- Biggest rivals in the crypto market fall together with bitcoin.
- Wiping $2 trillion off the market.
- Andrew Bailey says BTC and cryptocurrencies have “no inherent value”.
Bitcoin fell below $20,000, a psychological level it originally reached in 2017 before plunging 90%. Ethereum, its biggest rivals BNBBNB +2.3 percent, solana, and cardano, and payments-focused XRP and dogecoin have all fallen together with BTC, knocking $2 trillion off the market.
As prominent BTC and crypto players offer grave warnings about crypto’s future, a renowned central banker predicts those who survive the crypto crisis might become tech titans of the future, like Amazon and eBay following the early 2000s dot-com catastrophe.
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Ethereum, BNB, solana, and cardano compete in the web3 decentralised app and financial sector. Ripple, now in a legal dispute with the SEC, created XRP to replace the antiquated international financial settlement system.
Elon Musk and Mark Cuban have endorsed dogecoin, a BTC-based meme designed as a “joke.”
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“Whatever happens over the next few months to crypto-assets, I expect crypto technology and finance to continue,” Cunliffe said, adding cryptocurrencies have the “the possibility of huge efficiencies and changes in market structure.”
Bank of England governor Andrew Bailey feels BTC and cryptocurrencies have “no inherent value.”