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The deal that fell apart in the cryptocurrency market downturn cost the Australian cryptocurrency entrepreneur $267 million

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News Tech: Due to the collapse of the digital currency market, Australian cryptocurrency investors have lost US$267 million after failing to acquire finance for a blockchain firm in Silicon Valley.

Dunworth stated, “I don’t think there’s actually money in the bank until there’s money in the bank. 20 September, Australian Financial Review.

Michael Dunworth, a co-founder of Wyre, claimed that learning that US online retailer Bolt Financial Inc had cancelled a $1.5 billion transaction with his business last week came as a shock to him.

“I make an effort to be as realistic as I can. I’m only going to hurt myself if I don’t. But I think I might have been doing it for free all this time.

Bolt, a $11 billion payments company based in San Francisco, announced that it will keep working with Wyre while maintaining its independence so that it could concentrate on its core competencies.

“We will continue our current business relationship with Wire to open the door for cryptocurrency integration into our ecosystem and to share Wire’s ground-breaking cryptocurrency infrastructure with the world.” on September 10th, report. Due to declining cryptocurrency prices, the market worth in June was less than half of the $2.9 trillion in November.

Bitcoin’s value has decreased more than 60% since the start of the year, according to Forbes Crypto Leader, and is presently trading at roughly $19,000. is remaining. The opportunity cost of investing in digital currencies rises as money gets more expensive, Associate Professor Elvira Sojili noted.

“Furthermore, the demand for and cost of investing elsewhere will rise, encouraging investors to move their money from riskier assets like stocks and cryptocurrencies to safer ones like cash and bonds. She spoke. UNSW Newsroom, 29 June. According to Eric Lim, Senior Lecturer at UNSW Business School, the cryptocurrency market is still affected by macroeconomic and global events.

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Therefore, there will be selling pressure and bearishness in the financial market as a whole as well as in the cryptocurrency market. “At the moment, the macro situation is one in which all financial assets are in difficulty. By hiking interest rates, the Federal Reserve (Fed) in the US is attempting to start a global recession. “Investors will deleverage most financial assets and seek safer investments because the last thing a family wants to do is fight the Fed,” he added, referring to UNSW Newsroom.

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