Crypto News of the Day (9.3.) | Bitcoin fell below $ 8,000, bloody weekend continues • and more
4 min readTable of Contents
Here you can find an overview of the most important events that took place during the last day in the cryptoworld.
Markets
The weekend just ended was marked by a sharp drop in crypto markets. Bitcoin broke $ 8,000, losing $ 1,600 in 48 hours. Massive sales at Bitfinex and elsewhere are still ongoing. Altcoins have also dropped by more than 10% in the last 24 hours. Total market capitalization is now just under $ 230 billion. According to the Fear & Greed index, the mood in the markets is at 17, which marked a significant fall into the area of extreme fear. The last index in these numbers was in December 2018.
You can monitor the current cryptocurrency prices – here.
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Cryptocurrency
- Bitcoin is falling and cryptomarkets with it due to the onset of economic recession in Europe and the US
- Belgian government will sell at a public auction Bitcoin for 125 thousand USD
- Founder of IOTA confirmed that he will pay off the victims of the crypto attack, nearly 2 million USD
- Chainalysis: Only 1.1% of cryptotransactions are associated with unfair activities
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Blockchain, Technology
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Bitcoin is falling and cryptomarkets with it due to the onset of economic recession in Europe and the US
While the economy may enter into a substantial recession, some have hoped for Bitcoin to remain stable. Last week appeared to show Bitcoin having staying power, as it decoupled from the stock market. However, the weekend revealed that the cryptocurrency was following in the footsteps of the Dow with massive losses. On Sunday alone, a decline of more than 10% left traders and Bitcoin faithful reeling.
Amid threats of exiting the market completely, many traders have found themselves holding bags. A host of traders had entered in January, hoping for returns on the pre-halving run-up. However, as outside economic forces pull the plug on growth, the digital asset has seen dramatic losses.
Belgian government will sell at a public auction Bitcoin for 125 thousand USD
Major United Kingdom and Ireland-based auction house Wilsons Auctions is putting $125,000 worth of Bitcoin (BTC) under the hammer later this month. In an announcement Wilsons revealed the auction will be hosted by Wilsons Auctions Dublin on March 24.
The Bitcoin is being sold on behalf of the Belgian Federal government, which seized the cryptocurrency in criminal cases and is now cooperating with Wilsons’ Asset Recovery Department to dispose of the Bitcoin.
The auction will be unreserved, i.e. without a minimum price set for the winning bid.
Founder of IOTA confirmed that he will pay off the victims of the crypto attack, nearly 2 million USD
On Feb. 12 Iota (MIOTA) suffered an attack targeting its official desktop wallet. The Iota network went offline on the same day, and has remained down since. David Sønstebø, the founder of Iota, revealed that he will personally fully repay all 46 victims of last month’s Iota hack to the tune of 8.52 million MIOTA — worth roughly $1.97 million at the time of writing.
Cointelegraph spoke to David directly, who confirmed that he will reimburse all affected users from his own pocket, and that the Iota Foundation remains on track to relaunch the network on March 10th.
Chainalysis: Only 1.1% of cryptotransactions are associated with unfair activities
Reputable blockchain forensics firm Chainalysis has found that only 1.1% of the over USD 1 trillion of cryptocurrency transactions in 2019 involved illicit activity. Equivalently, 98.9% of all crypto transactions in 2019 involved legitimate and above board activity.
Bitcoin and cryptocurrency has often been lambasted as being a haven for criminals and terrorists, but this data clearly shows that these accusations can be put to rest, since 98.9% of all crypto transactions have nothing to do with illegal activity, not to mention the fact that any currency, such as fiat, can be used by criminals.
China’s central bank will pour $ 47 million into the blockchain trading platform
The People’s Bank of China (PBoC) has secured $4.7 million in funding from China’s central government for its blockchain trade finance platform. The funding will be administered over three years and has been designated for research and development projects.
The blockchain platform was initially revealed by the PBoC in Shenzhen during September 2018. The platform is intended to facilitate transfers and create an untamperable ledger for secure information sharing between businesses and government departments.
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