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Over the past few weeks, several events have taken place around the world that have affected the economic situation of many people. Over time, others have emerged that continue to influence the crypto market. In this report, we’ll look at some of these events and their impact on the digital assets of the universe.
Over the weekend, news was reported about a protest in Henan, China. Protesters were found all at once in front of four banks in the state: Yuzhou Minsheng Village Bank, Shanghai Huimin Village Bank, Zhecheng Huangyi Village Bank, and Shoji New Oriental Village Bank. Protesters were out on the streets to complain to the banks.
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Users of these banks were able to deposit money, but not withdraw money, according to reports from the region. Therefore, a protest against trying to get their money back. These economic impacts on the market were immediately felt in the market downturn on Monday.
Cryptocurrencies are still banned domestically, but Chinese investors remain very active in the crypto market. Therefore, their ability to participate always influences the market and the price of cryptocurrencies.
Henan banking and insurance regulators and state financial authorities say they have created a compensation plan for affected users. But until that is resolved, it’s not surprising that Chinese investors will be less involved.
Market continues to suffer | Source: Crypto Total Market Cap on TradingView.com
Over the past few weeks, liquidation news has rocked the crypto market. The latest is Voyager Digital Clearing, which is in the limelight. However, new findings show even more problems in this case, as the liquidator revealed that he was unable to contact the founder of the hedge fund.
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But that’s not the worst.The company also uses Twitter publication Despite the case of liquidation, not all users are guaranteed to regain all cryptocurrencies. Most of it is related to the huge losses incurred due to its exposure to Three Arrows Capital (3AC).
While the Voyager Digital liquidation case is underway, another crypto platform is still holding user funds hostage. It’s been almost a month since the Celsius Network frozen withdrawals, transfers and swaps on the platform. The company continues to actively repay its debt. However, it is not yet known when or if the user will be able to regain the encryption.
Featured image from The Economic Times, charts from TradingView.com
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