Today began with the crypto market in the red, especially Bitcoin (BTC) that ended up breaking down after days trying to exceed $ 12K.
A grim day for crypto
In general, we could even say that Bitcoin has not started the month of September on the right foot. However, the black cloud also affected some other cryptos. Was anyone saved?
Today’s Bitcoin crash has been quite dramatic. In fact, over the past two days the cryptocurrency has dropped approximately $ 1,400.
Bitcoin is currently valued at just under $ 10,800 according to the CryptoTrend tool, Crypto Online. Gone are the days when we were so far away but so close to $ 12K?
However, Bitcoin was not the only one. Ethereum is another crypto that has had a pretty rough week after hitting a two-year high of $ 488. And that’s how the crypto market spotted its numbers red.
However, DeFi maintained its dynamics. Year.finance (YFI) had a slight correction after reaching $ 40,000, but has subsequently managed to hold steady.
Bitcoin does not know intermediate
According to Mike McGlone, an analyst at Bloomberg, the crypto knows nothing of half baths so it has two options: Head to the $ 500,000 mark or collapse.
His opinion was shared today through a post on Bloomberg titled “Risk from zero to $ 500,000: Bitcoin is set to maintain its upward trajectory”.
“Limited supply in the face of rising demand is the bottom line for Bitcoin, with macroeconomic fundamentals supporting its march towards the market capitalization of gold, priced at $ 500,000 by some estimates. Or it could fail », the analyst pointed out.
Crypto exchange Robinhood is investigated by the SEC
According to a report published yesterday by the Wall Street Journal, Robinhood Markets Inc is being investigated for civil fraud.
The investigation is being carried out for its agreements with high-speed commercial companies. In fact, the report notes that the crypto platform could pay more than $ 10 million in fines if it agrees to resolve the SEC investigation.
However, at this time, the SEC and Robinhood have not conducted formal negotiations.
The real estate market enters DeFi
Yesterday it was reported through a publication on Medium that Aave will work with RealT, a company dedicated to the tokenization of real estate, with the objective of having people stake their tokenized real estate as collateral to obtain loans.
A new way for a hypothetical crypto? New nightmare? The stakes are high, basically a buggy smart contract could cost a person a house.
In a few lines …
- Glassnode revealed that Ethereum mining would be generating $ 800,000 every hour.
- Russia’s Ministry of Finance proposed to ban crypto miners from receiving rewards in cryptocurrencies.
- Governor of the Bank of England criticized Bitcoin but praised the Central Bank’s digital currencies (CBDC).