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Catching The Falling Knife: Bitcoin, Ethereum Down 50% From All-Time Highs — Billions Leave Crypto Economy

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Catching The Falling Knife: Bitcoin, Ethereum Down 50% From All-Time Highs — Billions Leave Crypto Economy

The crypto economy has dropped considerably in value during the last five weeks, slipping 23.28% from $2.19 trillion to today’s $1.68 trillion. Furthermore, both bitcoin and ethereum are awfully close to sinking 50% below the all-time highs recorded six months ago.

Bitcoin Sinks Lower Against the US Dollar, 39% Down in 30 Days

Digital currency markets have been in the red during the last few weeks, as a great number of crypto assets have seen significant percentage losses. During the last 24 hours, the crypto economy has shed 3.6% against the U.S. dollar. Bitcoin (BTC) dropped to a low on Saturday evening around 11:00 p.m. (ET), hitting $34,279 per unit.

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May, 8, 2022.

Presently, BTC is below the $35K mark and since the all-time high ($69K) on November 10, 2021, BTC has lost 49.6%. At the time of writing, BTC’s market valuation is around $662 billion, which equates to 39.4% of the $1.68 trillion crypto economy.

BTC/USD 5M – Bitfinex. May, 8, 2022.

BTC’s most dominant trading pair today is tether (USDT) with 57.03% of all trades, followed by USD with 13.76% of today’s trades. The stablecoin BUSD represents 7.32% of all BTC-denominated trades on Sunday. $26.7 billion of today’s $99.6 billion in global trades are all bitcoin (BTC) swaps. That means 26.8% of Sunday’s aggregate crypto trade volume derives from BTC trades. Year-to-date statistics show BTC is down 39.3% and during the last month BTC has shed 20% in value against the U.S. dollar.

Ethereum’s Value Falls Losing 20% Since Last Month

Ethereum (ETH) has also shed a significant amount of value in recent times. While BTC hit a low of $34,279 per unit on Saturday evening, ETH slipped to a low of $2,518 per unit at the same time. Currently, ethereum (ETH) is exchanging hands for prices just under $2,600 and it has $17.7 billion in global trades today. Tether (USDT) is ethereum’s top trading pair today with 59.32% of all trades. The USDT/ETH pairs are followed by USD pairs (9.70%) and bitcoin (8.36%) trading pairs.

ETH/USD 5M – Deribit. May, 8, 2022.

Since ethereum’s all-time high six months ago at $4,878 per unit, the price has lost 47.3% from the price high. Still, ETH commands a dominance rating of around 18.48% of the $1.68 trillion crypto economy. Ethereum’s market valuation is around $310.12 billion at the time of writing. Year-to-date statistics show ETH has lost 26.5% and 30 day statistics shows ETH is down 20.5%.

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While bitcoin, ethereum, and a number of digital assets are down quite a bit this week, four different crypto assets have seen double digit gains during the last seven days. Algorand (ALGO) is up 33.2%, tron (TRX) is up 32.8%, curve (CRV) has gained 20.9%, and helium (HNT) is up 13.8%. Apecoin (APE) suffered the week’s deepest losses losing 39.7%, and cronos (CRO) shed 24.8% against the U.S. dollar this past week.

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billions, Bitcoin, BTC, crypto economy, Crypto markets, ETH, Ethereum, Highs, Lows, Market Caps, Markets, Price points, Prices, Tether, trade volume, trading, US Dollar, USD, USDT, volume

What do you think about the crypto economy’s current downward spiral? Do you expect prices to rebound in the near future? Let us know what you think about this subject in the comments section below.

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Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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All counts

Billion Dollar Bitcoin Lawsuit Verdict Appealed — Self-Proclaimed Bitcoin Inventor Expects A Win

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Billion Dollar Bitcoin Lawsuit Verdict Appealed —  Self-Proclaimed Bitcoin Inventor Expects A Win

The law firm representing Ira Kleiman has sent a notice of appeal to the Florida District Court in an attempt to appeal the court’s rejection of a Kleiman v. Wright retrial. The self-proclaimed Bitcoin inventor, Craig Wright, was cleared of all charges at the end of the Kleiman v. Wright trial, except one count of conversion.

Ira Kleiman Appeals Retrial Rejection in the Kleiman v. Wright Case

On April 8, 2022, the law firm Roche Freedman LLP submitted a notice of appeal to the Florida District Court system. The appeal is tied to the recently concluded Kleiman v. Wright trial which ended on December 6, 2021. The trial started on February 14, 2018, as the self-proclaimed Bitcoin inventor Craig Wright was accused of perpetrating “a scheme against Dave’s estate to seize Dave’s bitcoins and his rights to certain intellectual property associated with the Bitcoin technology.”

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The verdict at the end of 2021 came to a conclusion after the jury was deadlocked for a number of days at the end of the trial. Finally, a verdict was reached and Wright and his defense team from Rivero Mestre LLP managed to beat all the charges except one count of conversion. While Wright was mandated to pay $143 million to W&K Info Defense, Wright told the press that he was “incredibly relieved.”

The latest notice of appeal stems from Roche Freedman’s Velvel Freedman, and the appeal is filed on behalf of Ira Kleiman as representative of the estate of Dave Kleiman. Ira Kleiman is the brother of the now-deceased security expert Dave Kleiman. The notice is appealing the rejected retrial as Roche Freedman and Ira Kleiman want to take the case to trial again. The appeal follows Velvel Freedman’s recent tweet that explains how Wright owes W&K Info but allegedly has not paid. On March 9, Freedman tweeted:

Make that $143,132,492.48 after W&K just won prejudgment interest. Unfortunately, Craig Wright still hasn’t paid a cent.

Coingeek Article Hints at Possible Cross-Appeal, Wright Says ‘He Won the First Time and Fully Expects to Win Again’

In a recent article published by Coingeek author Jordan Atkins, the reporter says that “given the ownership status of that company, it isn’t clear how Kleiman will be able to recover any of the $140 million award.” Atkins also quotes Craig Wright in the article who firmly said that he had won the lawsuit, despite the one count of conversion. The Coingeek editorial published on April 10 also hints at a possible “cross-appeal from Dr. Wright on the count found in favor of W&K.”

“I won the first time and fully expect I will win again. The jurors came to the right decision after listening to 13 days of testimonials and deliberating for seven days, and am confident there will be no change to their decision on appeal,” Wright remarked in the Coingeek article. “David Kleiman, while being a close friend, did not co-invent Bitcoin and Ira Kleiman is entitled to nothing.”

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Wright has attempted to persuade the masses that he is Satoshi Nakamoto for many years now, but overwhelming evidence against his story has provoked the crypto community at large to dismiss Wright’s theory and claims entirely.

Tags in this story

All counts, Appeal, appeal court’s rejection, billions, Bitcoin, bitcoin trial, BTC, Conversion charge, Craig Wright, cross-appeal, dave kleiman, David Kleiman, Florida, Ira Kleiman, Jordan Atkins, jurors, Jury, Jury Trial, Kleiman Estate, Lawsuit, miami, notice of appeal, retrial, retrial appeal, Roche Freedman LLP, Satoshi Nakamoto, Southern District Court of Florida, Trial, Velvel Freedman

What do you think about the case against the self-styled Bitcoin inventor Craig Wright? Let us know what you think about this subject in the comments section below.

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Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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