Regulatory uncertainty shook the crypto markets on Thursday, as traders grappled with increasingly-credible rumors that the People’s Bank of China (PBoC) will suspend trading at Chinese bitcoin exchanges. Weighed down by this tumultuous climate, the bitcoin price has fallen below $3,000 at Chinese markets.
The plunge has been both brisk and precipitous. In the past 12 hours alone, bitcoin has fallen by nearly 5,000 CNY on OKCoin–the equivalent of $738. Bitcoin is now trading at about 19,550 CNY ($2,979) at this exchange, whose $126 million BTC/CNY volume is the largest in the country.
But OKCoin is not an outlier. Every other major Chinese exchange prices bitcoin below the $3,000 mark as well. Huobi–which accounts for nearly $109 million in daily volume–has bitcoin trading at $2,983. On BTCC, which announced earlier today it will suspend trading on September 30, the bitcoin price is just $2,974. CHBTC values bitcoin at $2,973, while the lower-volume BtcTrade and ViaBTC price it at $2,990. Altogether, these six exchanges currently account for 13% of total bitcoin trading volume.
The overall bitcoin price has been weighed down by BTC/CNY, but it is still holding above $3,000–at least at the time of writing. Presently, bitcoin is valued at a global average of $3,252, which represents a daily decline of 17% and a weekly decline of 30%. The cryptocurrency market cap, which tracks the total value of all cryptocurrencies, now sits at just $112 billion after rising as high as $180 billion less than two weeks ago.
Industry observers disagree about where and when the market downturn will stall. Some, including trader WhalePanda and economist Tuur Demeester, believe a rebound is likely in the near future. Others, including Civic CEO Vinny Lingham and BitPay co-founder Tony Gallippi, predict that the bitcoin price could fall closer to the $2,500 to $2,750 range before the market turns a corner.
Elon Musk Advises Crypto Users To Secure Their Crypto Keys Properly
The crypto community has not gotten over the fact that the world’s richest man has now invested in Bitcoin and has been pretty active in the industry.
However, the community is now receiving security tips for storing cryptocurrencies from Tesla’s chief executive officer. While pointing the security of cryptocurrencies, Tesla also criticized Freewallet app, a crypto wallet for its slack in security.
He also added that crypto investors should not bother doing business with wallets that don’t provide them with private keys.
Users should store their private keys
The unique way cryptocurrencies are stored makes them not redeemable when the keys are lost. Whether the holder stores them with third-party custodians or exchanges, the owner can only claim them when they provide keys to the crypto funds.
That makes securing the keys the most important thing when dealing with cryptocurrencies. As a result, selecting the safest hot or cold wallet is a priority if users want to keep their crypto investments safe.
Elon Musk has come out to advise investors to always store their private keys personally. For a company to receive the attention of the world’s richest man is something to take advantage of to grow. However, FreewalletApp’s short conversation with Musk is a sort of negative publicity to them.
After the company engaged with Musk about a Dogecoin-related post, the Tesla founder pointed out faults with the firm.
He advised digital asset investors to stay…
Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC
The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.
The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.
Musk’s Tweets also impacted Dogecoin’s price
Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.
He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.
But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…
Partnership Between Bridge Mutual & AllianceBlock Announced
Decentralized peer-to-peer discretionary digital asset coverage platform Bridge Mutual has announced a partnership with AllianceBlock. AllianceBlock is a decentralized, blockchain-agnostic layer 2 protocol bridging decentralized finance with traditional finance. The partnership will allow AllianceBlock and Bridge Mutual to provide traditional investors with a protected bridge to DeFi through decentralized coverage.
“Discretionary coverage is a very important part of our ecosystem, so we are excited to partner with Bridge Mutual and leverage each other’s technologies,” says Rachid Ajaja, CEO of AllianceBlock. “We look forward to building an ecosystem where all participants have access to the best products while mitigating the ever-present risk of smart contract failure, hacks, and the resultant loss of collateral value.”
In 2020, as much as $200 million worth of digital assets was lost in attacks on major digital asset services. Bridge Mutual’s platform gives users the option to purchase and provide discretionary coverage, reducing investors’ risk of losing funds because of theft, exchange hacks, stablecoin price crashes, exploited contracts, and other vulnerabilities in digital assets.
By using Alliance Block’s multi-pair liquidity mining platform, Bridge Mutual will be able to offer BMI token holders instant liquidity through staking and high APY rewards for a variety of pairs. Once integrated into AllianceBlock’s P2P lending platform, Bridge mutual will be able to provide coverage to investors. Additionally, Bridge Mutual is working towards…