Crypto market update
The adverse price development still continued on the crypto markets on Friday with Bitcoin sliding to a new monthly low of $55,700. Most alternative coins are also in the red as the entire market cap is down by another $100 billion. The crypto Fear and Greed index took a sharp turn as well and after being weeks in Greed it is now standing at 34 points, which means Fear.
Bitcoin (BTC) is now trading at 58,213 USD (all data from Coingecko.com)
Ethereum (ETH) is now for 4,242 USD
PlatonCoin (PLTC) is now for 0,393 USD
Total marketcap is currently at 2.718 trillion USD
Daily news update
Market drop and liquidations: The global correction on the cryptocurrency market continues with more traders deciding to take profits and exit the market, which is leading to massive liquidation volume on various exchanges for those who decide to leave their positions open. The current 24-hour liquidation volume on numerous centralized exchanges has already reached $640 million since Bitcoin is continuing to dip further. The price of the first cryptocurrency has dropped by more than 8% in the last 24 hours.
Bitstamp and ADA: ADA, the cryptocurency with probably the most passionate community on social media, was listed on one of the world’s longest running crypto exchanges as well Europe’s largest crypto exchange by trading volume, Bitstamp.
Sotheby’s and Banksy: A pair of paintings by artist Banksy together fetched 3,093 ETH, or about $12.5 million, in a historic first for the auction house. The auction was the first time ETH pricing was used in a live auction at Sotheby’s. Banksy’s painting, ‘Love is in the Air’, sold for 1,696 ETH, ’Trolley Hunters’ was won for 1,397 ETH.
Norway and mining: The government in Norway is considering ways to limit the environmental impact of cryptocurrency mining and may support Swedish proposals to that end, including a European ban on proof-of-work mining. The European Commission has revealed it is already working to promote a transition to “more sustainable” protocols.
South Korea and CBDC: Bank of Korea’s (BOK) deputy governor Bae Joon-suk says its central bank digital currency (CBDC) development is “not one step behind that of any other country.” However, South Korea still has no plan to adopt a state-backed digital currency.