Bitcoin took the rest of the crypto market down with it. Ethereum sank 11.45%, hitting a nadir of $1,978, its lowest price since April 7. By Sunday afternoon it had rebounded to $2,174.
The crash also caused delays on crypto exchanges. From 5AM through 6:30 AM UTC, Binance reported issues with placing orders. Binance has since resolved the problems.
We are aware of some temporary difficulties with order placement on https://t.co/KiZP5RBX6P.
Please be assured our team is doing everything we can to resolve the issue. Thank you for your patience and apologies for any inconvenience caused.
Unconfirmed rumors on Twitter late Saturday night about impending charges from the U.S. government over crypto money laundering appear to have been the initial trigger.
Darius Sit, co-founder of Singaporean crypto trading firm QCP Capital, told Decrypt he sees that as the cause.
US TREASURY TO CHARGE SEVERAL FINANCIAL INSTITUTIONS FOR MONEY LAUNDERING USING CRYPTOS - SECURITIES LAWYERS FAMILIAR WITH THE YELLEN TASK FORCE PLAN SAID
One account cited the source as securities lawyers familiar with U.S. Treasury Secretary Janet Yellen’s task force. The accounts provided no further evidence.
Separately, Bitcoin’s hash rate suddenly sank by 30% earlier this week.
Dovey Wan, founding partner of crypto V.C. firm Primitive Ventures, attributes the plunge to a power outage in China’s Xinjiang province, the region that houses China’s largest Bitcoin mining operations. Authorities cut the power following accidents in three coal mines in the province.
Xinjiang is facing a major power outage due to a coal mine explosion
Glauber Contessoto rose to crypto fame in 2021 when he became what was believed to be the first “Dogecoin Millionaire”—a title he wore proudly. Now, four years later, he’s claimed the title of “Pepe Millionaire,” while his DOGE stash has dipped slightly below that milestone level.
Across six wallets shared and verified with Decrypt, Contessoto now owns approximately $1.116 million of the Ethereum meme coin PEPE.
This is in addition to his Dogecoin stash that he has become famous for. Contessoto...
America's biggest crypto exchange Coinbase introduced two new "wrapped" tokens this week, allowing traders to use XRP and Dogecoin on DeFi protocols.
By introducing cbDOGE and cbXRP, Coinbase is hoping to address surging demand for cross-chain functionality in the complex DeFi world, the company and industry observers told Decrypt.
The exchange is making the new offerings available on its own Ethereum layer-2 Base network.
Coinbase holds 1:1 reserves of the underlying assets that back Coinbas...
A month after the Pectra upgrade, key indicators on Ethereum have begun to reveal the promise and pitfalls of the network's most ambitious technical overhaul since the 2022 "merge."
One of the major features that the Pectra upgrade brought was expanding the Ethereum blockchain's capacity for handling "blobs," which are units of "ephemeral data storage," helping keep larger amounts of it on the consensus layer, according to a definition from the Protocol developer team.
A blob is a dedicated data...
