Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
$113,365.00
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-2.45%Reading
Bitcoin (BTC) has just collapsed below $11,000 for the first time in more than a month and is currently hovering around the $10,800 price point.
Today marks the second day of back-to-back losses for the cryptocurrency, which was sent tumbling from over $12,000 to just over $11,000 yesterday, before dipping further to as low as $10,796 just minutes ago.
Bitcoin is now in the red across all short-term time scales and is -5.6% in the last 24 hours, -7.9% in the last week, and -3.7% in the last month. Nonetheless, the cryptocurrency is still up more than 50% since the start of the year.
Bitcoin wasn't the only cryptocurrency to be hit by today's sell-off. Practically the entire cryptocurrency market is in the red today as $20 billion was wiped off the market in the last 24 hours. The average cryptocurrency is now down 5.6% in the last day and both Tron (TRX) and NEM are the only two top 20 cryptocurrencies to remain in the green over this timescale.
In August, skyrocketing transaction fees on Ethereum have caused a drastic decline in user activity but have not affected its decentralized finance (DeFi) ecosystem yet, according to decentralized applications tracker DappRadar. The August 2020 dapp overview is out!#Ethereum transaction volume surpassed 24 Billion USD#TRON transaction volume surpassed $300 million in August 2020 increasing by 95% compared to July 2020.#EOS transaction volume surpassed $1 billion in August. 👉https://t.co/EQca7G...
This sell-off comes as the US dollar (USD) makes a slight recovery, and gold recouped some of its earlier losses to reach $1,939—after touching as low as $1,919 last week. However, economists now warn that the stock market may be on the verge of a "Minsky moment," which sees asset prices collapse after a period of rampant speculative activity. If this happens, then the cryptocurrency market could be pulled down with it, once again.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
South Korean financial authorities have temporarily suspended new crypto lending services in a direct response to a major liquidation event at a local exchange. This move highlights growing global concerns over excessive leverage in the digital asset market. The decision by the country’s Financial Services Commission (FSC) follows a recent incident at Bithumb, where regulators noted that more than 27,000 customers tapped lending services in June. As market prices swung against them, a full 13% o...
Outflows from U.S. ETFs tracking Ethereum's spot price hit $197 million on Monday—the second-highest figure ever for daily withdrawals. The sell-offs come as the queue for unstaking ETH also surged to new records, with $3.9 billion worth of withdrawals now pending. BRN Head of Research Timothy Misir warned both factors are "pressuring near-term sentiment." In a note to investors, he argued $4,400 is now a crucial support level for the world's second-largest cryptocurrency. At the time of writing...
Bitcoin treasury KindlyMD has closed a $200 million convertible note offering that it will use to buy more BTC, the company announced Monday. The issuance is the latest step in the company's strategy to build its BTC holdings and adds to the $540 million that the company raised via a private placement in public equity (PIPE), which closed concurrently as it merged with Nakamoto Holdings. The combine company is retaining the KindlyMD name. "The Company intends to use the net proceeds from the C...