a second day on Thursday, as a collapse in a large stablecoin and a broad-based flight from risk assets sent bitcoin to its lowest since late 2020.Bitcoin plummeted below $25,500 Wednesday, according to data from Bloomberg, its lowest since December 2020, effectively wiping out all of last year's gains. By 5:04 am ET, bitcoin was 11.5% down on the day at $27,960, <a href="https://coinmarketcap.com/">according to CoinMarketCap</a>. Other large tokens including <a href="https://markets.businessinsider.com/currencies/eth-usd">ether</a>, <a href="https://markets.businessinsider.com/currencies/ada-usd">cardano</a>, <a href="https://markets.businessinsider.com/currencies/sol-sol">solana</a>, and <a href="https://markets.businessinsider.com/currencies/usd-doge">dogecoin</a> cratered. Ether, the second-largest <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> coin by market cap, lost nearly 20% to trade around $1,896, while <keyword id="11931714" type="UNKNOWN" weightage="60" keywordseo="solana" source="Orion">solana</keyword> and <keyword id="5294933" type="UNKNOWN" weightage="60" keywordseo="cardano" source="Orion">cardano</keyword> both fell by 31%, and meme crypto <keyword id="11955065" type="UNKNOWN" weightage="60" keywordseo="dogecoin" source="Orion">dogecoin</keyword> dropped 28%."The entire crypto market is crumbling like a house of cards," Alex Kuptsikevich, the FxPro senior market analyst said. The sharp sell-off comes after major stablecoin, <a href="https://markets.businessinsider.com/news/currencies/terra-terrausd-luna-ust-stablecoin-plunge-do-kwon-death-spiral-2022-5">TerraUSD</a>, which is supposed to be fixed at $1, lost its peg to the dollar completely on Wednesday and fell to a low of around $0.30. It was last at $0.60, according to CoinMarketCap, up 24%. Its sister cryptocurrency luna also tanked more than 97% in what analysts termed a "death spiral" that could threaten the confidence in TerraUSD entirely. <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-today-below-30000-investors-shun-risky-assets-2022-5">Bitcoin</a> meanwhile is now 60% below the record high of $69,000 that it reached last November. Its market value was subsequently punctured, falling below $600 billion from almost double that just six months ago. The crypto market has weakened dramatically in recent weeks, as red-hot inflation has prompted the Federal Reserve to wind down the ultra-easy monetary policy that it put in place to protect the economy during the pandemic.As the era of super-low interest rates has come to an end, especially in light of inflation at 40-year highs, bond yields have surged, equities and other risk assets have tumbled, and investors are now assessing the likelihood that the US economy could enter recession in the coming 24 months. According to CoinMarketCap, the crypto market as a whole has lost over $500 billion in value in the last week alone. As the <a href="https://www.businessinsider.com/fed-raises-interest-rates-may-double-sized-hike-mortgages-loans-2022-5?utm_medium=ingest&amp;utm_source=markets">Fed</a> has raised interest rates to curb sky-high inflation, the crypto market, along with stocks and bonds, has taken a large hit. After stronger-than-expected inflation on Wednesday, the Nasdaq lost 3%, while the S&amp;P 500 market its fourth loss in five sessions. Central bankers and regulators alike have expressed reservations about the stability and transparency of the crypto market. Indeed, the Fed's <a href="https://www.federalreserve.gov/publications/files/financial-stability-report-20220509.pdf">semi-annual Financial Stability Report on Wednesday</a> highlighted the risks of trading stablecoins.US Treasury Secretary Janet Yellen reiterated the need to regulate stablecoins at a Senate Banking Committee meeting on Tuesday. "I think that simply illustrates that this is a rapidly growing product and that there are risks to financial stability," she said.

Bitcoin, ether, cardano along with other tokens crash in a crypto bloodbath, as investor angst over high-risk assets intensifies

<ul class="summary-list"><li>President Joe Biden has finally signed a long-awaited executive order on <keyword id="11895317" type="UNKNOWN" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword>.</li><li>It wasn't the crackdown many in <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> had feared, and many liked it a lot. But there were some question marks.</li></ul>President Joe Biden has finally signed his long-awaited executive order on cryptocurrencies — and it's not the crackdown many in the community had feared.For months, the Biden administration has been warning it would step up crypto market scrutiny, putting the industry on tenterhooks.But when the <a href="https://markets.businessinsider.com/news/currencies/biden-crypto-executive-order-digital-dollar-cbdc-bitcoin-congress-2022-3">whole-of-government strategy was revealed</a> Wednesday, it didn't promise any regulations for the sector. Instead, it <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/03/09/fact-sheet-president-biden-to-sign-executive-order-on-ensuring-responsible-innovation-in-digital-assets/">laid out policy priorities</a> for digital assets and tried to tackle the lack of a regulatory framework for crypto, by unifying oversight across federal agencies.It was widely welcomed in the crypto community. <a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> jumped to top $42,000 Wednesday after Treasury Secretary<a href="https://markets.businessinsider.com/news/currencies/bitcoin-blockchain-crypto-markets-technology-prices-america-regulation-biden-yellen-2022-3"> Janet Yellen's office accidentally leaked details</a> of the order.But while Gemini co-founder Cameron Winklevoss <a href="https://twitter.com/cameron/status/1501591825659822080">called the order a "watershed moment</a>," not everyone was fully convinced. Here's what Sam Bankman-Fried, Mike Novogratz and other leading voices in crypto had to say about it.<h3><a href="https://markets.businessinsider.com/news/currencies/sam-bankman-fried-ftx-crypto-exchange-valuation-billionaire-bitcoin-ethereum-2022-2?utm_medium=ingest&amp;utm_source=markets">Crypto billionaire</a> Sam Bankman-Fried</h3>"I don't think it moves the needle that much from where we were before. I think it's more just a reflection of where the administration is than anything else," the CEO of crypto exchange FTX <a href="https://www.cnbc.com/video/2022/03/09/this-executive-order-is-just-a-reflection-of-where-the-administration-is-says-ftxs-bankman-fried.html">told CNBC</a>."Which is to say: There isn't a lot of conclusiveness about where this will end up." <h3>Antoni Trenchev, managing partner at crypto lender Nexo</h3>"If there ever were any remaining risks of an international or US-led crackdown on crypto, those are gone," he <a href="https://twitter.com/CNBCMiddleEast/status/1501807574882021377">told CNBC</a>.<h3><a href="https://markets.businessinsider.com/news/currencies/shark-tank-kevin-oleary-crypto-ethereum-bitcoin-solana-venture-capital-2022-3">'Shark Tank' investor</a> Kevin O'Leary</h3>"The @POTUS executive order is a direct shot over the bow of public #Bitcoin mining companies. There is now an Initiative to audit the carboneutrality of these miners," the crypto investor <a href="https://mobile.twitter.com/kevinolearytv/status/1502254965351460865">said in a tweet</a>. "Carbon credits are un-auditable so it will end badly for these stocks. I sold them all!"<h3>Jake Chervinsky, head of policy at the Blockchain Association</h3>"The main concern was that the EO might force rushed rulemaking or impose new &amp; bad restrictions, but there's nothing like that here. It's about as good as we could ask," <a href="https://twitter.com/jchervinsky/status/1501590214539726857">he tweeted</a>."One feature of the EO that I can't figure out: it doesn't mention tax policy once. That's pretty weird, given how many tax issues are unresolved," he <a href="https://twitter.com/jchervinsky/status/1501671561144807429">added</a>.<h3>Anthony Scaramucci, founder of Skybridge Capital</h3>"This day and October 6 of last year were the two seminal days for the American government, as it relates to cryptocurrency. October 6 we got the <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> futures, and today we are being told by our government that frankly bitcoin is here to stay, and there will be responsible innovation that will be regulated by the government," <a href="https://www.cnbc.com/video/2022/03/09/youre-starting-to-see-institutions-revisit-that-they-need-a-crypto-strategy-says-anthony-scaramucci.html">he told CNBC</a>."And so you're seeing a lot of short covering today, and you're now starting to see institutions revisit the idea that they need a crypto strategy."<h3>Galaxy Digital founder Mike Novogratz</h3>"Crypto and public blockchains will reshape the world in ways we can't imagine. The Executive Order is welcomed engagement from the administration," the billionaire crypto investor <a href="https://twitter.com/novogratz/status/1502026453445136392">tweeted</a>."The window for US leadership in the global cryptoeconomy is now."<h3>CoinShares' chief strategy officer, Meltem Demirors</h3>"There are 46 million Americans who own cryptocurrency. The government needs to stop treating them as criminals. Biden's Executive Order was overly negative in tone in my opinion," she said <a href="https://twitter.com/Melt_Dem/status/1501906611027296261">on Twitter</a>."The EO dedicated several pages to CBDCs, i.e. the idea of a digital dollar, but made little mention of bitcoin, <keyword id="11892696" type="UNKNOWN" weightage="60" keywordseo="ethereum" source="Orion">ethereum</keyword>, or public blockchain networks which are the backbone of crypto culture. SAD."<h3>Anthony Pompliano, co-founder of Morgan Creek Digital</h3>"The United States just publicly said they want to be the leader in bitcoin and cryptocurrencies," he <a href="https://twitter.com/APompliano/status/1501555023024734222">posted on Twitter</a>. "The global competition is underway."

Sam Bankman-Fried says Biden's crypto order won't move the needle, but Cameron Winklevoss calls it a watershed. Here are the 8 top reaction quotes from crypto players.

<ul class="summary-list"><li>The alonzo upgrade brought smart contract capability to the <keyword id="5294933" type="UNKNOWN" weightage="60" keywordseo="cardano" source="Orion">cardano</keyword> network Sunday.</li><li>Ada has dropped around 20% since an all-time high of around $3.098 on September 2.</li><li>Cardano "promises a lot but whether it can actually deliver remains to be seen," one trader said.</li></ul>The cardano network now offers users the ability to run <keyword id="11910184" type="UNKNOWN" weightage="60" keywordseo="smart-contracts" source="Orion">smart contracts</keyword>, following a major upgrade over the weekend, increasing its competitiveness with larger rival ethereum.The network's developers, Input Output HK, confirmed on Sunday over <a href="https://twitter.com/InputOutputHK/status/1437174002603204609?s=20">Twitter</a> that the planned "alonzo" upgrade had rolled out successfully. In a <a href="https://iohk.io/en/blog/posts/2021/09/12/today-will-feel-like-a-destination-yet-a-new-exciting-journey-begins/">blogpost</a> the same day, cardano said it had deployed "plutus smart contract capabilities", following the completion of the alonzo hard fork."That's probably the most significant change in the history of the protocol," cardano founder Charles Hoskinson told Insider in a recent interview, in reference to the recent upgrade. This upgrade will allow the implementation of smart contracts on the blockchain, enabling a new sweep of decentralized finance (<keyword id="11899100" type="UNKNOWN" weightage="60" keywordseo="defi" source="Orion">DeFi</keyword>) applications and <a href="https://markets.businessinsider.com/news/currencies/cardano-alonzo-upgrade-ada-purple-smart-contracts-defi-nft-2021-9">programmability</a>. Cardano will now be able to compete with the likes of ethereum, a much larger network, earning itself the nickname of potential "ethereum killer." The alonzo upgrade, named after American mathematician <a href="https://en.wikipedia.org/wiki/Alonzo_Church">Alonzo Church</a> - considered one of the founders of computer science - will allow the network to be used for decentralized exchanges, house <a href="https://markets.businessinsider.com/news/currencies/bored-ape-yacht-club-nft-crypto-sotheby-auction-24-million-2021-9">non-fungible tokens</a> and run oracle programs that draw in external data to trigger smart contracts. "They will now get to build it with cost predictability and formal methods and all kinds of other things that we think in the long term will build much more sustainable, secure and ultimately useful applications for users," Hoskinson said. Cardano's <a href="https://markets.businessinsider.com/currencies/ada-usd">ada</a> coin recently became the third largest by market value, at $75 billion in size, although it is still dwarfed by bitcoin, the most widely traded digital coin, which has a market cap of $836 billion. Ada has fallen around 23% since hitting an all-time high of around $3.098 on September 2 according to Kraken as investors took some profit following the long-awaited upgrade. "The cardano smart contract upgrade was an epochal moment for the ecosystem but its success depends upon adoption by developers and the number of dApps integrated into the cardano network, Alexandra Clark, sales trader at digital asset broker GlobalBlock, said."Ultimately, cardano promises a lot but whether it can actually deliver remains to be seen," she said.Ada was last trading around $2.388, down around 8% in the last 24 hours by 06:45 ET, according to Kraken data.

Cardano says it has added smart contracts to its network after the alonzo upgrade - while its ada token runs into profit-taking

<ul class="summary-list"><li>The <keyword id="105472" type="General" weightage="60" keywordseo="us-treasury" source="Orion">US Treasury</keyword> does everything in its power to kill <keyword id="2721952" type="General" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword>, according to <keyword id="5294933" type="General" weightage="60" keywordseo="cardano" source="Orion">Cardano</keyword> founder <keyword id="4783377" type="General" weightage="60" keywordseo="charles-hoskinson" source="Orion">Charles Hoskinson</keyword>.</li><li>Hoskinson was speaking in South Africa for a pan-African tour that started last week. </li><li>"A $2 trillion industry just pops up in our backyard, and my government's trying to kill it," he said. </li></ul>The US Treasury Department is doing all it can to shut down crypto assets, Cardano founder Charles Hoskinson said late last week during a tour of Africa. He kicked off an event in Cape Town, South Africa, by saying he is not discouraged by the Treasury's efforts to limit the growing <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">crypto community</a>. Regulators have been scrutinizing the crypto industry more closely to safeguard against money<a href="https://markets.businessinsider.com/news/currencies/binance-insider-trading-investigation-traded-customer-orders-intensifying-us-probe-2021-9"> laundering</a>, exploitation of investors, ransomware attacks, <a href="https://markets.businessinsider.com/news/currencies/cryptocurrencies-95-fraud-hype-noise-confusion-neelcoin-fed-neel-kashkari-2021-8">fraud</a> and<a href="https://markets.businessinsider.com/news/currencies/imf-crypto-warning-risks-disappearing-coins-volatile-stablecoins-cbdc-2021-10"> disappearing</a> coins. "In DC, the Treasury Department does everything in its power to try to kill our industry," Hoskinson said in a chat with the Cape Innovation and Technology <a href="https://www.youtube.com/channel/UCkPukeyUiKb2LWpFcJZp-iQ">Initiative</a>, part of a tour that started last week. "A $2 trillion industry just pops up in our backyard, and my government's trying to kill it." Market players are looking for regulatory clarity in the growing <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">crypto space</a>. Authorities around the world have stepped up their scrutiny of bitcoin and the like as they have gained in adoption and value. Cardano's ada, for example - the fourth biggest cryptocurrency with a <a href="https://coinmarketcap.com/">market capitalization</a> of over $70 billion - has surged by more than 2,000% since the start of 2021, according to Binance data. <keyword id="2420795" type="General" weightage="60" keywordseo="cryptocurrencies" source="Orion">Cryptocurrencies</keyword> have also long been attractive for criminals, given that they're decentralized and ownership is difficult to track. The Treasury, which is responsible for maintaining systems critical to US financial infrastructure, blacklisted its first crypto exchange in late September. The agency said it would sanction Russian-owned Suex for its role in laundering financial transactions for <a href="https://markets.businessinsider.com/news/currencies/us-treasury-crypto-exchange-suex-sanction-blacklist-ransomware-attack-payment-2021-9">ransomware</a> actors, saying 40% of the exchange's transactions were tied to illicit activity. Most recently, the Treasury has joined a chorus of voices calling for crypto companies to be at the forefront of helping stop ransomware payments that are not easily traced on the blockchain. But Federal Reserve Chairman Jerome Powell clarified that he had no intention of <a href="https://markets.businessinsider.com/news/currencies/cryptocurrency-regulation-sec-gary-gensler-coinbase-fed-ban-powell-2021-10">banning </a>crypto in late September.

Cardano founder Charles Hoskinson says the US Treasury does ‘everything in its power to kill’ crypto

<ul class="summary-list"><li>Cryptocurrencies sank Monday, helping drag the total market's value down by $400 billion in the last week.</li><li><keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">Bitcoin</keyword> and <keyword id="11892696" type="UNKNOWN" weightage="60" keywordseo="ethereum" source="Orion">ethereum</keyword> both hit lows not seen since July as cryptos tracked the slump in stocks.</li><li><keyword id="11961769" type="UNKNOWN" weightage="60" keywordseo="altcoins" source="Orion">Altcoins</keyword> are suffering even more, with <keyword id="11931714" type="UNKNOWN" weightage="60" keywordseo="solana" source="Orion">solana</keyword> down 40% in the last seven days after another outage.</li></ul><ul class="summary-list"></ul>Cryptocurrency prices slid Monday, after $350 billion was wiped off the value of the total market at the weekend, as the prospect of an aggressive Federal Reserve kept jitters alive.Leading digital currency <a href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> fell almost 6% in the last 24 hours to $33,561, more than 50% down from its November record high of $68,790, according to CoinMarketCap data. <a href="https://markets.businessinsider.com/currencies/eth-usd?utm_medium=ingest&amp;utm_source=markets">Ethereum</a> suffered heavier losses of more than 10%, dropping to $2,219.Over the weekend, the overall cryptocurrency market shed $350 billion in value, bringing its decline over the last seven days to $400 billion. It is now worth around $1.60 trillion, after peaking at close to $3 trillion in mid-November, according to CoinMarketCap. Cryptocurrencies suffered big declines last week as they followed stock <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> lower, buffeted by concerns about the prospect of a series of interest-rate hikes by the Federal Reserve this year. Bitcoin and ethereum dropped 22% and 32% respectively over the last seven days.Higher rates tend to weigh on more speculative assets, as investors are more likely to put their cash into areas of the market that they perceive to be less risky."I am sure the techno sophisticates, the <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> bros, and the early Meta adopters wandering around in headsets wondering where everyone else is will try to re-boot, but this looks like a crash for now, even before we get to regulatory blue screens of death," Michael Every, global strategist at Rabobank, said in a note.Altcoins have seen more severe falls than the leading coins. <a href="https://markets.businessinsider.com/currencies/ada-usd">Cardano</a> dropped 13% over the last 24 hours to $0.97, and it has lost 36% over the last seven days. Meanwhile, <a href="https://markets.businessinsider.com/currencies/sol-sol">solana</a> shed 18% to reach $83.12 and logged a weekly loss of 42%. These so-called "ethereum killers" made gains in 2021, as <a href="https://markets.businessinsider.com/news/currencies/ethereum-eth-killers-nfts-defi-solana-cardano-wax-crypto-investing-2022-1">some analysts</a> said ethereum was losing ground to them as a basis for decentralized finance, or DeFi, applications. But the gains have been wiped out in this latest crash.Solana's price tumbled as its reputation took a hit, after its network suffered its second outage in January over the weekend. Crypto prices have followed the decline in stocks throughout January. Concerns around interest-rate hikes from the Fed and rising levels of inflation have sent shivers through the markets, with the S&amp;P 500 down almost 10% year to date and the tech-heavy Nasdaq entering correction territory.Investors are bracing for the Fed's policy meeting on Wednesday to learn whether the central bank plans to get even more aggressive than the four interest-rate hikes the market expects this year, as it tackles red-hot levels of inflation. The crypto crash could see famous bitcoin supporters lose out, with the likes of NFL stars Odel Beckham Jr. and Aaron Rodgers' decision to take half of their salaries in bitcoin coming under renewed scrutiny.Not all crypto enthusiasts appear worried, and noted bitcoin bull and Galaxy Digital boss <keyword id="12047041" type="UNKNOWN" weightage="60" keywordseo="mike-novogratz" source="Orion">Mike Novogratz</keyword> took to <a href="https://twitter.com/novogratz/status/1484865001169031178?s=20">Twitter</a> to point out past patterns in reassurance.

Crypto market shrinks after another $350 billion gets wiped out over the weekend, with bitcoin at a 6-month low

<ul class="summary-list"><li>Bitcoin tumbled to a six-month low below $38,000 on Friday, as a broad <keyword id="13003003" type="UNKNOWN" weightage="60" keywordseo="crypto-sell-off" source="Orion">crypto sell-off</keyword> intensified.</li><li>Investors have dumped both cryptocurrencies and tech stocks as they prepare for the Fed to hike interest rates in 2022.</li></ul><a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> plunged as much as 10% to a six-month low below $38,000 on Friday as cryptocurrencies dropped across the board, following tech stocks lower.Bitcoin was down 9% to $38,274 on the Coinbase exchange as of 9.05 a.m. ET. It had earlier fallen to $37,704, the lowest price since late July and early August 2021, before paring some of its losses.The biggest and oldest cryptocurrency has slumped more than 20% over the last month to stand far below November's record high of close to $69,000.Meanwhile, <a href="https://markets.businessinsider.com/currencies/eth-usd">ethereum</a> was down 12.4% to $2,788 Friday. It has fallen 30% over the last month, down sharply from a record high of close to $5,000 in November.Investors have been rapidly selling both cryptocurrencies and speculative technology stocks in anticipation of the Fed withdrawing its support for <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> and the economy in 2022. Traders think the central bank will <a href="https://markets.businessinsider.com/news/stocks/federal-reserve-interest-rate-outlook-balance-sheet-reduction-goldman-sachs-2022-1">raise rates four times</a> this year, an expectation that has rapidly pushed up <a href="https://markets.businessinsider.com/rates/U-S--Rates-10-Years">bond yields</a>.Higher bond yields have in turn made <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> and unprofitable tech companies <a href="https://markets.businessinsider.com/news/stocks/why-are-tech-stocks-falling-explained-federal-reserve-interest-rates-2022-1">look unattractive</a>, given that neither offer yields of their own. Instead, investors have pivoted towards so-called value stocks in sectors such as energy and finance that are more closely linked to the health of the economy."Bitcoin is getting pummeled, hit by another wave of risk aversion in the markets," said Craig Erlam, senior market analyst at trading platform Oanda. "It doesn't look good for the cryptocurrency."Naeem Aslam, chief market analyst at AvaTrade, said: "From the technical price perspective, the <keyword id="11893206" type="UNKNOWN" weightage="60" keywordseo="bitcoin-price" source="Orion">bitcoin price</keyword> has violated the key support level of $40,000, which was already tested a few times before. "Now all eyes are on the next two important price levels: $35,000 and the most important one is $30,000."Read more: <a href="https://www.businessinsider.com/trades-fed-rate-hikes-inflation-volatility-stock-crypto-options-strategies-2022-1?r=US&amp;IR=T">A 21-year veteran trader breaks down an options trade designed to help investors 'sustain risks long enough to see the light of profitability' — and explains why bitcoin could continue to move in tandem with tech stocks</a>Thursday's proposal by Russia's central bank <a href="https://markets.businessinsider.com/news/currencies/russia-central-bank-crypto-ban-activity-mining-trading-bitcoin-2022-1">to outlaw</a> the mining and trading of cryptocurrencies was another factor weighing on prices, analysts said.The broad cryptocurrency complex was a sea of red Friday. Binance coin, the third-biggest token, was down 11%; cardano was 13% lower; and solana had dropped 15%.Even bitcoin bulls have become concerned about the impact of Fed policy and bond yields on the <keyword id="11909331" type="UNKNOWN" weightage="60" keywordseo="crypto-market" source="Orion">crypto market</keyword>.Galaxy Digital founder and crypto billionaire Mike Novogratz <a href="https://markets.businessinsider.com/news/currencies/mike-novogratz-crypto-billionaire-investor-bitcoin-ethereum-price-bond-yields-2022-1">said this week</a>: "As long as rates go higher, we will see pressure on Nasdaq and crypto." SkyBridge Capital boss Anthony Scaramucci has said his investment firm <a href="https://markets.businessinsider.com/news/currencies/anthony-scaramucci-skybridge-investor-bitcoin-price-outlook-dip-volatility-2022-1">is not buying the dip</a> this time around, despite recommending it in the past.However, Aslam said investors are likely to buy into the weakness at some point, with many seeing digital assets as the currencies of the future."Smart money and other institutions are certainly going to take advantage of the current price action, and they are likely to bag some great bargain."

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