Here you will find our daily update, which will provide you with all the main information and events on the crypto markets for the previous day.
Crypto market update
Bitcoin’s price continued to suffer in the past 24 hours as the asset dumped below $40,000 for the first time since early August. However, its market capitalization is down to $800 billion after challenging the $1 trillion mark two weeks ago. Most altcoins also followed, with ETH standing beneath $3,000. The cryptocurrency market cap is down below $1.8 trillion, meaning it has lost roughly $400 billion since the weekend high. The fall was triggered by the China Evergrande crisis which has put traders into risk-off mode. Meanwhile, in the U.S. Gary Gensler has continued his war of words against crypto projects. He has made it clear that the overwhelming majority of altcoins are securities, and in danger of being regulated as such.
Bitcoin (BTC) is now trading at 42,344 USD (all data from Coingecko.com)
Ethereum (ETH) is now at 2,938 USD
PlatonCoin (PLTC) is now at 0,460 USD
Total marketcap is currently at 1.957 trillion USD
Daily news update
Bitcoin and whales: The latest price dump from bitcoin to around $40,000 has enabled the third-largest BTC whale to accumulate more portions of the asset at a discount. In a “buy the dip” moment, the entity has purchased more than $13 million worth of the cryptocurrency.
Bitcoin and mining: New York Digital Investment Group estimates that Bitcoin mining will not represent more than 0.4% of global electricity consumption over the next decade.
Bitcoin on exchanges: All BTC exchanges reserve is moving down despite the recent downtrend in the price of the cryptocurrency. The Bitcoin all exchanges reserve is an indicator that shows the total amount of coins held on all centralized exchange wallets. A dip in the value of the metric suggests investors are transferring their BTC to personal wallets, either for holding or for selling through OTC deals.
Crypto Fear & Greed Index: Recent data from the Crypto Fear & Greed Index indicates that the cryptocurrency market is experiencing a period of investor fear with a low score of 21 out of 100, meaning extreme fear. A lower number out of 100 indicates a shift towards extreme market fear and that BTC may be undervalued, whilst a higher number represents extreme market greed and that prices could be inflated above true value, foreshadowing a future decline.
Kim Kardashian and crypto ad: According to a recent poll by Morning Consult, roughly every third cryptocurrency holder saw Kim Kardashian’s infamous Instagram ad promoting “Ethereum Max.” The billionaire socialite shared a story about the dubious cryptocurrency to hundreds of millions of followers in mid-June. In her ad, she claimed that she had heard about the token from her “friend.” The sketchy cryptocurrency has no white paper and lacks practically any developer activity.
El Salvador and Bitcoin: Despite the latest Bitcoin dip, President Nayib Bukele tweeted that 1.6 million Salvadorians now use the Chivo Wallet. With a population of 6.5 million, this figure constitutes a quarter of the country’s population