Crypto market update
Crypto assets have slid further following widespread weakness in global financial markets. Bitcoin dropped by more than $5,000 in hours and dumped to its lowest price point in roughly six months. The altcoins are also deep in the red, with Ethereum sliding below $3,000 and the entire market cap losing about $200 billion in a day. PlatonCoin on the other hand is holding its position due to the development of new products and steady growth of its ecosystem.
Bitcoin (BTC) is now trading at 38,467 USD (all data from Coingecko.com)
Ethereum (ETH) is now for 2,800 USD
PlatonCoin (PLTC) is now for 0,458 USD
Total marketcap is currently at 1.910 trillion USD
Daily news update
BTC mining difficulty at ATH: Bitcoin (BTC) may have tanked to six-month lows this week, but under the hood, the network is now verifiably stronger than ever. Data from on-chain monitoring resources including Glassnode and BTC.com confirms that as of Friday, the Bitcoin network difficulty is at a new all-time high. An old mantra among age-old hodlers is that “price follows hash rate,” this trend nonetheless taking a back seat for many as fundamentals move in the opposite direction to spot price.
Elon Musk ciritcized Twitter: Elon Musk – the CEO of leading EV car maker Tesla and the world’s richest man – has slammed micro-blogging platform Twitter for integrating NFTs. Musk first posted a prompt from Twitter with an explanation on NFTs, saying that it’s annoying. After that, he argued that the social media platform should spend resources on preventing scams instead of “this bs,” clearly referring to NFTs.
SHIB token burn and drop: According to the most recent statistics available on SHIB token burning, almost 21 million Shiba Inu tokens have been destroyed in the last 24 hours, for a total of 21,328,508 tokens burned from 11 transactions. Despite the increasing burn of the meme token, Shiba Inu is presently down 7.68% in the last 24 hours and a further 15.6% across the previous seven days.
Russia and Bitcoin ban: Russia’s central bank proposed a blanket ban on the use and mining of cryptocurrencies within the country. According to a 5-page report, the bank cited various issues warranting the ban including environmental concerns, well being of residents, and the threat of financial instability. The bank goes on to propose various amendments to legislation. These include the total ban of any form of payments using cryptocurrencies; the prohibition of the issuance and circulation of cryptocurrencies within the Russian territory for any purpose; and the prohibition of financial institutions from investing in cryptocurrencies and related financial instruments.