Over the past few days, cryptocurrency has not seen a great time in the market, particularly as only this weekend, saw another crash which led to massive liquidations, with Tech Times' CryptoWatch monitoring the industry now. This also follows the significant $388 million worth of Bitcoin withdrawn by a single whale on Binance, alongside other investors who are also pulling out.
Tech Times
Moreover, there is India's RBI (Reserve Bank of India) creating a new currency that is significantly similar to what cryptocurrency offers.
Crypto is Crashing: Stock Market Crash Led to Liquidations
Massive news broke out when the world saw a nosedive in the cryptocurrency industry, as charts all turned red when the top ten coins in the market crashed. This only took place over the weekend, especially as there is significant turmoil in the industry, leading to many investors liquidating their assets and moving away from cryptocurrency.
However, it was not only the top ten coins, as the entire industry is facing these unprecedented happenings, and according to CoinTribune, it is because of the recent stock market crash.
Collectively, the top coins like Bitcoin, Ethereum, Solana, XRP, and more have already lost $300 billion, with the FBI now advising investors to be on the lookout for potential hacks amidst this event.
Previously, different crypto whales who own massive chunks of Bitcoin also began withdrawing their holdings of the top coins, with one BTC whale retrieving as much as $388 million worth of the top coin. This massive withdrawal took place in the current largest crypto exchange platform in the world, Binance.
Spot On Chain revealed that a user called "12QVs" alone withdrew 4,500 BTC worth as much as $300 million, and it was later followed by another 1,300 Bitcoin withdrawals worth $85.6 million.
Four whales have collectively withdrawn 5,900 Bitcoins in total, worth $388 million.
This happened on the last day of July, prompting a significant drop to the top coin, but it shortly rebounded to a $66,000 valuation after the multiple withdrawals.
India's Crypto-like Currency, rupee
India is now looking towards a new kind of regulated digital currency via its latest revelation of the eRupee which was reportedly created by the Reserve Bank of India. It is part of the country's central bank digital currency (CBDC), now receiving special attention from the RBI, with the main goal of the country to improve more of the Indian Rupee, one where it would be a global standard.
According to Gadgets360's report, India is one of the countries that are testing their CBDCs among the other 36 nations that are working on it.
Moreover, this will be similar to cryptocurrency as it is backed by blockchain networks, with countries no longer relying on traditional servers, reducing reliance on physical currency.
