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Peter Davis

An writer at FOMOdrive

  • Sep 04, 2023
  • 3 min read

Bitcoin crashes below $26,000 - what's going on?

The SEC's decision caused Bitcoin to drop below $26,000.

The Ethereum chart has formed a "death cross".

Bitwise has decided to rescind its proposal to introduce an ETF based on Bitcoin and Ethereum.

The ex-chief of the Securities and Exchange Commission (SEC) predicted that the authorization of a Bitcoin Exchange Traded Fund (ETF) is unavoidable.

Over the course of the week, Toncoin (TON) experienced an increase of 26%.

At the end of the week, Bitcoin dropped below the $26,000 mark, which had been acting as a support. This decrease was due to the US Securities and Exchange Commission (SEC) postponing their decision on applications to introduce Bitcoin ETFs until mid-October at the earliest.

After the SEC's decision, Bitwise, an investment company, has pulled back its proposal to introduce an ETF based on a combination of Bitcoin and Ethereum.

Jay Clayton, the former Chairman of the Securities and Exchange Commission (SEC), declared that the regulator will eventually give the green light to a Bitcoin exchange-traded fund (ETF). He noted that the distinction between futures and spot products cannot remain in place indefinitely.

A "death cross" technical analysis pattern has formed on the daily chart of Ethereum, when the 50-day moving average crossed below the 200-day moving average from above. In the past, Ethereum has experienced six of these "death crosses", with only three of them accurately predicting a decline in the asset. It is possible that a similar pattern may appear on the Bitcoin chart in the coming weeks.

Max Kaiser, a presidential adviser and bitcoin enthusiast from El Salvador, believes that the world is on the brink of a global economic crisis. He believes that the collapse of the fiat money system and the rapid inflation will lead to an increase in the role of bitcoin in the financial world.

In China, a court has acknowledged cryptocurrency as a legally protected asset, even though trading in crypto assets has been prohibited in the country since 2017. Interestingly, The Wall Street Journal reported that China is responsible for one-fifth of Binance's trading volume.

Kaiko drew attention to a slight but steady deviation of the USDT from the US dollar in August, which is a cause for concern. Meanwhile, the quotes of USDT's competitors remained more stable overall.

A KuCoin crypto exchange report has revealed that 52% of Turkish citizens aged 18 to 60 have invested in cryptocurrencies due to the high inflation rate in the country. This figure has increased by 12% in the past 1.5 years.

A Brazilian YouTube blogger, while reviewing blockchain games, made a costly mistake when they accidentally displayed a seed during a broadcast, resulting in the loss of $60,000 worth of MATIC and ETH cryptocurrencies.

Over the past week, Toncoin (TON) has seen a growth of 26%, taking the top spot in growth among the top hundred cryptocurrencies. This has caused the token to soar to 11th place in the CoinMarketCap ranking by capitalization. In August, the number of registered addresses in the project network surpassed 3.2 million.

After the implementation of restrictions on Russian citizens trading through the Binance P2P service, a mass mailing of letters was initiated with an offer to bypass the restrictions - and included phishing links.

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