Crypto Week At A Glance: Bitcoin range-bound at $19K as US CPI data sparks volatility. The total crypto market cap is now near $ billion. The market will. In June , banks and payment institutions in China were told to stop enabling crypto transactions, and the Chinese government banned the. Citi noted that Bitcoin's future is still very uncertain, but that it's on the cusp of mainstream acceptance. The institutional investor interest is driving. LINUX ETHEREUM WALLET

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The price of bitcoin fell to lows not seen since ; Coinbase, the largest cryptocurrency exchange, saw its stock plummet; and a prominent "stablecoin" called Terra, along with its associated cryptocurrency, Luna, collapsed. In response, crypto naysayers took to Twitter to dance on bitcoin's grave, and subreddits that had once been filled with celebrations of booming crypto portfolios were soon filled with people posting numbers for suicide hotlines and desperate personal stories about lost fortunes.

But it's impossible to understand what's happening with bitcoin without understanding the role of Terra's collapse and what it might say or not about stablecoins, which are integral to the cryptocurrency ecosystem. As the name suggests, stablecoins are non-volatile digital currencies that are pegged to the dollar. This peg is ostensibly "backed by reserves like dollars, U. Treasury bonds or other traditional assets," reported The New York Times last week. That peg simply means that if you use one U.

However, one popular stablecoin turned out to not be so stable: Terra, which the Times notes was "based on an algorithm that encourages traders to maintain its value," lost nearly all of its value last week after its supportive sister currency Luna dropped to 23 cents in value. More on the technical side of the Terra collapse here.

The loss of Terra's peg meant that Terra holders could not redeem their tokens for U. Terra losing its peg not only erased the wealth of Terra investors, but also led to another stablecoin, Tether, briefly losing its dollar peg and falling to It also likely drove many bitcoin investors to cash out for fear that Terra's collapse indicated a systemic problem that might spread to other parts of the crypto space.

Whether the Terra incident is a harbinger of collapses to come depends on who you ask. Codes: what could go wrong? Blockchains, cryptocurrencies and smart contacts are built on strings of code that contain rule sets associated with the relevant blockchain, cryptocurrency and smart contact. For the most part, these differ vastly from one another and their peers. Contained in these strings of code is yet another risk; the possibility that these rule sets referred to as protocols contain errors.

Investors, therefore, need to conduct the necessary due diligence to holistically understand their investment, before purchasing the cryptocurrency or placing funds in a smart contact. Rehypothecation and cryptocurrency The integration of cryptocurrencies into the traditional financial services sector and the evolution into various yield-bearing products has brought counter-party risk to the table, as well as those associated with rehypothecation.

These customers then do the same, until a point where the yield is no longer attractive. In addition, if something were to go wrong with one of these intermediaries in this line of reinvestment, then it would have a knock-on effect on the ultimate retail or institutional investors. We saw this in the case of Celsius, which filed for bankruptcy in the United States, which rippled through the cryptocurrency market.

Rehypothecation is a term derived from the traditional financial service sector and is not a new concept. This is where a financial institution invests customer funds by not directly collateralising their assets, but rather reinvesting them into other assets. This has potential risks and rewards for both the investor and the service provider, but more so for the investor. There is, therefore, an expectation that virtual asset service providers rehypothecating funds should only be allowed to do so under very strictly regulated conditions, which are imposed on banks and other intermediaries.

With regulations on cryptocurrencies being in its infancy phase, it becomes paramount that investors read their terms and conditions and examine their investment products to determine their level of exposure from a counterparty and rehypothecation risk perspective, then decide whether this is acceptable to their risk appetite. Additional risks that are overlooked Lower market capitalisation and lesser-known cryptocurrencies have often seen significant profits very similar to penny stock trading.

However, these smaller alternative cryptocurrencies are at risk of being manipulated due to their low market capitalisation and could also potentially have liquidity issues should an investor decide to sell the asset and there is no demand from buyers.

There are also thousands of investors who have been victims of cryptocurrency scams, which had nothing to do with the asset class. The only possible way to mitigate your risk is to consider your exposure, increase your scepticism and educate yourself.

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