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 has recovered most recent losses and spiked above $47,000 to tap a weekly high. Most altcoins are also in the green, including a 5% increase from Binance Coin. As a result, the cryptocurrency market cap has added roughly $150 billion in two days. Interestingly, crypto markets and stock markets are again not correlated. Stocks fell as investors are worried about the delta virus strain and risks of elevated inflation.
Bitcoin (BTC) is now trading at 47,569 USD (all data from Coingecko.com)
Ethereum (ETH) is now at 3,417 USD
PlatonCoin (PLTC) is now at 0,511 USD
Total marketcap is currently at 2.230 trillion USD
Daily news update
Coinbase wants 2 bln. USD: As reported by Reuters, Coinbase Global has added another $500 million to the size of its debt offering. Now the total amount is $2 billion. The reason for upsizing it is market interest, according to the source. Coinbase plans to use the raised funds to improve product development, as well as for potential acquisitions and mergers with other companies in the crypto and financial markets.
Bitcoin and energy consumption: A new study suggests that Bitcoin has already used more power so far this year than it did in all of 2020. By the end of the year, the Bitcoin network will have consumed 91 TW/h (terawatt-hours or one trillion watts per hour) and it has already consumed more than the estimated 67 TW/h for all of 2020 according to a Sept. 13 Bloomberg report. The precise energy consumption figures are variable and not easy to calculate accurately, but the trend is clear — they are increasing.
Ethereum and attack: An unknown entity tried to attack the Ethereum network on Tuesday, but with little success. While it managed to trick a few nodes, it failed to dupe the entire network. Ethereum developer Marius Van Der Wijden revealed the same on Twitter yesterday, claiming that the attacker published a long chain of about 550 blocks, all with invalid proofs of work. What this suggested was that rather than taking the prescribed route to mine blocks, the attacker created them at will and broadcast them to the rest of the network.
Solana and outage: The Solana blockchain is experiencing problems as a network outage has forced it to go offline. The outage has been going on for over 16 hours. The outage is an anxious moment for the high throughput network, which has performed well in 2021. The Solana team successfully restarted the mainnet beta on Sept 15. Full functionality is expected to be restored in a few hours from the time of publishing.
Ark Investment and BTC, ETH: Cathie Wood, the CEO of Ark Investment, has doubled down on her prediction that the price of Bitcoin will grow by tenfold in the next five years, and said the growth of DeFi, NFTs and the Eth2 upgrade has massively increased Ark’s confidence in Ether’s future. Wood’s prediction would value Bitcoin at almost $500,000 by 2026. She said that Ark Investment’s future exposure to crypto was likely to be around 60% Bitcoin and 40% Ethereum.
Microstrategy and bitcoins: Over the last few weeks in their August 24 and September 13 announcements, MicroStrategy has sold an additional 793,232 shares for a total $577 million to buy more bitcoin. As previously announced in July, their Open Market Sale Agreement allows them to sell up to $1 billion in new stock. So far, Michael Saylor is following through with his original plan to buy as much bitcoin as possible through any and every financial vehicle at his disposal. And it doesn’t look like he’s stopping anytime soon. Since the company’s adoption of a bitcoin standard on August 11, 2020, MSTR shares have increased by 419.9%, outpacing the price of bitcoin, which returned 279.0% during the same period.
Coinseed and fraud: The cryptocurrency platform Coinseed must cease its activities and pay $3 million in fines after it defrauded thousands of its clients into a shady Dogecoin operation. Coinseed was illegally selling securities. It also acted as a broker-dealer without the necessary authorization before sinking millions of the investors’ funds into DOGE without consent.