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Bitcoin: Has The Cryptocurrency bubble Burst?

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When bitcoins hit the market, cryptocurrencies were just hitting the headlines. With the prices surging since November last year, the sudden drop in the cryptocurrency market (primarily bitcoin) one question comes to mind: has the cryptocurrency bubble finally burst?

Since the sudden rise, bitcoin prices have been on a steady decline since the end of the last year. Plummeting more than 40 percent, leading some investors to believe reality has finally caught up with the bitcoin bubble. The dip in the price started a couple of months ago when the Securities and Exchange Commission (SEC)  announced crypto exchanges will have to obey the same rules as everyone else.

To make matters worse, Coinrail, South Korean cryptocurrency, said it was hacked over the weekend. This hack prompted an extended sale off to Bitcoin at an all time low valuation. Clearly, other cryptocurrencies like bitcoin are suffering. People are still reeling from the fact that Tether (another cryptocurrency,) may have manipulated the market in its favour.

Bitfinex was hit by the subpoena a month ago although the news did not reach investors until this week, which could have prompted the mass sell off. Tether is fixed to the US dollar, so $ 1 buys one Tether token.  Investors now fear that Tether Limited does not have the reserves of USD needed to support its $2.17billion market cap and that Tether has flooded the market without being propped up by the dollar at all.

Mati Greenspan, a market analyst with eToro told Business Insider: “The claim is — and the claim has been growing lately — that they’re not holding those reserves. Combined, all cryptocurrencies are having a tough time surviving in the market. “Our take on this is that the new investors in the space don’t have enough time to analyze what’s happening,” London Block Exchange analysts said in a report.

The top 10 coins are down anywhere from 10% (Litecoin) to 20% (Moneoro.) Trading at around $8,800, Bitcoin is down more than 12% for the day.

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Dunzo Gets Breather as NCLT Rejects Insolvency Petition from Invoice Discounters

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Dunzo

The National Company Law Tribunal (NCLT) Bengaluru bench has dismissed an insolvency plea filed against quick commerce startup Dunzo by its invoice discounters, declaring the petition “not maintainable” after several postponements. This decision offers temporary relief to Dunzo, which has been facing multiple insolvency petitions from various creditors, including Velvin Packaging Solutions and Betterplace Safety Solutions, over unpaid dues.

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While this NCLT ruling provides Dunzo some breathing room, the company still faces ongoing financial and operational challenges as it works to resolve its outstanding liabilities.

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How a Golden Retriever Became the Heart and Soul of a Hyderabad Startup’s Workplace

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Golden Retriever in workplace

Hyderabad-based startup Harvesting Robotics has won hearts online by appointing a golden retriever named Denver as its Chief Happiness Officer (CHO). Denver, introduced by co-founder Rahul Arepaka in a viral LinkedIn post, has quickly become the star of the office, spreading joy and boosting morale among employees. The company is now officially pet-friendly, a move Arepaka calls their “best decision.”

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Info Edge Shareholders Approve ₹1,000 Crore Investment in New Venture Fund

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Info Edge

Info Edge (India) Ltd shareholders have overwhelmingly approved an investment of up to ₹1,000 crore in the company’s third venture capital fund, Info Edge Ventures Fund III. The proposal received near-unanimous backing, with 99.9995% of valid votes in favor out of 1,274 participants.

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