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“Extreme Market Conditions” Crash Cryptocurrencies

Posted June 13, 2022

Ray Blanco

By Ray Blanco

“Extreme Market Conditions” Crash Cryptocurrencies

Regardless of what you’re looking at in the market today, you’re probably seeing red… Stocks in virtually all sectors are sliding today as jitters surrounding inflation and rate hikes mount. 

One sector feeling the pain particularly hard today is crypto. As I write this, bitcoin is down over 16% and making new 18-month lows. Ethereum looks even worse, at one point today it was down over 19%. Rough sites out there, for sure… 

But this isn’t solely related to the broader market. Celsius Networks LLC, a widely used crypto lender, announced today that it would be pausing all withdrawals, swaps between cryptocurrencies, and transfers between accounts “due to extreme market conditions.”

Naturally, this sent the crypto market into a freefall 

Read below for more on that and everything I have my eye on this week…

  1. “Extreme Market Conditions” Crash Cryptocurrencies

As I mentioned above, major crypto lender Celsius Networks LLC told users that it’s pausing all withdrawals, swaps between cryptocurrencies, and transfers between accounts “due to extreme market conditions.”

Some losses were originally fueled by expectations that the Fed will be raising interest rates faster than previously discussed in an attempt to get a handle on inflation. Inflation is running at its fastest pace in over 40 years. 

The inflation data from Friday kicked off an offloading of riskier assets, which many view crypto as.

  1. Is the Fun Over for Silicon Valley?

Mantras and mentalities are changing in Silicon Valley right now. 

For the better part of two decades, the energy in Silicon Valley could be well defined by Facebook's former motto: "move fast and break things." 

However, in a recent shift, the mood has become a bit more restrained as companies cut costs left and right. 

In fact, the tech industry as a whole is experiencing a reality check as economic conditions worsen. 

  1. FTC Butts Heads with Big Tech

The Federal Trade Commission is preparing to keep a more watchful eye on big tech names as the industry steers itself toward the development of artificial intelligence and implementing the metaverse. 

The idea behind this is that big tech companies could take advantage of society-changing technology to strengthen their positions if not kept under close watch. 

Big tech names like Facebook have had a history of shady business practices when it comes to user data.

  1. EV Adoption Could Reach 70% by 2050

Right now, we’re living in one of the most pivotal periods in the auto industry. 

With gas prices skyrocketing, more and more people are looking to purchase electric vehicles (EVs) and, while supplies are certainly limited, this is an important push that could impact the future adoption of EVs worldwide. 

Just last year, EV sales accounted for nearly 10% of all new passenger-vehicle sales worldwide.

However, net-zero emissions in the transportation industry may still be out of reach even at a 70% EV adoption rate. 

  1. Biden Admin Looking to Expedite Energy Projects

A big part of Joe Biden’s plans as president include ambitious energy and infrastructure projects. 

Part of that plan includes expediting the permitting process for energy transition projects. 

One of the major hangups for energy transition projects is getting the necessary permits to begin work. 

With the usual pace of the government, expediting that process could solve a lot of issues.

Faster permitting would be a boon for climate tech projects in the US

To a bright future,

Ray Blanco

Ray Blanco
Chief Technology Expert, Technology Profits Daily
AskRay@StPaulResearch.com

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