The second quarter of 2022 was the worst for bitcoin since 2011. Billions of dollars have been wiped out of the cryptocurrency market in the last three months.
At the beginning of April, the most popular cryptocurrency was listed at approx. 45 thousand. hole. On Tuesday bitcoin rate it’s less than 20 thousand. hole.
The market crash has exposed the shortcomings of many cryptocurrency projects and business models. The stablecoin algorithm collapsed in May, and within a few days the Luna cryptocurrency has lost almost all its value. Last Friday, the large cryptocurrency hedge fund, Three Arrows Capital, declared bankruptcy after failing to pay over $ 660 million. loans.
Another victim of the fall in cryptocurrency prices is the Singaporean Vauld. The cryptocurrency lender, which operates on the basis of an exchange, on Monday suspended all withdrawals and trading on its platform and announced that it is investigating potential restructuring options, writes CNBC.
Vauld said he was facing “financial challenges” due to “volatile market conditions,” which led to customers have withdrawn over $ 197.7 million from the platform since June 12.
Cryptocurrency lenders such as Vauld faced liquidity problems as bitcoin’s value declined.
On Tuesday Nexo, another cryptocurrency lender, has offered to buy Vauld, reports CNBC. If the acquisition is successful, Nexo plans to restructure the company and continue its expansion into Southeast Asia and India.
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