Connect with us

Blockchain

Bitcoin crash 2021: What’s next?

As of 9:45 a.m. EDT, the global crypto market had plummeted more than 11% over the past 24 hours, falling below $1.5 trillion to its lowest point since a flash crash in May pushed the market down to $1.3 trillion from an early month high above $2.5 trillion. Breaking News, Forbes.com Cryptocurrency investors are surprised by the […]

Published

on

As of 9:45 a.m. EDT, the global crypto market had plummeted more than 11% over the past 24 hours, falling below $1.5 trillion to its lowest point since a flash crash in May pushed the market down to $1.3 trillion from an early month high above $2.5 trillion.

Breaking News, Forbes.com

Cryptocurrency investors are surprised by the Bitcoin price plummeting in recent weeks. With the crypto crash, some people take advantage of tax strategies. Although digital currency volatility is going through a bad time, it is not the end.

In recent weeks, cryptocurrency prices are going down because of Elon musk’s tweet, global organizations, and institutional investors.

Many Bitcoin traders and crypto investors lost up to 50% of their shares in the blink of an eye. A Bitcoin investor trader bought 1 BTC for $65,000 in mid-April and recently sold it for less than $35,000.

Why is Bitcoin crashing?

The reasons why the crypto market price has been crashing since mid-April are very broad; governments and financial institutions are involved. On one side is Elon Musk, Tesla CEO, who helped the BTC price rise and contributed to its loss. Musk accepted Bitcoin as a means of payment at his company but later reversed his decision.

The crypto asset market volatility has also been affected by announcements from China’s central bank, where companies are prohibited from Bitcoin mining. China’s move on crypto space is regulatory, while Musk entered a speculative crypto trading environment. So much, both actions in sync caused the Bitcoin price to plummet below $35,000.

Bitcoin crash 2021: What's next? 1

Can Bitcoin price crash to zero?

The cryptocurrency market is unlikely ever to hit zero because it already has a long run. The cryptocurrency world has been around for a decade, long enough to have many fans. Although Musk and Chinese investors are key players, their actions cannot cause such a severe Bitcoin crash.

Although it is uncertain what the market’s future is, Bitcoin’s value, cryptocurrency prices, and other asset class may have reached their lowest price. There has not been such a huge loss of cryptocurrencies since 2019 when crypto prices dropped a lot. Still, a lot can happen in the coming days.

Bitcoin crash 2021: What's next? 2

Will Bitcoin or digital currencies eventually crash?

Bitcoin crash 2021: What's next? 3

Bitcoin futures, like other cryptocurrencies, are unpredictable. While Musk, China, and various regulators in the United States fought against Bitcoin price, some people back then.

American companies enter the high volatility crypto world fleeing inflation, so although the Bitcoin market sometimes falls, it always recovers.

People know that the capital gains are high, which the tech stocks cannot give you. Although buying stocks is lucrative, it also has its risks, much higher than with cryptocurrencies.

In the business news, you can see how different the two are, where the losses on the stock market are more relevant. However, the IRS’s highly volatile currency is not accepted by the United States from a legal perspective.

Bitcoin payment companies also gain fame, positively or negatively, because they work with anonymous transactions. The IRS thinks that people can use BTC for criminal money laundering, scam, or terrorist financing.

But cryptocurrency trade has also gained a bad name due to the misuse that some users give it. Recently a group of hackers broke into the database of an American company responsible for distributing gas. The cyberattack concluded when the company paid the ransom with crypto investment to a wallet in which its holder remained anonymous.

What’s next for Bitcoin investors after the ‘extreme fear?

After trader’s extreme fear about BTC, Bitcoin Cash, and its low capitalization, its recovery is expected. Wall street journal supports cryptocurrencies and does not hesitate to say they will soon rise in value again.

Unfortunately, cryptocurrency crash are very sensitive to investors’ comments. Some people think that Musk has withdrawn from the BTC game because it will increase value organically and not like a bubble.

Real estate companies in the United States have joined the cryptocurrency exchange, as have tech giants like Apple. Among the latest relevant announcements involving crypto is its acceptance by the El Salvador government.

The year is not over yet for Bitcoin. It just has to recover and take advantage of this popularity. Understandably, many people left crypto trading after losing assets.

This BTC loss period has been an opportunity for novice investors to join the game.

The Bitcoin 2021 Conference held in Miami for 2021 attracted many looks from professional and novice investors. In this new session, the regulations that have affected trading in recent months were discussed.

Senators in Michigan, United States support the asset and have opened up to teach new investors how to manage it. These types of actions give more value to virtual money and keep it from a possible disappearance in the market. At the Bitcoin Conference, there was also talk about investing in the current bear market because its value will soon skyrocket.

Although the IRS measures were also relevant at the conference, the senators concluded that they do so to protect money. The internal tax service only seeks that trading is on the right track and does not enter a pirate and illegal scheme.

As the last point, the Bitcoin asset will seek to be renewed to increase the price security.

Will Bitcoin die?

Bitcoin crash 2021: What's next? 4

Although the theories about BTC and its eventual death are varied, it is something that everyone is unaware of. The graph has shown for now how profitable investing in cryptocurrency is. These crypto price spikes were nearly impossible to complete a decade ago when the cryptocurrency debuted.

Recap

Bitcoin will not die because it has shown its potential, and many investors have taken it as “digital gold.” The cryptocurrency transactions may suffer from some strict restrictions that help stabilize and legalize virtual currency. With these new crypto exchange measures, Bitcoin will improve its base, which will increase its price and popularity.

The death of Bitcoin and other cryptocurrencies is far from complete, even though the market has changed. Cryptocurrency is likely to be dusted off, taken more seriously, and serve its goal of replacing fiat currency or fiat money. Many authorities in China, India, and even the United States have created their token to investing and joined the crypto world.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptopolitan.com/bitcoin-crash-2021-whats-next/

Blockchain

Major DeFi Tokens on the Rise as Bitcoin Breaches Above $40000

With Bitcoin going above $40,000, it gives a sizable boost to the leading DeFi tokens such as Aave, Uniswap, and Compound.

Published

on

Table of Contents

Rate this post

Leading cryptocurrency Bitcoin finally breaches the $40,000 mark on 14th June after weeklong trading below the $35,000 zone. With BTC going on an upwards streak, it gives a sizable boost to the overall crypto market along with major DeFi tokens such as Aave, Uniswap, and Compound.

Aave, Uniswap, and Compound are on the Rise

Over the past 24 hours, the price of Aave, Uniswap, and Compound has increased by roughly 9% with the three tokens hitting the highs in terms of correlation against Bitcoin’s price.

The combined value of all cryptocurrencies is currently at $1.67 trillion, with DeFi tokens sector among the biggest gainers.

For instance, DeFi lending protocol Aave (AAVE) has been up by 10% over the past 24 hours and is currently trading at $325. With a market cap of just above $4 billion, AAVE is currently the fourth largest DeFi asset.

READ  Origin Protocol (OGN) and REEF Technical Analysis: What to Expect?

Earlier this month, the DeFi token reached the number one spot in total value locked (TVL) in the entire sector.

Similarly, Ethereum-based decentralized exchange (DEX) token Uniswap (UNI) is the tenth-largest cryptocurrency by market cap and the largest among DeFi tokens.  With a market cap of $12 billion, the token has skyrocketed above $24 but is still 50% below its all-time high of $44.29 on May 3.

Similarly, the governance token of the Compound Protocol (COMP) has reached $339 earlier today and is currently the fourth largest DeFi token and the 60th-largest crypto asset by market cap.

DeFi Tokens Correlating With Bitcoin’s Price

The price of DeFi tokens largely depends on factors like the correlation with Bitcoin and social media activity. Notably, the latest move has brought an unusually high correlation of AAVE, UNI, and COMP to the price of Bitcoin.

READ  MetaMask Dips Into DeFi By Offering Token Swaps

Besides, various metrics such as the number of active users, trading volumes on DEX, interest per year on lending protocols, the amount deposited in lending protocols, and the number of outstanding loans.

#AAVE #COMP #Compound Protocol #DeFi #DeFi Tokens #UNI #Uniswap

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/major-defi-tokens-on-the-rise-as-bitcoin-breaches-above-40000

Continue Reading

Blockchain

MicroStrategy To Sell $1B in Stock for More Bitcoin

Published

on

MicroStrategy Inc. (MSTR), the enterprise software maker, filed a shelf registration to the U.S. Securities and Exchange Commission (SEC) on Monday, intending to sell as much as $1 billion in common shares for general purpose, including purchasing more Bitcoin, Bloomberg reported Monday.

MSTR announced earlier Monday that the enterprise had completed the sale of $500 million in senior secured notes due 2028. The net proceeds from the sale are estimated at approximately $488 million. The deals will aim to purchase extra Bitcoins for assets accumulation. MicroStrategy’s latest move of the amount is more than expected, as the company’s announcement last week was planning to sell $400 million to buy Bitcoin. Bloomberg reported early that it was the first-ever junk bond sale used for financing purchases of the volatile cryptocurrency.

MSTR disclosed in May that the company is holding around 92,079 BTC by a newly formed subsidiary, MicroStrategy LLC.

Bitcoin Returns $40,000 Level Above

Meanwhile, Bitcoin’s price is boosted by serval feel-good factors and returned to $40,000 level above on Monday after billionaire hedge manager Paul Tudor Jones expressed his confidence in Bitcoin as a hedging investment tool for his portfolio.  

Tesla CEO Elon Musk revealed his conditional acceptance for Bitcoin payment on Twitter recently. Musk said the electric vehicle manufacturer might resume allowing Bitcoin transaction in the future, as long as Bitcoin mining is environmentally friendly enough that at least 50% of energy usage generated by green energy.

Image source: Shutterstock Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://Blockchain.News/news/microstrategy-to-sell-1b-in-stock-bitcoin

Continue Reading

Blockchain

Nigerian Central Bank Planning CBDC Launch by End of 2021

Published

on

An official with the Central Bank of Nigeria (CBN) told local news sources that the bank is hoping to launch a central bank digital currency (CBDC) “before the end of the year.”

Sponsored
Sponsored

The announcement was made by the director of IT for CBN, Rakiya Mohammed, during an online news briefing at a Bankers Committee meeting. She stated that the bank has been looking into the matter for the better part of two years and feels confident they have a viable product to launch before 2022. “Before the end of the year, the Central Bank will be making a special announcement and possibly launching a pilot scheme in order to be able to provide this kind of currency to the populace,” Mohammed stated.

CBN’s digital currency will not replace local naira cash notes but instead, act as a complementary currency option. The digital currency is also expected to make foreign remittances easier for Nigeria. Digital currencies offer more flexibility for remittances due to the lack of forex charges and third-party entities. This is also one of the reasons El Salvador recently adopted bitcoin as legal tender. 

Sponsored
Sponsored

At this stage, experts are creating architecture and addressing privacy concerns. Much like China has done with the digital yuan, Nigeria has plans to launch a pilot program in select areas before a nationwide release. Mohammed added that the CBN estimates that 80% of central banks globally are looking into digital currencies and Nigeria does not want to be left in the dust. 

Whether the 80% estimate is accurate, what is true is that several African countries are in similar stages of planning for CBDCs. 

Yesterday, Tanzania’s President Samia Suluhu Hassan requested that the Central Bank of Tanzania begin looking into CBDCs. The speech was given at the inauguration of the Central Bank of Swahili building in Mwanza. 

Ghana has also stated it was one of the first apex banks on the continent to introduce its CBDC. The Bank of Ghana’s government stated that the digital cedi was on its way toward implementation. 

The South African Reserve Bank (SARB) also has plans on looking into the possibility of releasing its own digital currency by the end of next year. 

Nigeria’s love/hate relationship with cryptocurrency

The CBDC announcement is a curious move for a nation that recently has been clamping down on cryptocurrencies over the last few months. Even going so far as to ban commercial banks and other financial institutions from doing business with cryptocurrency exchanges and instructing that accounts holding crypto be closed. 

The official reason for this ban was that Nigerian officials believed that crypto exchanges and start-ups were adding to foreign currency shortages. Those shortages caused the depreciation of the naira on the black market. The ban was later amended to allow peer-to-peer crypto trading. 

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Share Article

Matthew De Saro is a journalist and media personality specializing in sports, gambling, and statistics. Before joining BeInCrypto, his work was featured on Fansided, Forbes, and OutKick. With a background in statistical analysis and a love of writing, he takes an outside-the-box approach to reporting news.

Follow Author

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/nigerian-central-bank-cbdc-launch-end-2021/

Continue Reading

Blockchain

Nigerian Central Bank Planning CBDC Launch by End of 2021

Published

on

An official with the Central Bank of Nigeria (CBN) told local news sources that the bank is hoping to launch a central bank digital currency (CBDC) “before the end of the year.”

Sponsored
Sponsored

The announcement was made by the director of IT for CBN, Rakiya Mohammed, during an online news briefing at a Bankers Committee meeting. She stated that the bank has been looking into the matter for the better part of two years and feels confident they have a viable product to launch before 2022. “Before the end of the year, the Central Bank will be making a special announcement and possibly launching a pilot scheme in order to be able to provide this kind of currency to the populace,” Mohammed stated.

CBN’s digital currency will not replace local naira cash notes but instead, act as a complementary currency option. The digital currency is also expected to make foreign remittances easier for Nigeria. Digital currencies offer more flexibility for remittances due to the lack of forex charges and third-party entities. This is also one of the reasons El Salvador recently adopted bitcoin as legal tender. 

Sponsored
Sponsored

At this stage, experts are creating architecture and addressing privacy concerns. Much like China has done with the digital yuan, Nigeria has plans to launch a pilot program in select areas before a nationwide release. Mohammed added that the CBN estimates that 80% of central banks globally are looking into digital currencies and Nigeria does not want to be left in the dust. 

Whether the 80% estimate is accurate, what is true is that several African countries are in similar stages of planning for CBDCs. 

Yesterday, Tanzania’s President Samia Suluhu Hassan requested that the Central Bank of Tanzania begin looking into CBDCs. The speech was given at the inauguration of the Central Bank of Swahili building in Mwanza. 

Ghana has also stated it was one of the first apex banks on the continent to introduce its CBDC. The Bank of Ghana’s government stated that the digital cedi was on its way toward implementation. 

The South African Reserve Bank (SARB) also has plans on looking into the possibility of releasing its own digital currency by the end of next year. 

Nigeria’s love/hate relationship with cryptocurrency

The CBDC announcement is a curious move for a nation that recently has been clamping down on cryptocurrencies over the last few months. Even going so far as to ban commercial banks and other financial institutions from doing business with cryptocurrency exchanges and instructing that accounts holding crypto be closed. 

The official reason for this ban was that Nigerian officials believed that crypto exchanges and start-ups were adding to foreign currency shortages. Those shortages caused the depreciation of the naira on the black market. The ban was later amended to allow peer-to-peer crypto trading. 

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Share Article

Matthew De Saro is a journalist and media personality specializing in sports, gambling, and statistics. Before joining BeInCrypto, his work was featured on Fansided, Forbes, and OutKick. With a background in statistical analysis and a love of writing, he takes an outside-the-box approach to reporting news.

Follow Author

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/nigerian-central-bank-cbdc-launch-end-2021/

Continue Reading
Blockchain13 mins ago

Major DeFi Tokens on the Rise as Bitcoin Breaches Above $40000

Cyber Security23 mins ago

How To Remove A Hacker From My Phone- Tips And Tricks To Follow

Cyber Security23 mins ago

How To Remove A Hacker From My Phone- Tips And Tricks To Follow

Cyber Security23 mins ago

How To Remove A Hacker From My Phone- Tips And Tricks To Follow

Blockchain34 mins ago

MicroStrategy To Sell $1B in Stock for More Bitcoin

ZDNET52 mins ago

Using the Galaxy Book Pro 360 for a month: A great Swiss knife that could be sharper

ZDNET52 mins ago

Using the Galaxy Book Pro 360 for a month: A great Swiss knife that could be sharper

ZDNET52 mins ago

Using the Galaxy Book Pro 360 for a month: A great Swiss knife that could be sharper

Blockchain54 mins ago

Nigerian Central Bank Planning CBDC Launch by End of 2021

Blockchain54 mins ago

Nigerian Central Bank Planning CBDC Launch by End of 2021

Blockchain54 mins ago

Nigerian Central Bank Planning CBDC Launch by End of 2021

Blockchain54 mins ago

Save the date for Alium Art marketplace launch in June 2021

save-the-date-for-alium-art-marketplace-launch-in-june-2021.png
Blockchain54 mins ago

Save the date for Alium Art marketplace launch in June 2021

save-the-date-for-alium-art-marketplace-launch-in-june-2021.png
Blockchain54 mins ago

Save the date for Alium Art marketplace launch in June 2021

Blockchain54 mins ago

DeFi Technologies Announces Agreement with SDK:meta

Blockchain54 mins ago

DeFi Technologies Announces Agreement with SDK:meta

Blockchain54 mins ago

DeFi Technologies Announces Agreement with SDK:meta

Aviation59 mins ago

KLM CEO Sees More Efficient Planes as the Fastest Way to Hit Climate Goals

Crowdfunding1 hour ago

London’s DNA Payments Group Enters £100M Deal with Alchemy Partners

Blockchain1 hour ago

I Like Bitcoin as a Portfolio Diversifier, Says Tudor Jones

NEWATLAS1 hour ago

Liquid metal mirrors switch reflectivity on and off with a zap

Blockchain1 hour ago

Kraken Daily Market Report for June 14 2021

Blockchain2 hours ago

Since It Adopted Bitcoin As Legal Tender, The World Is Looking At El Salvador

Crowdfunding2 hours ago

Equifax UK Updates Flagship Credit Risk Product, Risk Navigator 5, Will Support Improved Decision-Making

Blockchain2 hours ago

HaloDAO to Hold Anticipated Initial DEX Offering on SushiSwap MISO on June 24

Blockchain2 hours ago

Bitcoin Surges Past $40K as Paul Tudor Jones Wants 5% Portfolio Allocation to BTC

Blockchain2 hours ago

Trality: Algorithmic Trading in the Unpredictable Cryptocurrency Market

Blockchain2 hours ago

Cryptocurrency Exchanges in South Korea to Be Classified as Highly Risky

Blockchain2 hours ago

Central American Financial Institution to Help El Salvador Implement its Bitcoin Legalization 

Blockchain2 hours ago

Why Mexico’s ‘Club Necaxa’ is selling 1% of itself as an Ethereum NFT

Trending