Bitcoin News and Finance Crypto Markets Take Deep Losses, Global Trade Volumes Skyrocket, Elon Battles Crypto Twitter Skip to main content

Crypto Markets Take Deep Losses, Global Trade Volumes Skyrocket, Elon Battles Crypto Twitter

Bitcoin and a slew of digital currency markets are seeing significant losses on Sunday as a majority of coins are down between 2-15% during the last 24 hours. The entire crypto-economy has dropped more than 6% and bitcoin dominance is down to 40% the lowest the metric has been in two years.

Crypto Markets Face New Lows

  • Cryptocurrency markets lost billions on Sunday, as the price of the leading crypto asset bitcoin (BTC) slid from $49,800 to a low of $44,070 per unit. BTC lost 5.5% today and during the past seven days, bitcoin shed more than 20% in value.
  • Bitcoin (BTC) dominance levels have dropped to the lowest levels in two years. Crashing to a low of 40% on Sunday, while ethereum (ETH) captures 18.9%. Besides ETH, coins like BNB, ADA, XRP, DOT, and others have been eating away at BTC’s dominance index.
Crypto Markets Take Deep Losses, Global Trade Volumes Skyrocket, Elon Battles Crypto Twitter
BTC/USD on Sunday at 5:00 p.m. (ET). At press time, bitcoin (BTC) is trading for $44,644 per unit.
  • The second-largest crypto asset, in terms of market valuation, ethereum (ETH) is down more than 9% today, but has only lost 11% during the last week. ETH is seeing around $42 billion in reported global trade volume on Sunday.
  • This weekend, a number of proof-of-stake (PoS) crypto assets are doing better than assets that leverage consensus models like proof-of-work. On Sunday afternoon, the PoS token peercoin is the second-largest crypto gainer, gathering 97.5% during the last 24 hours.
Crypto Markets Take Deep Losses, Global Trade Volumes Skyrocket, Elon Battles Crypto Twitter
ETH/USD on Sunday at 5:00 p.m. (ET). At press time, ethereum (ETH) is trading for $3,377 per unit.
  • On Sunday afternoon, Tesla’s Elon Musk has been awfully talkative when it comes to discussing bitcoin (BTC). Musk made some statements to the podcast host Peter McCormack and said: “Bitcoin is actually highly centralized, with supermajority controlled by handful of big mining (aka hashing) companies.”

Crypto Markets Take Deep Losses, Global Trade Volumes Skyrocket, Elon Battles Crypto Twitter

  • In another Twitter exchange, a Twitter account called “Mr. Whale,” said: “Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their Bitcoin holdings. With the amount of hate Elon Musk is getting, I wouldn’t blame him…” Musk responded to this tweet and replied: “Indeed” and even tweeted a screenshot of Mr. Whale’s tweet because some people couldn’t see it.
  • At the time of writing, on 377 exchanges that tally 9,845 crypto assets, the overall crypto economy is valued at $2.107 trillion. There’s also been about $191 billion in reported global trade volume on Sunday according to market aggregators.
  • The top stablecoins by market capitalization are benefitting from the crypto market downturn as stablecoins such as USDT, USDC, BUSD, and more are seeing heavy demand.

What do you think about the market downturn this weekend? Let us know what you think about this subject in the comments section below.

Comments

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Blogarama - Blog Directory