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
The past few days reminded of BTC’s volatile nature. Bitcoin reached a new multi-month high two days ago at $53,000. However when the asset officially became a legal tender in El Salvador, in just a matter of hours, it plummeted by more than $10,000. Since then, Bitcoin has calmed around $46,000. Its market capitalization is still well below $900 billion after it came inches away from touching $1 trillion two days ago and bitcoin’s market dominance has also declined to 41% as most alternative coins have bounced off already.
Bitcoin (BTC) is now trading at 46,405 USD (all data from Coingecko.com)
Ethereum (ETH) is now at 3,499 USD
PlatonCoin (PLTC) is now at 0,512 USD
Total marketcap is currently at 2.210 trillion USD
Daily news update
Lost Bitcoins on ATH: According to a recent tweet by the Glassnode team, the amount of lost or hodled Bitcoins has hit a seven-month peak of 7,167,889.595 BTC, exceeding 33.96% of the total Bitcoin supply of 21 million coins. Almost three weeks ago, on Aug. 21, this metric hit a five-month high. Back then, Chinese crypto journalist Colin Wu opined that these coins should be considered out of circulation. This fact basically increased Bitcoin’s scarcity, which is much higher than that of the altcoins and the conventional store of value—gold.
ETH whales on the move: Whales moved more than $1 billion in Ethereum (ETH) across 21 separate transactions this week amid a widespread market correction, according to crypto tracker Whale Alert. Whale Alert notes an unknown wallet sent Binance a whopping 99,990 ETH on Tuesday, worth more than $343 million, the largest of the tracked transactions.
MicroStrategy managers selling shares: MicroStrategy Chief Financial Officer Le Phong and Chief Technology Officer Timothy Lang exercised about 30% of their options in August. According to a filing from the SEC, both still retain about 20,000 options. The company’s Chief Executive, Michael Saylor, the driving force behind the company’s Bitcoin strategy, has not sold any of his shares, the filing reveals.
Robinhood launched crypto feature: Trading platform Robinhood has announced a new recurring cryptocurrency investment feature, according to a blog post published on Sep. 8. The feature allows users to buy their favorite cryptocurrencies on a regular basis. The feature is commission-free and can be scheduled on a daily, weekly, biweekly, or monthly basis. Essentially, the feature can help investors dollar cost average their investments, which is a reliable strategy.
Binance announced support for Cardano’s Alonso: Binance, the largest digital asset exchange by trading volumes, has announced that it will support Cardano’s upcoming Alonzo upgrade. The holders of ADA will temporarily not be able to deposit or withdraw the cryptocurrency. However, trading will not be impacted by the hard fork. Cardano’s most important upgrade to date will officially take place on Sept. 12.
Swedish central bank and Bitcoin: The Swedish Central Bank compared cryptocurrency and Bitcoin trading to stamp collecting and selling. The governor’s main concern was the inability of digital assets to function and develop further without the support of financial regulators or the government. According to Stefan Ingves, the governor of the Swedish Central Bank, private money will face a massive loss on the cryptocurrency market.
SEC wants to control cryptocurrencies: Following the Securities and Exchange Commission (SEC) threat to sue Coinbase, a Nasdaq-listed crypto-exchange, a former federal prosecutor has hit out at the SEC, saying they “will stop at nothing to control the entire crypto space.”
Ukraine passed law legalizing cryptocurrencies: A draft law legalizing cryptocurrencies passed the second reading in the Ukrainian parliament on Sept. 8. Up until now, cryptocurrencies and digital tokens have been in a state of limbo, neither legal nor prohibited. Once passed by President Volodymyr Zelensky, the new legislation will offer protection to crypto asset investors and exchanges from fraud.