- Fear of crisis is at its peak in the crypto market-Citi reports mentioned
According to the reports from Citi, officials have shown a fear factor of contagion in the crypto market because of the volatility of cryptocurrencies over the last three months.
As per the reports by The Coin Republic, Celsius Network filed for bankruptcy under chapter 11 of bankruptcy laws in the second week of July.
Moreover, Lido finance officials mentioned that Staked ether(stETH) tokens are coming back to match the prices of ether(ETH) which is a good sign of a passed liquidity issue.
Investors can earn rewards by staking their ETH on the Ethereum-based Beacon Chain. But the deposited funds will be locked till the Merge occurs.
Stake ether stETH of Lido finance offers its investors a token representing stETH earning that can be used. The stETH user has to wait for the upgrade. After that, the tokens will be unlocked, and the users can redeem their stETH.
Several Big marketers and market brokers in the market have announced their exposure, and further, Citi added an “acute deleveraging phase.” The bad market phase has ended. Although Citi added that the outflow of stablecoins has been halted from cryptocurrencies and exchange-traded funds are also constant.
According to reports of The Coin Republic, Lido finance has prepared a roadmap for expanding on the second layer of Ethereum Blockchain.
According to the crypt market, analysts and researchers of Citi have shown a fear factor and mentioned that the market crisis is at its peak of crashing. And from the last few months, three prominent firms have met bankruptcy, and one of them (Celsius) filed bankruptcy in the second week of July 2022 under chapter 11 of Bankruptcy laws. Some believers believe that in the next 6 months, the crypto market will show some unprecedented moves.
Source: https://www.thecoinrepublic.com/2022/07/26/citi-research-mentioned-that-fear-of-crisis-has-peaked-in-the-crypto-market/