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Crypto market collapses after #BitcoinDay




In the past few weeks, the development on the crypto market has been almost consistently positive. Especially in anticipation of the start of the new Bitcoin law in El Salvador on Tuesday, the top currency has cracked the $ 50,000 mark. But on Tuesday, which was previously referred to as #BitcoinDay, everything changed. There was a sharp drop in prices in the afternoon, not only for Bitcoin, but also in the entire market (Trending Topics reported). The situation doesn’t look any better on Wednesday (September 8th). Bitcoin alone has suffered a loss of 14 percent. El Salvador took advantage of the drop in prices to buy BTC and now holds a total of 550 coins.

#BitcoinDay brings a sharp drop in prices in the entire crypto market

Bitcoin’s value is now $ 45,000 or € 38,000. On Tuesday morning it was still 44,000 euros. The market capitalization is now at 855 billion euros. The situation in the rest of the market is just as dire. Polkadot was particularly hard hit. The currency has suffered a minus of 27 percent and is thus at a value of 22 euros with a capitalization of 22 billion euros.

The Bitcoin chart for the last 24 hours.  © CoinMarketCap
The Bitcoin chart for the last 24 hours. © CoinMarketCap

Ethereum has plummeted 15 percent in the past 24 hours. Now the value is 2,800 euros with a capitalization of 331 billion euros. Not even the mega-climber Solana is safe from the market slump. Here there was a minus of 18 percent to 132 euros with a capitalization of 40 billion euros. Nevertheless, compared to a week ago, the value is still around 42 percent higher.

There are also crashes in the other top currencies, averaging between 15 and 25 percent. XRP has fallen by 22 percent to 90 cents, Uniswap by 21 percent to 19 euros. Chainlink has suffered a drop of 25 percent to around 22 euros, Litecoin has crashed by 20 percent to 146 euros. On the market as a whole, capitalization has also fallen after a gradual rise. On Tuesday morning it was still stable at 1.9 trillion euros, on Wednesday it was below 1.7 trillion euros.

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Doubts about smart contracts at Cardano

On Sunday, September 12th, the long-awaited Alonzo upgrade to Cardano’s blockchain will finally come. This should enable smart contracts and ultimately decentralized applications, such as those known from Ethereum (DeFi, NFTs). But while many are eagerly awaiting the upgrade, critics have doubts whether the smart contracts will really work that well. A problem in the testnet is said to exist with the simultaneity of transactions. From Sunday you will see how well Smart Contracts really work at Cardano.




Cardano: Great expectations, but also great skepticism about smart contracts

El Salvador: Protests and problems accompany Bitcoin law

The hype about the new Bitcoin law in El Salvador was great beforehand – but especially among the government and crypto traders. The law stipulates that the top currency is now legal tender in the Central American country. Traders have to accept the digital coin if possible. A large part of the population is not convinced. At the start there were protests against the law. In addition, the start of the country’s own trading app Chivo is still very bumpy (Trending Topics reported).

Protests and price drops accompany #BitcoinDay in El Salvador

Coinbase threatens crypto loan product lawsuit

The listed crypto trader Coinbase is planning a service called “Lend” that will allow users to borrow other crypto assets and receive (often very high) interest for them. However, the US Securities and Exchange Commission is now getting in the way of Coinbase. In the event of an official launch of Lend, which has already been announced, the US authorities want to sue the dealer. According to Coinbase, it is unclear why the SEC is threatening to take such a step that the company has cooperated with the agency in developing the service (Trending Topics reported).

Coinbase threatens lawsuit over planned crypto loan product

Austrian crypto companies are helping to build the EU blockchain

The EU Commission recently announced that it had commissioned seven companies to develop blockchain solutions for the European Blockchain Services Infrastructure (EBSI). Austrian companies are also involved. In addition to the well-known IOTA Foundation, Riddle & Code from Vienna and the British-Austrian company iov42 with offices in Vienna and London are also on board (Trending Topics reported).

Austrian crypto companies are helping to build the EU blockchain


Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.
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