- USD $40 billion has been wiped off the crypto market in the last 24 hours following bitcoin’s price falling below USD $ 30,000.
- The global blockchain market is expected to reach a value of roughly USD $23.3 billion by 2023.
- The market size for cryptocurrency is projected to exceed 1.08 billion by 2026 according to industry stats.
The value of Bitcoin dropped below USD $30,000 for the first time since 22 of June, 2021, leading to industry analysts extrapolating the likely market-shifts that will likely follow in relation to other prominent cryptocurrencies.
Despite the aforementioned plunge, Bitcoin remains over 200% over its value in June of 2020, and remains up roughly 2.3% for the 2021 fiscal year.
The drop in the price of Bitcoin was unequivocally a direct result of the recent Cease and Desist Order issued by the New Jersey Attorney General against BlockFi- a United States based cryptocurrency services corporation.
The order essentially meant that the company was mandated to omit any interest-bearing accounts offers. This has been confirmed by Zac Prince- the company CEO via twitter, as well as by Forbes Magazine.
The plunge was also seen following a rather large sell-off in global stock markets on Monday, with the Dow Jones Industrial Average ( a price-weighted measurement of 30 prominent companies within the US stock exchange market), at its lowest ever point since October of 2020.
Having said that, it should be noted that the relative cryptocurrency markets affected did recuperate most of the losses incurred on Monday the next day (Tuesday, 20th, July), which is likely indicative of both: a) the growing resilience of the Cryptocurrency sphere, and b) the increasing importance of cryptocurrencies other than Bitcoin.
Coinsuper, for example, has been thriving as of recently. Based in Hong Kong, the roughly three-year old cryptocurrency exchange has weathered quite a few storms including ones that saw neighbouring cryptocurrency platforms lose over 80% of their attained market cap- illustrating an unrivalled degree of resilience and reliability along the way.
Below we will discuss Coinsuper’s cooperation with the strongly emerging platform FENIX360- delineating valuable industry insights in the process.
The aforementioned weathering of Coinsuper has placed the prominent platform in a very valuable position according to its co-founder (Karen Chen), who has recently argued that the crypto platform is in a perfect position to steer its business towards institutionally recognised, global leaders.
Fenix360’s has recently announced an exciting cooperation with Coinsuper, declaring that they will conduct their much-awaited AMA (Ask Me Anything) with the prominent cryptocurrency company. This is rather unsurprising, particularly since the emerging FENIX coin has been listed at Coinsuper for approximately half a year, experiencing prolific growth.
The key subject of the Ask Me Anything will be titled ‘’A New Era for Artists, A New Era for Utility Tokens’’, and will include a plethora of coin holders, supporters, and interested third-parties.
Coinsuper: An Unparalleled Trading Engine?
Coinsuper is a Hong Kong based virtual asset trading platform and self-regulated custodian. The company offers a powerful trading engine to its significant consumer base, providing: liquidity for a plethora of cryptocurrencies, fiat on and off ramp infrastructure, custodial services for storage, and security facilities to safeguard investor assets.
Since its initial establishment back in 2017 (roughly four years ago) Coinsuper has arguably heavily contributed towards the industry’s shared vision of democratizing financial markets and making cryptocurrency investment safe and accessible in a global context.
FENIX360’s Prolific Growth
FENIX originally began building its blockchain ecosystem back in 2018.
From the get-go, it was designed to facilitate the earnings of all musicians on the platform who had a dedicated following, however small or large.
The guiding principle of the company- that has been credited for its significant growth in support for the last couple of years, has always been that FENIX should provide all revenues to the artists themselves apart from the modest percentage necessary for running the FENIX business.
This ensured a much-wanted ‘win-win’ situation between the artists and FENIX360, and consequently began the formation of a very favourable environment for both parties.
FENIX continues to create new tools so as to allow their Artists to enhance their earnings to this day, and has spent a significant amount of time refurbishing the core features of their ecosystem- leading to the development of their unique App.
Above we discussed recent industry trends, as well as FENIX360’s recent association with Coinsuper, we hope you enjoyed reading.