Crypto Market Analysis: 14th September 2021
September 14 2021 - 4:34AM
NEWSBTC
Both bitcoin and ether are trading at lower levels after the flash
crash of 7 September. Bitcoin saw the biggest fall in value
following the collapse of Tuesday. Having traded close to $53,000
the cryptoasset plummeted to as low as $43,000 within 12 hours. The
price of BTC has been trading in this range since and this morning
sits around $44,700. Ether meanwhile saw a similar selloff, erasing
the cryptoasset’s entire/total gains for September. ETH began a run
around 1 September that saw it rise from trading levels of around
$3,200 to just below $4,000. It is now however back trading around
$3,300. Cardano Twitter phishing scam warning Scam detectors are
warning of a new phishing scam affecting Twitter users. The scam
generates from Russia according to Cardano Phishing Bot on Twitter
and appears to be targeting prospective Cardano investors. The
elaborate scam seems to be using old recordings of Cardano founder
Charles Hoskinson to dupe would-be investors into sending amounts
of ADA to the scammers. The scam purports to be an ADA ‘lottery’.
Victims are encouraged to enter the jackpot with at least 1,000 ADA
to be in with a chance to win 1,000,000 ADA. There is however no
jackpot, and anyone participating will lose all their tokens. With
scams becoming increasingly sophisticated in nature, crypto
investors have to be ever-more vigilant to the risks of spurious
offers. Bitcoin flash crash mars El Salvador launch On the day
bitcoin became legal tender in the Central American nation of El
Salvador, the price of bitcoin plummeted by over $7,000 in seconds.
The day saw a spike of liquidations as the token was adopted as an
official currency of the country, with Salvadorans now allowed to
transact for everyday items in the cryptoasset. The single largest
liquidation saw around $43 million of value cashed in, per
Cryptopotato. Some $3.5 billion of bitcoin was liquidated in 24
hours. Adoption in the country has allegedly not been plain
sailing, with Salvadorans queuing at cash machines to withdraw US
dollars, according to Financial Times. Ukraine legislates for
crypto Ukraine’s parliament has legislated to adopt formal
regulations for crypto exchanges in the Eastern European country.
Cryptoassets were legally recognised for the first time with the
legislation with Ukraine’s Ministry of Digital Transformation
overseeing the implementation of new regulations. Digital assets
will now be allowed to launch within Ukraine, plus allowing banking
institutions to create current accounts to hold crypto for firms,
according to Anastasia Bratko of the Ministry of Digital
Transformation. The ministry also announced it was looking to draw
new tax revenues from the crypto industry as it burgeons in the
country. This is a marketing communication and should not be taken
as investment advice, personal recommendation, or an offer of, or
solicitation to buy or sell, any financial instruments. This
material has been prepared without having regard to any particular
investment objectives or financial situation, and has not been
prepared in accordance with the legal and regulatory requirements
to promote independent research. Any references to past performance
of a financial instrument, index or a packaged investment product
are not, and should not be taken as a reliable indicator of future
results. All contents within this report are for informational
purposes only and does not constitute financial advice. eToro makes
no representation and assumes no liability as to the accuracy or
completeness of the content of this publication, which has been
prepared utilizing publicly-available information. Cryptoassets are
volatile instruments which can fluctuate widely in a very short
timeframe and therefore are not appropriate for all investors.
Other than via CFDs, trading cryptoassets is unregulated and
therefore is not supervised by any EU regulatory framework. Your
capital is at risk. Image by jorono from Pixabay
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