Analysts point to overleveraged traders after Bitcoin flash crashes to $43K

Traders were caught flat-footed on Sept. 7 after a sharp collapse in the price of Bitcoin saw the digital asset fall below $43,000 and this led to widespread liquidations in derivative markets as more than $3.54 billion was liquidated.  Amount of Liquidations in the past 24 hours by exchanges in total $3.54 was liquidated! In the past 24 hours, 330,243 traders were liquidated. The largest single liquidation order happened on @HuobiGlobal #BTC $BTC value $43.7M Data source: @bybt_com pic.twitter.com/hNgctWgCgP — CryptoDiffer (@CryptoDiffer) September 7, 2021 Bullish sentiment had been on the…

Hong Kong securities official proposes stricter oversight of crypto trading

A senior executive for Hong Kong’s Securities and Futures Commission, or SFC, believes more needs to be done to tackle cryptocurrency fraud, offering clues about future guidance on digital asset trading in the special administrative region.  Deputy chief executive Liang Fengyi said the SFC is obligated to expand the scope of cryptocurrency supervision in the city-state, especially as it pertains to unlicensed trading, according to an English translation of an article published in local newspaper ETNet. She explained that, since crypto assets are not recognized as securities or payment methods,…

NBA Star Steph Curry asks Twitter for crypto advice

Following a lucrative $206,000 purchase of a popular Bored Ape Yacht Club non-fungible token, or NFT, last week, NBA all-star Steph Curry has today reached out to his 15.5 million Twitter fanbase for advice on progressing in the crypto game. The Golden State Warriors guard tweeted: “Just getting started in the crypto game…y’all got any advice??” According to the basketball athlete’s Open Sea profile, he currently owns 16 NFT in total, including the blue furred Bored ape showcased in his Twitter profile. Legendary NFL quarterback Tom Brady, currently sporting the…

McDonald’s now accepts Bitcoin, but only in El Salvador

El Salvador’s recognition of Bitcoin (BTC) as legal tender has opened up new payment options for its citizens, with fast-food empire McDonald’s reportedly accepting payments in the cryptocurrency through Lightning Network.  Journalist Aaron van Wirdum broke the news Tuesday after he visited a McDonald’s restaurant in El Salvador, where he was presented with a printed QR code directing him to an invoice page on Lightning Network. McDonald’s has 19 locations across the Latin American country as of 2019. Just walked into a McDonald’s in San Salvador to see if I…

El Salvador buys the dip as Bitcoin price flash crashes to $42.9K

Bitcoin (BTC) holders took profits on Tuesday, just as El Salvador moved to recognize the digital currency as legal tender in a landmark move that could have significant implications for global adoption.  After hitting local highs north of $52,800 on Monday, Bitcoin’s price plunged all the way to $42,900 in Tuesday trading, according to Cointelegraph Markets Pro. Peak to trough, the flagship cryptocurrency plunged nearly 19% over the previous 24 hours. BTC price appears to have bounced off the intraday low of $42,900. It was last seen trading just below…

Is El Salvador A “Sell The News” Event?

Today is one of the biggest days in the history of Bitcoin, with one of the most fundamentally bullish moments unfolding: the cryptocurrency has officially become legal tender in El Salvador. But Bitcoin price isn’t responding as expected. Instead, the market has responded with an absolute bloodbath and $10,000 drop per coin. Could this mean that Bitcoin’s big deal was merely a “buy the rumor, sell the news” event? Or despite the selloff will this moment have a lasting impact? Bitcoin Price Sheds Nearly 20% In El Salvador Bloodbath Bitcoin…

Bitcoin price plunges below $43K in minutes in crypto market rout

Bitcoin (BTC) fell sharply as trading continued on Sept. 7 as a volatile day took BTC price action below $43,000 in one of the most volatile days of the year. BTC/USD 1-hour candle chart. Source: TradingView Whales blamed for major BTC sell-off Data from Cointelegraph Markets Pro and TradingView captured the volatility as Bitcoin suddenly lost the psychological $50,000 level. The move came just hours after analysts jointly agreed that BTC/USD must hold $50,000 in order to preserve bullish momentum. One of them, Cointelegraph’s Michaël van de Poppe, highlighted $49,500 as…

Russian State Hermitage raises $440K via Binance NFT auction

Despite the Russian state maintaining a mostly unfriendly stance on cryptocurrencies like Bitcoin (BTC), a major state-backed museum is benefiting from the industry by raising hundreds of thousands of dollars with nonfungible tokens, or NFTs. The Russian State Hermitage Museum, the largest museum in the world, has finished its first auction on the NFT platform by Binance — the world’s largest crypto exchange — selling five tokenized collectibles depicting masterpieces from artists like Leonardo da Vinci and Vincent van Gogh. The auction included five NFT copies of Hermitage-hosted artworks, including…

IOTA Foundation to support EU blockchain initiative

The European Commission’s blockchain initiative has selected the IOTA Foundation as one of seven projects to participate in the preliminary stage of designing an EU-wide distributed ledger technology platform.  The initiative seeks to increase the efficiency and accountability of the European Blockchain Services Infrastructure (EBSI), a network of nodes dedicated to facilitating the efficiency of EU-centric transactions, as well as the expansion of the region’s supply chain through the adoption of emerging technologies, all the while reducing European carbon footprint. The IOTA Foundation — a non-profit organization supporting the Tangle,…

Bitcoin needs to hold $50K to avoid a $44K bearish BTC price target

Bitcoin (BTC) could jump to $58,000 or dive to $44,000 from its current levels, an analyst warns as $50,000 sees a “very healthy retest.” BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Hedging bets against a “swift downwards move” Data from Cointelegraph Markets Pro and TradingView showed BTC/USD fluctuating around the $51,000 mark on Tuesday after losing $2,000 in two hours earlier in the day. Overnight, the pair hit fresh highs of nearly $53,000, coinciding with bullish momentum on the back of El Salvador becoming the first sovereign state to officially adopt…