NPK TALK SERIES (EPISODE 7)
Why is Cryptocurrency market crashing?
NEAR has launched its USN stablecoin
Welcome to another exciting episode of NPK Talk Series, where we bring you all the latest development in crypto over the past week.
In this episode where we are going to look about the the tragedic event happening in the cryptosphere these days.
According to Economic times; The global cryptocurrency market was trading sharply lower at the $1.53 trillion mark, falling by about three percent (3%) in the last 24 hours.
Bitcoin has been on falling for the past days now, this falling of Bitcoin started to break the knee of the traders.
The first sign of an economic slackening became obvious when retail sales in UK fall by 1.4% and Japan industrial production fall by 1.7% in month of March.
However what generated most uncertainty in the market was the announcement that US gross domestic product retreated 1.4% during the first quarter of this year.
Since from that time Bitcoin has been war front war back for the duration of this period.
Other problems that led to the falls in cryptocurrency market occurred when Russia invaded Ukraine which over billion of dollars of the market financing was lost in the past few days.
Bitcoin has yet to break its all time high at the beginning of this year. During these months, Bitcoin market within a limited range.
Recently, Near launched it’s own stable coin called USN. A stable coin is a class of cryptocurrencies that attempt to offer price stability and are backed by a reserved asset. The USN stable coin can be minted by depositing in Near token as collateral.
Thank you for reading.