Home News Cryptocurrency

Fresh Off the Block: Bitcoin hovers at two-year low and more

Khairani Afifi Noordin
Khairani Afifi Noordin11/21/2022 10:36 AM GMT+08  • 2 min read
Fresh Off the Block: Bitcoin hovers at two-year low and more
Bitcoin had fallen about 66% from the year’s high at above US$47,000 recorded in early January. Photo: Bloomberg
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

The largest cryptocurrency by market capitalisation Bitcoin fell to below US$16,000 early last week, before recovering to the US$16,200 level at press time. The cryptocurrency had last traded at that level in November 2020.

This follows a volatile market, amid reactions to the fallout of crypto exchange FTX as well as its sister firm Alameda Research. Bitcoin had fallen about 66% from the year’s high at above US$47,000 recorded in early January.

Chart: Bitcoin 1-year performance, CoinGecko

A study by Bank for International Settlements (BIS) has found that crypto exchange apps get more downloads and active users when the price of Bitcoin rises. According to the “Crypto trading and Bitcoin prices: evidence from a new database of retail adoption” working paper released Nov 14, the price of Bitcoin remains the most important factor when the authors control for global uncertainty or volatility, contradicting explanations based on Bitcoin as a safe haven.

The paper found that these new users are disproportionately younger male, commonly identified as the most “risk-seeking” segment of the population. These users are more sensitive to changes in the price of Bitcoin than female users and older men, BIS wrote.

See also: Crypto firm Genesis is preparing to file for bankruptcy

Photo: Ripple Labs

Crypto firm Ripple has announced the expansion of its on-demand liquidity (ODL) payments solution beyond financial institutions, now serving corporate customers including Singapore-based agriculture firm Nutrisource and Singapore Exchange-listed food technology firm Oceanus.

Ripple says that it continues to improve its liquidity management solutions by adding advanced machine learning capabilities to the product, which uses XRP tokens for instant settlement of payments. This allows it to fulfil its customers’ ODL needs at the optimal cost, the company claims. XRP is currently trading at 36 US cents apiece, down about 56% YTD.

×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.