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Author: Admin | 2025-04-27
Binance, the world’s biggest cryptocurrency exchange, paused withdrawals for a few hours Monday, saying some transactions had gotten “stuck.” The Celsius Network, which has 1.7 million users, temporarily halted withdrawals due to “extreme market conditions.” They did not say when they would reopen the exchanges, indicating only that it would “take time.” Coinbase, the largest cryptocurrency exchange in the United States by trading volume, announced Tuesday that it would lay off about 18% of its workforce, citing a recession that “could lead to another crypto winter, and could last for an extended period.” It’s only June. Winter is coming. So far, at least, leaders in the cryptosphere aren’t too worried. They say that this is par for the course and that a bear market in crypto isn’t the same as a bear market for stocks: the lows are more extreme, but then so are the highs. “Crypto bear markets usually draw down between 85% and 90%,” said Jason Yanowitz, co-founder of Blockworks, a research platform for crypto investors, executives and builders. In the last decade, two prolonged crypto downturns saw bitcoin lose more than 80% of its value, but the coin bounced back — and then some. During the 2017 to 2018 crypto bear market, bitcoin plummeted 83%, from $19,423 to $3,217. But by November of 2021, the coin was valued at $68,000. During the same period etherium fell from $1,448 to $85, a drop of about 95%. In November of 2021 the coin was valued at $4,850. The bear
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