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Bitcoin And Crypto Price Meltdown Sends Ethereum, Cardano, Solana, BNB, XRP And Dogecoin Sharply Lower

Bitcoin And Crypto Price Meltdown Sends Ethereum, Cardano, Solana, BNB, XRP And Dogecoin Sharply Lower
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collapse ☢️

As global markets brace for the fallout from the potential collapse of embattled Chinese real estate firm Evergrande, whose shares plunged again this morning, cryptocurrency prices are plummeting — sending the combined cryptocurrency market down below $2 trillion.

the Bitcoin The price is down around 7% at this time yesterday, causing the bulls to abandon their hopes for the history-breaking green September. Bitcoin is retreating away from the closely watched $50,000 mark and is now closer to $40,000 – a line that analysts have repeatedly called a major support level.

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Ethereum Its many competitors are also doing worse, with the price of ether dropping by nearly 9%. Cardano, Binance BNBAnd Solana And dotted All are between 7% and 12% lower.

Ripple XRP It’s also down around 10%, falling below the psychological $1 level, while on the meme Dogecoin It fell to the tenth place in the CoinMarketCap ranking. Dogecoin may soon drop out of the top ten cryptocurrency positions after reaching fourth place earlier this year but its closest competitor, AvalancheIts value should more than double.

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Incoming “set of actions” 🚀

Encryption suppression: Cryptocurrencies are facing a US regulatory expense with lawmakers and regulators preparing to clamp down on the fast-growing industry, according to a number of reports.

Hacked: The Biden administration is “setting up a set of measures, including sanctions, to make it more difficult for hackers to use digital currency to take advantage of ransomware attacks,” The Wall Street Journal It reported last week, citing people familiar with the matter, and claimed that the Treasury could act “as soon as this week.”

go hard: Ari Redboard, a former senior security official at the Treasury, told magazine.

serious talk: Meanwhile, putting stablecoins under regulatory control could be “the most important conversation in Washington’s financial circles this year,” according to The New York Times

right Now
. Stablecoins, which are tied to traditional currencies and real-world assets, are used to facilitate the purchase of cryptocurrencies and have ballooned to a massive $120 billion market in recent years. the right Now It identified the most likely outcomes, including being categorized as a system risk, categorized as “securities,” being treated as money market mutual funds, regulated as if they were banks, and the creation of a competing central bank digital currency (CBDC). ), or a digital dollar.

Getting ready to launch: Officials are also said to be discussing a formal review by the Financial Stability Oversight Board on whether stablecoins pose an economic threat, a process that could lead to stricter oversight, it reported. Bloomberg.

Treat: Tomica Tillman, an aide to Senator Joe Biden who was now head of global policy at a crypto fund run by venture capital giant Andreessen Horowitz, told the newspaper. “This is a big deal.”

Sharing doesn’t bother: In the latest crypto lending drive, authorities in New Jersey and Texas are taking action against cryptocurrency group Celsius Network for allegedly offering unregistered securities, The Guardian reports. financial times on Friday.

🚨 Biggest Blockchain Companies: Forbes Blockchain 50 Call for 2022 nominations

next week 🗓️

👀 All eyes are on the Chinese real estate giant EvergrandeNow on the verge of collapse with crushing debt of $300 billion. Hong Kong-listed shares of Evergrande fell about 20% on Monday morning and many fear its collapse could send shockwaves around the world and in many markets.

💰 This week, the Biden administration could make it more difficult to use Digital currency to take advantage of ransomware attacks, the The Wall Street Journal I reported late last week.

🇨🇦 Canada is holding today Early elections With the latest opinion polls showing that Liberals led by Prime Minister Justin Trudeau are likely to win more seats than conservatives but not a majority. Populist Maxime Bernier of the right-wing Canadian People’s Party put bitcoin on the agenda when he tweeted his support for bitcoin and cryptocurrency last week.

⛈️ it Climate Week in New York With world leaders who are already descending on the city. The event will see a discussion and assessment of progress on climate change ahead of the COP26 Scotland Summit in November. Bitcoin and cryptocurrency mining can be very energy-intensive in action.

🏦 Markets are preparing for A flood of statements by the central bank governor This week, with Federal Reserve Chairman Jerome Powell getting top billing at his press conference on Wednesday, which comes after the Fed’s last two-day policy meeting. Investors will be looking for clues about when the Federal Reserve will begin to scale back its easy monetary policy. The central bank committees will also meet this week in TokyoAnd London And Stockholm.

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The best excerpts from a Bloomberg interview with SBF

Talk to media-loving crypto billionaire Sam Bankman Fried, CEO of derivatives-focused exchange FTX, and Brett Harrison, president of FTX.US. Bloomberg during the Weekend. Here are the main quotes:

📢 “Because a lot of the public controversies we see, I think [calls for regulation are] You’re getting curious”- Harrison

💸 “We will not see the lending markets disappear [due to a crackdown on crypto lending products]I think we’ll see them move elsewhere.” Harrison

❌ “If [solana were to be flooded with transactions] Again today, it will be fine. I think that has been corrected. It’s always sad when that happens, it’s always frustrating – but I don’t think it’s particularly security-related” – Bankman Fried, in Solana’s 17-hour outage last week. Bankman-Fried and FTX have close ties to an ethereum competitor

🌊 “I think… we are well positioned to be a very strong competitor to OpenSea” – Harrison Regarding FTX’s recent moves to launch the NFT market

making waves: Wasted from a single Bitcoin transaction ‘like putting together two iPhones’

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