Bitcoin (BTC) flirts for the fourth time this year with $ 12,000. Is crypto ready to finally break the mark?
Bitcoin visualizes $ 12,000
Bitcoin can’t get enough of flirting with the key $ 12,000 level, despite being rejected over and over again.
Right now, Bitcoin is trading around $ 11,975 according to the CryptoTrend tool, Crypto Online. Furthermore, BTC currently has a market capitalization of $ 221.5 billion, being below the record in 2020 reached on August 18.
In this way, Bitcoin flirts with $ 12,000 for the fourth time this year, however, as we have seen, changing the crucial resistance level to support has been a major challenge.
So once again, Bitcoin seems to be struggling to break above $ 12K. However, characters like Max Keizer and the Winklevoss twins maintain their trust in crypto.
Ethereum price close to $ 500 but sustainability is in doubt
The price of Ethereum (ETH) has reached $ 483 today, being a maximum of 2020. In this way, during the last 24 hours, the crypto has increased by 9.74%, currently being valued at $ 479 according to the CryptoTrend tool, Crypto Online.
Ethereum has been embroiled in a bullish rally since mid-March that has taken it from its 2020 low of $ 110 to its new high of $ 483.
ETH had not seen these price levels since July 18, 2018, that is, today a two-year high was also reached. This occurs in a context in which gas prices and transaction costs have increased.
In fact, today Glassnode reported that transaction fees on the Ethereum network have reached a new high of over $ 500,000 in a single hour.
The news appears to be positive for Ethereum miners, however experts have become even more concerned about Ethereum’s sustainability in the short and long term.
Another user loses $ 430K in Bitcoin due to Electrum phishing case
In yesterday’s crypto summary we reported that a user on GitHub claimed to have lost 1,400 BTC after first accessing his Electrum wallet for the first time since 2017.
Now, another user has joined the conversation and claims to have lost 36.5 Bitcoin two months ago. All of this has happened due to an exploit in an outdated version of Electrum.
These are just two of the many cases that have been reported since 2018 as a result of a phishing tactic that has caused a massive transfer of funds to an unknown address.
This last user assured that “Some of the stolen bitcoins” ended up on Binance, “But they ignore my appeals”, he assured. However, on Saturday Changpeng Zhao commented on the case of 1.4 BTC and assured that the address is on the blacklist of the crypto exchange.
DeFi crypto bubble seems to have no limit
Yesterday, the analyst ‘Ceteris Paribus’ published on Twitter his data collected regarding the explosive increase that we have noticed in DeFi.
In fact, your data they report that some crypto assets on DeFi have seen price increases on average of 42.9%, 56%, 60.5%, and 168.4% during May, June, July, and August, respectively.
The IRS has no intention of loosening
Over the past few weeks the US Internal Revenue Service (IRS) has been working hard to collect the crypto taxes and doesn’t seem to want to stop.
The document, published on August 28, aims to provide clarification regarding the tax rules on receiving crypto as payment.
In short, the payment in cryptocurrencies, no matter how large or small, is a taxable income and, therefore, must be declared.
In a few lines …
- Today Binance has launched on the mainnet Binance Smart Chain, the blockchain enabled for smart contracts that runs in parallel with Binance Chain.
- The Organization of the Petroleum Exporting Countries (OPEC) announced its next virtual workshop on Blockchain technology.
- CryptoKitties added a limited edition pair of cats that are inspired by the rock band Muse.