Day: October 23, 2021

Flash Crash Briefly Causes Bitcoin Price To Plummet 87% on Binance’s US Exchange

A flash-crash event on the Binance.US trading platform triggered a sharp drop in Bitcoin’s value, causing an abrupt 87% devaluation in the price of the leading crypto asset. On October 21st, the price of Bitcoin briefly tumbled to a low of $8,200 from $65,952 on Binance.US, the arm of global crypto exchange Binance in the United States. Within five minutes, the value of the crypto surged back up to $65,000, negating all the losses from the massive sell-off.   In an email to Bloomberg, Binance explains the root cause of…

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Nonfungible tokens and the right to self-determination

It seems that everyone — from corporate behemoths like Visa and Anheuser-Busch to socialite Paris Hilton and NBA legends Michael Jordan and Kevin Durant — has recognized the growing importance of nonfungible tokens (NFTs) for the 21st-century economy. World-renowned artists, athletes and musicians have been cashing in on the craze, lending legitimacy to this new use of technology that allows for ownership of a wide array of digital assets. But the true test of this innovation will not be how it helps the wealthy perpetuate their positions of power, but…

AMEX CEO Says Crypto Is Unlikely a Threat to Traditional Credit Cards

Traditional credit card payments will hold firm amid the growth of cryptocurrencies, American Express CEO Stephen Squeri predicted on the company’s third-quarter earnings call Friday. Unlike crypto, traditional credit cards offer clients rewards, service, ability for disputing charges, along with the ability to extend credit, Squeri said. Squeri said he sees cryptocurrency much more as an asset class at this time, adding clients don’t use AMEX to “buy stock” and doesn’t see them focusing on buying crypto either. Squeri said he sees a role for digital…

Elon Musk Plans To Become The World’s First Dogecoin Trillionaire

Tesla CEO Elon Musk says that he will become the world’s first Dogecoin trillionaire.According to a recent prediction by a Morgan Stanley analyst, the SpaceX founder is on his way to becoming the world’s first trillionaire with his relentless amassing of wealth. A Twitter account called UberFacts tweeted this prediction. Amusingly, the Tesla CEO replied to the tweet, stating that he would be a Dogecoin trillionaire. With that reply, he sent the Dogecoin price soaring again. Related Reading | Elon Musk’s “Baby Doge” Tweet Spikes The Dogecoin Price As of today,…

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Analyst Suggests Bitcoin’s Bottom Could Be $50K Assuming BTC Surpasses $200K This Cycle – Market Updates Bitcoin News

The price of bitcoin in October has shown signs of a double-bubble similar to the bull run in 2013, and speculators have been trying to guess the leading crypto asset’s top. On October 20, cryptocurrency market analyst Justin Bennett discussed bitcoin’s possible price floor after it reaches the top. Bennett suggests the end of this cycle could be between $207,000 and $270,000. Assuming bitcoin crosses $200K per coin, Bennett thinks the digital asset’s bottom after an 80% pullback will be around $50K. ‘2013 Vibes,’ ‘End-of-Cycle Targets,’ and Searching for the…

What has been standing in the way of a pure-Bitcoin ETF?

With regulatory bodies rumored to soon accept a pure Bitcoin (BTC)-backed exchange-traded fund, it is important to understand the journey of some of the first crypto-based ETFs that have recently been approved by government agencies. The United States Securities and Exchange Commission approved a Bitcoin-adjacent ETF, giving investors the opportunity to gain exposure to Bitcoin through the stock markets, and the most recent acceptance was that of the ProShares Bitcoin Strategy ETF, which started trading on NYSE Arca on Oct. 19. It’s important to note that the aforementioned exchange-traded funds…

Bitcoin ‘still bullish’ even if BTC price drops to $50K — analysis

Bitcoin (BTC) can return to $50,000 and still not violate an overall “bullish thesis” after breaking all-time highs, fresh research argues. In its latest market update on Oct. 22, crypto trading platform Decentrader argued that after hitting and retracing from $67,000, there was no reason to be bearish on Bitcoin. “No significant evidence” for $50,000 retest After Bitcoin cracked an all-time high in place for six months, concerns grew as a correction took place that erased 10% of its gains in a single day. After two dips below $60,000, analysts…