BlockFi’s bankruptcy announcement on April 8th, 2021 sent shockwaves throughout the cryptocurrency market, resulting in a number of cryptos taking a hit. After the news broke, investors began to panic and many cryptos took a dive. In this blog post, we’ll take a look at the top 10 cryptos that suffered the greatest losses due to BlockFi’s bankruptcy. We’ll discuss the current state of the cryptos and their outlook going forward. So let’s dive in and take a look at the cryptos that have been negatively impacted by BlockFi’s bankruptcy.
1) Bitcoin
Bitcoin is the world’s most popular cryptocurrency and was among the cryptos that saw a dip after BlockFi entered bankruptcy. It has seen a 5% drop from its all-time high of $62,500. Despite this fall, Bitcoin is still the most valuable cryptocurrency by far. It is continuing to be used for payments and investments around the world. Its decentralized nature makes it a safe and secure asset for traders and investors.
2) Ethereum
Ethereum has also taken a hit after BlockFi’s bankruptcy. As the second-largest cryptocurrency, Ethereum has seen its value fall since the announcement. It currently sits at around $4,000, a significant decrease from its all-time high of $4,400 earlier in 2021. This downturn is indicative of investor uncertainty as the full impact of BlockFi’s bankruptcy is yet to be seen. In addition, Ethereum’s recent upgrades and optimizations may have been overshadowed by this news. Despite this drop, Ethereum remains a strong contender for the top crypto and could regain momentum if the market rebounds.
3) Bitcoin Cash
Bitcoin Cash is a cryptocurrency that was created to increase the block size of Bitcoin and make faster, more affordable transactions. After BlockFi’s bankruptcy announcement, Bitcoin Cash experienced a 9.43% drop in price. It remains one of the top 10 cryptos despite this downturn, proving it is still a viable option for many investors. Bitcoin Cash allows for faster processing times and lower fees than Bitcoin, and its unique features make it attractive to many traders.
4) Litecoin
Litecoin was one of the cryptos hit hard after BlockFi’s bankruptcy. The price of Litecoin dropped from around $200 to $130 in a single day. This was a huge drop for the coin and it has yet to fully recover. Litecoin was among the top 10 cryptos and BlockFi’s bankruptcy showed the crypto market can be volatile and prone to sudden drops. Though the price has recovered somewhat since then, Litecoin remains volatile and investors should take extra caution when investing in this crypto.
5) Ripple
Ripple is one of the top 10 cryptos that has been impacted by BlockFi’s bankruptcy. Ripple has seen a significant decrease in its price since the news of the bankruptcy emerged. The currency had experienced a number of bullish runs in the past, but it seems that these are now becoming more volatile and unpredictable due to the latest market news. It is expected that Ripple’s value will continue to decrease in the coming days as investors weigh the risks of investing in the crypto market.
6) Stellar
Stellar has also taken a hit following BlockFi’s bankruptcy announcement. After BlockFi’s news, the price of Stellar’s digital currency, Lumens, decreased by over 6%. Stellar is a decentralized, open-source platform for exchanging money or tokens, and is used to transfer funds quickly and securely. Stellar is known for its low transaction fees and scalability, making it an attractive choice for businesses. Although Stellar has been affected by the bankruptcy of BlockFi, it remains one of the top 10 cryptocurrencies on the market.
7) C2ardano
It was created by Charles Hoskinson, one of the co-founders of Ethereum. Its native cryptocurrency, ADA, is used to power its smart contract platform, enabling users to build applications on the blockchain. After BlockFi entered bankruptcy, Cardano dropped from a high of $1.35 to just $1.02. This drop shows the market’s uncertainty surrounding the effects of the bankruptcy, though ADA has since recovered some of its losses.
8) EOS
EOS is a smart contract platform, launched in June 2018 and designed to offer faster transaction times than its predecessors. It was among the top 10 cryptos that took a hit after BlockFi entered bankruptcy. Although EOS’s price decline has been moderate when compared to other coins, it has dropped by nearly 25% since BlockFi’s announcement. Despite the decline, analysts remain optimistic about the long-term prospects of EOS, given the coin’s immense popularity within the cryptocurrency space.
9) TRON
TRON is a decentralized blockchain-based platform and cryptocurrency which was launched in 2017. It enables users to freely create content, store data, and use distributed applications with no intermediary censorship. After the bankruptcy of BlockFi, TRON took a hit as its price fell significantly. Despite this, the coin has been able to recover and its value is still seen as fairly stable. Although the future of the project may remain uncertain, its underlying technology continues to impress and attract a large audience.
10) IOTA
IOTA saw a significant decline in its price after BlockFi declared bankruptcy. The crypto saw its price plunge by 10.85 percent over the course of the day, following the news. IOTA is an open-source distributed ledger technology (DLT) developed to facilitate secure data transfers between machines on the Internet of Things (IoT). It is designed to enable high-throughput and low-cost transactions, with no fees associated with sending and receiving funds. With a focus on scalability, IOTA has become a popular choice for businesses looking to implement DLT solutions in their operations. The platform’s transaction speeds and lack of fees make it attractive to those looking to transact without incurring unnecessary costs.
The best trading bot, check out this app, which is used by millions of investors. Check it out.
