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Saturday, April 17, 2021

Coinbase Reveals Crypto Price Risks, As It Plunges About $400 Billion

Coinbase, the crypto exchange, has recently said that there is a panic in the crypto market. And such fears could destabilize the prices of ethereum, bitcoin, or any other cryptocurrency. In short, the entire crypto-market could be affected. Since last weekend, Bitcoin or the cryptocurrency industry as a whole has managed to lose about 400 billion dollars. The numbers were at a peak just the previous week. Bitcoin has been adversely affected here. As the rates were too close to 60,000 dollars last week— it dipped almost by 25%. The price fell to 43,000 dollars. 

Nevertheless, Bitcoin is about 50% higher compared to the beginning of this year. Counbase made a public debut on the NASDAQ exchange through a direct listing. This means that it isn’t on the look for raising more money. The exchange firm of cryptocurrency and bitcoin is set to have a 100 billion dollar value. About 56% in value in the exchange is run by two crypto giants— Ethereum as well as Bitcoin. In transfer fees, it is the biggest generator of income for Coinbase. And they recently came out with a document that shows several factors that may impact the prices of BTC & Ether. 

Risk Factors As Per Coinbase

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The risk factors laid out by Coinbase include a wide range of reasons. Some are hacking in these systems, forks or underlying networks splitting, disruptions, and quantum computing or regulation development that have its effects on cryptocurrency. They also added it was “difficult to evaluate or predict” the factors that will make cryptocurrency more vulnerable due to rapid growth and development. This was reported in their filings. 

Satoshi Nakamoto, as per Coinbase, could also have their true identity spilled. And it is one of the factors contributing to the risk of the entire industry.

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