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© Reuters. FILE PHOTO: Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustrati

HONG KONG — The cryptocurrency industry was on edge on Monday (June 20) morning as investors feared contagion from problems at major crypto players could unleash a major shakeout if not contained. Bitcoin which has lost 57 per cent so far this year and 37 per cent this month, fell below US$20,000 (S$27,700) over the weekend for the first time...

The level is of symbolic significance, as it was roughly the peak of the 2017 cycle.

The cryptocurrency industry was on edge on Monday as bitcoin struggled to stay above a key level, with investors fearing that problems at major crypto players could unleash a wider market shakeout.

It’s an unprecedented move in world of DeFi, which aims to recreate lending and other financial services without the involvement of intermediaries like banks.

Crypto is in a precarious place and Solend’s attempt to force liquidate a DeFi user’s wallet puts the sector and its reputation in an even tougher situation.

LONDON/HONG KONG—The cryptocurrency industry was on edge on Monday as bitcoin struggled to stay above a key level, ...

The cryptocurrency industry was on edge on Monday as bitcoin struggled to stay above a key level, with investors fearing that problems

Caixin Global provides the latest China news headlines on politics, economy, business and finance with insight and in-depth analysis.

Bitcoin, the worlds biggest cryptocurrency, dropped on Saturday to as low as $17,592.78, falling below the key $20,000 level for the first time since December 2020.