Crypto carnage: Investors lose millions as BTC falls over 70 percent from peak
Srinagar, June 19: Crypto investors have been facing a tough time since the inception of the Russia Ukraine war.
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But the situation has turned especially dire in the last few weeks. On June 19, 2022, Bitcoin (BTC), the largest cryptocurrency, fell to $18,000. It is over 70 per cent lower than its peak price of $64,000 in November 2021. In the last 24 hours alone, it had fallen over 11 per cent, however, bounced back from lows. Other cryptocurrencies like Ethereum, Cordano, Avalanche and Dogecoin have also fallen.
Why are crypto prices falling?
Crypto prices have been falling due to a major sell-off by the investors. As the digital token has no intrinsic value, it is currently guided largely by only demand factors. With the bank rates rising, the investors are taking refuge in the bank deposits to save their money, pulling their investment out of the cryptocurrencies.
Along with this, the high inflation and projected recession among major western economies, have also put digital tokens under high pressure. It is for the first time since the launch of these tokens, that they have to face such macroeconomic uncertainty.
As of 10 PM (IST), Bicoin (BTC) was trading at $19,500, Ethereum (ETH) was trading at $1,057, according to WazirX.
What to expect?
The crypto investors may be in trouble if the macroeconomic factors do not improve in the coming days. The carnage is not limited to the crypto market. Several share markets across the globe have lost 5 per cent of their value in the last week, including India’s Nifty. Indian share markets fell to the yearly low last week.
Travel Companion facilitates business meet for over 400 delegates in Sgr
A Kashmir-based travel company, Travel Companion, has successfully facilitated a business meet for over 400 business delegates from all over India.
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The event was held at SKICC in Srinagar, and was organized for Rex Remedies Pvt Ltd, one of India’s largest Hamdard companies.
The decision to hold the event in Srinagar was made after Travel Companion committed to make arrangements for the participants, which included flights for the delegates from 13 major states of India.
Burhan ul Haq, CEO of Travel Companion, spoke with the Asian News Hub (ANH) about the challenges faced by the company in persuading Rex Remedies to choose Srinagar instead of Dubai as the venue for their business meet.
He also expressed his belief that Kashmir has the capacity to host huge corporate events for national and multinational companies.
During the event, Burhan interacted with the participants, informing them about the facilities offered in Kashmir with regards to leisure and corporate tourism.
The success of the event was acknowledged by Rex Remedies Pvt Ltd, who presented Burhan with a certificate of appreciation for his efforts.
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This event is a significant step towards promoting Kashmir as a destination for corporate events and tourism, and Travel Companion’s success in organizing the business meet will certainly open ways for other business corporates to organize such business meetings in Kashmir valley.
Bitcoin falls below $20K as 2023 rally reverses
The price of bitcoin (BTC) has fallen below the $20,000 level for the first time since mid-January because a wave of bearish news has overwhelmed crypto’s strong 2023 uptrend.
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The largest cryptocurrency by market capitalization quickly regained some of its lost ground late Thursday (ET) and was recently hovering at about $20,040, down 7.7% over the past 24 hours.
After reaching a record high of over $69,000 in November 2021, bitcoin tumbled late that year and all through 2022 to begin 2023 at around $16,600. A powerful rally into mid-February had bitcoin ahead more than 50% for the year at one point to $25,000.
KEA calls on Managing Director, CEO J&K Bank
Requests for comprehensive financial solutions for small time traders and soft OTS policy
Kashmir Economic Alliance(KEA) called upon the J&K Bank MD and CEO Baldev Parkash at the bank’s corporate headquarters here on Tuesday to discuss the issues faced by the business community and also the way forward.
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Delegation was led by its Chairman Haji Mohammad Yaseen Khan accompanied Qazi Tauseef who represented KTMF. Senior officers from J&K Bank Management which include Ashutosh Sareen, Syed Rais Maqbool, Syed Shujaat Hussain & Shabir Ahmad were present in the meeting.
KEA while expressing gratitude to the MD & CEO for his timely outreach to the bank’s different stakeholders especially business community besides extending the much needed financial support to the affected, raised some issues concerning business community and also suggested that customer service at operative levels needs to be improved and made more responsive.
Khan who also heads Kashmir Traders & Manufacturers Federation(KTMF) requested the chairman for setting up an bridge which shall oversee the issues faced by the traders and also to explore the common areas of interest. They will brainstorm on the progress and challenges in the sectors besides deliberating on the resolution of stressed assets of the bank. Khan assured Managing Director J&K Bank that the Alliance would play an active role in resolution of such cases.
Interacting with the management J&K Bank, Khan said there is a lot of synergy between Alliance and the bank. We would continue to work in close coordination and explore and exploit the under-serviced and potential sectors of the economy to strengthen the economy. KEA requested the bank to leverage the credit guarantee fund scheme in an improved manner. There is no denying the fact J&K Bank is lifeline of J&K economy and people have huge expectations from this institution. With businesses in a slower path, J&K Bank has a vital role to play in getting the economy back on its feet, Khan observed.
While putting forward many suggestions before the MD, KEA requested for comprehensive financial solutions for small time traders and soft OTS policy. The members also urged the bank to revisit the lending policies pertaining to horticulture, education, relax lending guidelines to general traders falling under MSME sector, review rating mechanism and formulate a restructuring plan to provide additional funding to the borrowers.
Reiterating the trust reposed by the people of J&K state in the state’s premier financial institution, KEA expressed a feeling of pride for being associated with the Bank which they said, “is the only bank they bank upon” and a buttress to the trade and the business community. They requested the chairman to introduce schemes for the development of sports and medical infrastructure and promotion of education sector as well.
While interacting with the members of the delegation, MD & CEO Baldev Parkash assured the delegation members that their suggestions and the issues discussed would be considered by the bank on merit and resolved in a time bound manner.
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