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
Layer-1 blockchain Aptos saw an increase in new developer interest following the viral social media campaign from user BuzzlamicJihad. So much so that Ash Pampati, head of ecosystem at Aptos, told Decrypt that the Aptos Foundation would be “super open” to bringing the user onto its team.
Aptos surged 17% in a single day in February, as BuzzlamicJihad’s unofficial “community takeover” of the network went viral on social media. Following Aptos Labs founder and CEO Mo Shaikh stepping down in Decemb...
Ethereum's Pectra upgrade went live without a hitch—but it didn't serve as rocket fuel for ETH's price.
The world's second-largest cryptocurrency was trading sideways after the long-awaited code changes were finalized on Wednesday.
ETH is currently hovering at about $1,830, meaning it's continuing to trade 40% lower than it was this time last year.
It was a similar story after Ethereum completed "The Merge," and made the ambitious switch from proof of work to proof of stake consensus.
Back in S...
The Himalayan country of Bhutan has partnered with Binance Pay to enable crypto payments throughout its tourism ecosystem.
The integration, powered in conjunction with Bhutan’s local DK Bank, will reportedly allow tourists visiting the country to pay for things such as airline tickets, visa fees, hotel stays, monument entry, tour guides, and street food from roadside stalls with cryptocurrencies.
Experience #Bhutan with the world’s first national crypto tourism payment system!
Powered by Binan...
