Crypto Investment Firm Midas Shuts Down Platform

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Today’s Cryptocurrency Headline

Iakov “Trevor” Levin, CEO and founder of Midas Investments, an investment company focused on DeFi yields, issued an announcement stating that the company decided to close its platform after suffering significant losses in 2022. Last spring, the Midas DeFi portfolio lost $50 million, or 20% of its $250 million in assets under management (AUM), and after the collapse of Celsius and FTX, its platform experienced over 60% of AUM being withdrawn.

BingX’s Bitcoin Chart

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According to CryptoQuant, more than $19 billion in BTC, ETH, stablecoins left crypto exchanges since November 5, 2022. Bitcoin is down 1.22% over the last 24 hours and fell to an intraday low of $16,589.28. The cryptocurrency market has experienced record-low volatility as investors have largely stayed away during the holiday season. The price of Bitcoin has been fluctuating in a tiny range for the past few days, suggesting traders are not clear about the next directional move. The BTC/USDT is likely to stay in the $16,000-$17,000 price zone for the next few days.

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