other assets and cash for the war, i think they have that. but i think the plan here with the s.w.i.f.t. financial institution making the blockage piece, the citizens are the ones struggling to go buy things, right? i think that happened a lot more faster than i think the sanctions came in a lot more quicker. i think that s where the russian government has to step in to create that stability and we re seeing in the last couple of days that it is not right. when the currency isn t able to hold its value, it s going to cause people to have to go to exchanges as fast as you can. they reported in russia, like their prices can go up tomorrow because of inflation. on sunday, it looks like bp announcing it was going to sell its stake. volvo is stopping production in a russian factory. mercedes-benz is dropping a partnership as well in russia. what does it mean when the
Why Did Crypto Collapse? (And Will It Rise Again?)
The model of decentralized currency appeals to some. However, as a practical matter, a central regulatory authority controlling currency can in many cases be useful.
Cryptocurrency is having a rough week. After noted billionaire, Tesla CEO and cryptocurrency fan Elon Musk grudgingly admitted that Dogecoin, 2021’s most successful coin, was “a hustle” during his Saturday Night Live appearance on May 8, the price of the currency abruptly collapsed, from an all-time high of 74 cents to a low of 27 cents two weeks later, a decrease of 270 percent.
Other cryptocurrencies were soon to follow. Ethereum collapsed from $4500 to under $2000; Bitcoin, the largest and most successful token, fell from nearly $60,000 to $32,000 over the same time frame. These wild fluctuations have caused many of crypto’s gains since the beginning of 2021 to evaporate, and although their prices are beginning to recover, billions of dollars have been lost
a standard international bank transfer would take up to four days and it costs money to correspond to banks exchange rates and fees would make a transfer of two hundred fifty euros twenty eight euros more expensive whereas crypto currency is transferred wallet to wallet and incurs almost no extra costs. there s no bank involved no state no central bank and no privacy concerns. crypto currency isn t logged in any central location every transaction is replicated on millions of computers and recorded in a block chain that can be accessed by all users but the transactions are anonymous that means kitty could be buying drugs or weapons without the police knowing that s been damaging to crypto currencies image there also security concerns in august twenty sixth hackers stole fifty eight million euros worth of bitcoins causing the price to plunge twenty percent there are now almost two thousand crypto currencies
place. either way it rattled the markets. it is the third devaluation. the rate hasn t moved much from the fix rate set by the central bank this morning. that s perhaps encouraging the markets that things are going to stabilize somewhat with and the currency isn t going to fall too much further. then again, this is china. as we know, thing s are extremely volatile there at the moment. the official word out of china, however, is that the imfa and the united states has been
a transfer of two hundred fifty euros twenty eight euros more expensive whereas crypto currency is transferred wallet to wallet and incurs almost no extra costs. there s no bank involved no state no central bank and no privacy concerns. crypto currency isn t logged in any central location every transaction is replicated on millions of computers and recorded in a block chain that can be accessed by all users but the transactions are anonymous that means kitty could be buying drugs or weapons without the police knowing that s been damaging to crypto currencies image their own security concerns in aug twenty sixth hackers stole fifty eight million euros worth of bitcoins causing the price to plunge twenty percent there are now almost two thousand crypto currencies and a growing number of coins are in circulation their market capitalization is currently about one hundred seventy billion euros.