Bitcoin prices slumped over the weekend, falling to a low of $50,000 on Sunday before rebounding, as a flash crash impacted leading cryptoassets.
Bitcoin, Ethereum and XRP, as well as most other major altcoins, were all hit by a sudden flash crash early Sunday morning, sending prices down sharply.
Power outages in China, which consequently caused a huge drop in the bitcoin network hashrate, are being cited as a potential reason for the big pullback.
Prices have climbed off lows overnight, with bitcoin back above $56,000 this morning, and peers such as Cardano also recovering, although both are around 10% off all-time highs.
Ethereum hard fork sends price to record high
Ethereum surged above $2,500 a Coinbase has completed its IPO in the US as the cryptoasset market continues to enter mainstream financial markets.
Ben Laidler, eToro’s global market analyst, said: “The Coinbase IPO is significant for a few reasons. Firstly, it reflects the institutionalisation and development of the crypto industry. “
“Secondly, it demonstrates how public markets are changing. We’ve seen a record number of US IPOs raising money through non-traditional approaches, such as direct listings and SPACs. “
“Lastly, it gives people a vehicle to gain exposure to the crypto market without having to invest in cryptoassets themselves. The stock can be included in pension funds and trackers that previously could not directly include cryptoassets, thereby further opening up the crypto market to an entirely new pool of capital.”
Binance Binance platform has completed its 15th quarterly binance ledger, and it is these that the exchange plans to make public in the form of NFT’s, following similar moves by a variety of different businesses across the world of sports and entertainment.
NYSE President Stacey Cunningham said in a LinkedIn post: “Only one of those messages marks the NYSE First Trade: the exact moment a company became public, creating an opportunity for others to share in their success.”
“The NYSE First Trade NFT memorializes that unique moment in a company’s history.”
TIME Magazine partners with Greyscale
TIME Magazine’s President has announced the world-famous publication is partnering with Grayscale Investments to produce a video series on cryptoassets.
In yet another endorsement of the long-term potential of cryptoassets, TIME Magazine said it had partnered with Grayscale Investments to not only launch the educational video series, but also be paid in bitcoin, as well as committing to keep the cryptoasset on its balance sheet.
Founded in 1923, TIME Magazine has over 20 million subscribers worldwide, and is one of the most recognisable publications globally.
Grayscale CEO Michael Sonnenshein tweeted on Monday that he was “thrilled” to be partnering with TIME magazine, adding that the deal to pay TIME in bitcoin was “a first for our media partnerships”.
Societe Generale issues first structured product security token
French investment banking giant Societe Generale (SocGen) has issued the first structured product as a security token, directly registered on the Tezos public blockchain.
SocGen, which launched the token via its Forge division, says the transaction demonstrates the legal, regulatory and operational feasibility of issuing more complex financial instruments on a public blockchain.
The drive behind the token is to use the increased efficiency and fluidity of financial transactions that blockchain can bring. SocGen said the new structured product benefited from an unprecedented capacity of product structuration, a shortened time-to-market, automated corporate actions, increased transparency, and speed in transactions and settlements.
The launch follows a covered bond security token issuance on Ethereum, settled in euros, in 2019, and a second such issuance settled in CBDC issued by Banque de France last year.
This is a marketing communication and should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without having regard to any particular investment objectives or financial situation, and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past performance of a financial instrument, index or a packaged investment product are not, and should not be taken as a reliable indicator of future results.
All contents within this report are for informational purposes only and does not constitute financial advice. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared utilizing publicly-available information.
Cryptoassets are volatile instruments that can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework. Your capital is at risk.
Image by WorldSpectrum from Pixabay
Source: NewsBTC.com
