Chloe Lim Mon, Jun 20, 2022
Bitcoin (BTC) saw extreme volatility upon the Fed’s most recent interest rate hike, dropping to below US$20,000 ($27,700) per coin.
On June 15, the Fed upped interest rates by 75 basis points, the largest it has done in one go in 28 years.
Bitcoin and the wider cryptocurrency market have taken a beating over the past several weeks as investors shed risky assets from their portfolios.
As at June 19, BTC is trading at US$19,221, according to data from CoinGecko.
Image: CoinGecko
Next, Binance opened 2,000 positions for hiring, announced CEO Changpeng Zhao last Wednesday– a surprising move as compared to the rampant job cuts observed by companies operating in the same digital currency space such as Coinbase, BlockFi and Crypto.com.
Other tech companies such as Meta and Intel Corp have also halted on hiring during this period.
With the Fed already increasing interest rates amid growing inflation and stagflation, the markets have become more volatile. While investors are choosing to be more risk averse at a time like this, Binance is taking a chance.
Meanwhile, Huobi Thailand Co., a cryptocurrency platform, will be ceasing operations after the regulator revoked its license.
The platform will be shut permanently from July 1, according to a Huobi Thailand statement. The statement said that Huobi Thailand will no longer have any connections nor legal bindings with Huobi Group after the closure.
“We have been trying our best efforts to contact all customers to withdraw assets,” read the statement. “However, there are still an amount of out of reach customers.”
Cover Photo: Bloomberg