Cryptocurrencies are not going through a good time. And not just because of the price of the major cryptos, which has fallen at levels not seen since 2020. The whole ecosystem (coins, platforms, users …) has suffered and there have been situations as critical as the banning of various exchanges, the platforms on which they buy, sell and sometimes, , they store cryptos, to execute trades. to feed. We talk about it in today’s video:
June was a black month for cryptocurrencies, with drops of up to 15% in one day in Bitcoin, Ether and other major currencies. These situations cause panic which in many cases causes users to sell en masse. Given this scenario, many exchanges prevented the sale of cryptocurrencies and the inclusion of fiat in June.
During the current crypto crisis, several exchanges have shut down all kinds of selling and withdrawal activities.
Celsius, Babel Finance, CoinFlex, Vauld, Voyager Digital are some of the platforms that have implemented this measure. Why is this being done? Because exchanges in practically most cases not have the necessary liquidity in fiat to handle the volume of cryptocurrencies they process.
In addition, if a platform goes bankrupt, it is very possible that the users who had cryptocurrencies stored on it lose everything, so it is important to keep this in mind.
This happens because, unfortunately, when our cryptocurrencies are on a platform, they are not really ours, and in these situations of bankruptcy or pause in operations, there is little to do. The only solution is to always have the assets in your own wallet, whether they are physical or digital. and use decentralized exchanges.
but don’t panic. There are hundreds of exchanges and those who have carried out these practices are a minority. Major and reputable exchanges are weathering this market collapse well and for now, all indications are that it will stay that way.
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