The largest cryptocurrencies by market capitalisation continue to trend downwards over the past week, with Ethereum, Solana, Dogecoin and Polkadot declining over 20%.
Ethereum, which is moving to a proof-of-stake model, fell 24.5% over the past 7-days to US$1,369 apiece, despite a successful “merge” trial last week. The highly anticipated merge is slated to take place within the second half of the year.
Ethereum 7-day price performance, chart: CoinGecko
More than half of affluent investors in Asia hold digital assets, according to a newly released report by Accenture. Its research indicates that this could reach 73% by the end of 2022.
The report found that on average, affluent investors in Asia allocate 7% of their portfolio to digital assets — more than forex, commodities or collectibles.
See also: Digital Assets Association launches to connect tradfi and tokenised real world assets
Additionally, 24% of the family offices in Asia Pacific were investing in cryptocurrencies or considering it in 2021, according to the UBS Global Family Office 2022 report.
Digital asset investment is set to soar in 2022, reaching 73 percent penetration. Source: Accenture
See also: Ex-Grab executive joins Winklevoss twins crypto firm Gemini as head of APAC
Prominent cryptocurrency exchange and custodian Gemini is laying off 10% of its workforce, according to an announcement on June 6. In a message written by its co-founders Cameron and Tyler Winklevoss, the decision follows the crypto winter, further compounded by the current macroeconomic and geopolitical turmoil.
“Today is a tough day, but one that will make Gemini better over the long run. Constraint is the mother of innovation and difficult times are a forcing function for focus, which is critical to the success of any startup. Every great company throughout history has faced similar challenges along the way and Gemini is no different,” they wrote.
Cover photo: Bloomberg
