Worrying Crypto Market Conditions

On June 16, bitcoin lost 30 percent of its value over seven days. The leading digital asset traded slightly above $20K. BTC remains 70% off from its peak value of about $69K last November. As it always happens, all the altcoins also experienced a price drop like BTC.

Leading altcoin, ETH, lost 10% from its previous day’s value to trade at $1.1K. That price represents its lowest since 2020. FTX founder, Sam Bankman-Fried (SBF) said he isn’t scared of market tumbles. According to him, “markets will always do what they’re going to do.”

In a recent interview, SBF stated that his company had some useful discussions with Alberta authorities. He said the actions that will follow the discussions would enable Canada to play a leading role in crypto policy and frameworks worldwide.
Alberta Jobs’ Minister, Doug Schweitzer, also praised FTX’s Bitvo acquisition, especially in the current crypto market circumstances.

In its throne speech earlier in the year, Schweitzer stated that the Alberta government would provide total support for crypto companies in the province. He added that the government would make the right efforts to ensure that Alberta is a global crypto innovation and development leader.

While commenting on FTX’s Bitvo acquisition, Schweitzer said, “FTX’s launch in Calgary will enhance our reputation. It would also position us as a leader in new technology innovation, including blockchain technology development.”