Today began with the crypto market in red, especially Bitcoin (BTC) which ended up breaking down after days of trying to top $12K.
A daunting day for crypto
In general, we could even say that Bitcoin has not made a good start to September. However, the black cloud also affected some other crypts. Did anyone get saved?
Today’s Bitcoin crash was quite loud. In fact, during the last two days the crypt currency has fallen by approximately $1,400.
Bitcoin is currently valued at just under $10,800 according to Crypto Online, the Crypto Trend tool. Gone are the days when we were so far away but so close to $12K?
However, Bitcoin wasn’t the only one. Ethereum is another crypto that has had a pretty rough week after reaching the two-year high of $488. And that’s how the crypto market stained its numbers red.
However, DeFi maintained its momentum. Year.finance (YFI) had a slight correction after reaching $40,000, but has subsequently managed to remain stable.
Bitcoin Doesn’t Know About Intermediaries
According to Mike McGlone, an analyst at Bloomberg, crypto knows no half-baths, so it has two options: Head for the $500,000 mark or collapse.
His opinion was shared today through a Bloomberg posting entitled „Zero to $500,000 Risk: Bitcoin Set to Keep Its Upward Trajectory.
„Limited supply versus increased demand is the bottom line for Bitcoin, with macroeconomic fundamentals supporting its march toward gold market capitalization, at a price of $500,000 by some estimates. Or it could fail,“ said the analyst.
Crypto Exchange Robinhood Under SEC Investigation
According to a report published yesterday by the Wall Stree Journal, Robinhood Markets Inc. is being investigated for civil fraud.
The investigation is being conducted because of its agreements with high-speed commercial companies. In fact, the report notes that the crypto platform could pay more than $10 million in fines if it agrees to settle the SEC investigation.
However, as of yet, the SEC and Robinhood have not conducted formal negotiations.