Cryptocurrency price news – Bitcoin price slumps as Ethereum, Cardano, Tether and Binance Coin altcoins traded green

BITCOIN slumped slightly following an error by a data provider run by Wall Street big-hitters, which showed a 90 per cent plunge in Bitcoin.

Pyth, which provides financial data to a number of major investment firms, confirmed in a tweet on Monday that a glitch was behind the issue.

The blunder did not turn up on other platforms, meaning only Plyth customers were affected.

It’s hard to tell if the glitch had an impact on Bitcoin’s market price, or whether it impacted investors.

As of Thursday, Bitcoin’s value was sitting at around $43,000.

CoinBase may soon eclipse Bitcoin in the crypto space.

“Coinbase brings a different level of credibility to the space, being the only publicly listed company in the cryptocurrency industry,” AMBCrypto reported.

Read our cryptocurrency live blog for the latest news and updates…

  • WHAT IS SHIBA INU COIN, CONTINUED

    Whether you’ve already invested or not, keep in mind that making money through cryptocurrencies or other investments is never guaranteed, even with a popular one like Shiba Inu.

    Cryptocurrencies are especially volatile, so their values can crash with little to no notice.

  • WHAT IS SHIBA INU COIN?

    Shiba Inu is a cryptocurrency token that allows users to hold trillions of them.

    The tokens feature the same Shiba Inu dog as Dogecoin, which has risen massively in popularity recently.

  • WHO FOUNDED ALCHEMY PAY?

    The cryptocurrency was co-founded by payments industry veterans Molly Zheng, Shawn Shi and John Tan.

    Trading for Alchemy Pay first began in September 2020.

    According to Alchemy Pay, it is the “world’s first” hybrid crypto and fiat payment gateway.

    Through Alchemy Pay, users are allowed to receive payments in the local currency of their choice, regardless of how it is sent.

  • WHICH COUNTRIES MIGHT ADOPT BITCOIN?

    Other potential adopters of Bitcoin may soon include the likes of Brazil, Argentina, and Nicaragua, all of which have either voiced support for El Salvador’s adoption of Bitcoin or have politicians and populations that are broadly supportive of cryptocurrency.

    Jeff Bandman, a cryptocurrency and digital assets expert, told Forbes: “For some countries seeking an alternate path to pegging their currency to the dollar, sterling or euro, an intriguing choice is whether to outsource monetary policy to the Bitcoin algorithm. 

  • GIVEAWAY SCAMS

    Giveaway scams often pose as celebrities or well-known figures and ask victims to send Bitcoin, promising to send back a much larger amount.

    Many giveaway scams are marketed over social media, attempting to connect through Facebook, Twitter, or Instagram.

    For instance, victims reported sending more than $2million to scammers impersonating Elon Musk.

  • EXPERTS ‘OPTIMISTIC’ ABOUT BITCOIN’S FUTURE

    Maggie Wu, the CEO of blockchain venture capital firm Krypital Group, says challenges in Bitcoin adoption do exist, however told Forbes she’s optimistic about its future.

    “I believe that Bitcoin adoption is conceivable, especially in the relatively small developing countries with inadequate monetary systems where the recognition of digital currencies there is relatively high,” she said.

  • SHIBA INU STRIVES TO BE ALTERNATIVE TO DOGECOIN

    Shiba Inu coin now operates on its own Etherem blockchain.

    The currency strives to be an Ethereum-based alternative to Dogecoin by supporting an NFT art incubator and other projects on its decentralized exchange known as Shibaswap, according to Yahoo! Finance.

  • EXPERTS WEIGH IN ON ALCHEMY PAY AND BINANCE

    Shaun Heng, vice president of growth and operations at CoinMarketCap told The Sun that it’s challenging to assess the risk of many crypto projects like Alchemy Pay.

    And while he isn’t a fan of Alchemy Pay’s crypto-linked cards, he did tout one its partners Binance, which is the largest crypto exchange by trading volume globally.

    Heng said: “The partnership with Binance is most definitely a good sign of validation for the project.”

  • WHAT IS SOLANA?

    Solana is a challenger to Ethereum as the blockchain of choice for building decentralized applications.

    Similar to rivals such as Cardano, the project claims to offer a faster and more efficient alternative.

    The idea and initial work of Solana began in 2017, but it didn’t officially launch until March 2020.

  • PYTH APOLOGIZES

    In a series of tweets on Wednesday, Pyth apologised for the mishap.

    “We are communicating with Pyth partners and data providers to ensure transparency, accuracy, and confidence in Pyth,” the platform wrote.

    “We know our users depend on us and we’re working with affected partners on remedying the situation.

    “Better developer documentation and guidelines on the usage of the Pyth oracle are underway, stay tuned.

    “We deeply thank the community for the support you have shown us. Pyth will keep building toward the promise of delivering trustworthy, high-fidelity financial information.”

  • NOTHING TO WORRY ABOUT

    A number of Bitcoin fanatics sounded the alarm online, but it turned out they had nothing to worry about.

    Pyth, which provides financial data to a number of major investment firms, confirmed in a tweet on Monday that a glitch was behind the issue.

    The blunder did not turn up on other platforms, meaning only Plyth customers were affected.

    The platform is an industrial-grade source for pricing information on stocks and cryptocurrencies.

  • FALSE ALARM WOULD’VE BEEN ‘WORST DROP IN HISTORY’

    Investors were sent into panic this week after a data provider run by Wall Street big-hitters showed a 90 per cent plunge in Bitcoin.

    According to Bloomberg, an error on Monday caused the platform Pyth to incorrectly show that the price for Bitcoin was down to about $5,400.

    That would have represented a catastrophic drop from around $50,000 earlier this month.

  • ETHEREUM CO-FOUNDER MAKES TIME 100 LIST

    One of the co-founders of Ethereum, Vitalik Buterin, was named one of Time magazine’s 100 Most Influential People of 2021.

    Former executive chair of Reddit Alexis Ohanian praised him in a write-up for the piece.

  • HACKERS STEAL $600MILLION

    Hackers have stolen $600 million in a daring cryptocurrency heist after spotting a “vulnerability” in a blockchain site.

    In one of the world’s biggest ever thefts, the cyber criminals exploited a weakness in Poly Network, a platform that looks to connect different blockchains so that they can work together.

    The site said the hackers have taken thousands of digital tokens such as Ether.

  • CRYPTO AUDIO STREAMING

    Audius is a crypto-powered music streaming platform.

    It’s owned and controlled by token holders and its tokens are called Audio.

    According to Audius, more than 5.3million people have used the platform this month.

    Audio has been listed on CoinMarketCap since October 2020, and has rocketed in value following a deal with Chinese-owned social media giant TikTok.

  • WATCH OUT FOR THESE FRAUDULENT CRYPTO APPS

    Cyber experts have told users to delete several cryptocurrency apps after they were branded “malicious”.

    Users should remove apps including Bitcoin Miner – Cloud Mining, Ethereum – Pool Mining Cloud, Bitcoin 2021, and Crypto Holic – Bitcoin Cloud Mining.

    The cryptocurrency apps are fake and trick victims into watching ads and paying money, according to TrendMicro.

  • ARE SANCTIONS COMING FOR CRYPTOCURRENCIES?

    The Biden administration is reportedly preparing to issue sanctions to make it more difficult for hackers to profit off of ransomware attacks using digital currency.

    The Wall Street Journal reported that the Treasury Department may issue the new sanctions as early as next week.

    They’d reportedly target specific traders and cryptocurrency exchanges in an effort to deter exchanges from processing the transactions when they’re made.

  • LITECOIN VS. BITCOIN

    Litecoin, which was established in 2011 by Google engineer Charlie Lee, operates similarly to Bitcoin.

    Mr Lee on occasions refers to Litecoin as the “silver to Bitcoin’s gold.”

    The two cryptocurrencies act similarly in how their global payment operations are set up. Both are not controlled by financial institutions.

    Like most cryptocurrencies, Litecoin uses blockchain technology for processing and recording transactions.

    While Litecoin is smaller, it is a quicker and cheaper alternative when compared to Bitcoin.

  • WHY ARE CRYPTO MARKETS DOWN?

    The major cryptocurrencies dipped on September 20, following a global sell-off in stock markets.

    It comes after the struggling Evergrande property giant in China sparked wider economic fears.

    Snowed under a huge debt pile, a business default could hurt more than just China’s economy.

    In early September, JP Morgan analysts also warned that the markets were due a correction following “retail investor mania”.

    And in August, hackers stole $600million in a cryptocurrency heist after spotting a “vulnerability” in a blockchain site.

  • WILL ETHEREUM OVERTAKE BITCOIN?

    It’s difficult to say for certain, but it’s possible Ethereum one day overtakes Bitcoin as the dominant crypto, according to Goldman Sachs.

    Last month, the bank said Ether “looks like the cryptocurrency with the highest real use potential as Ethereum, the platform on which it is the native digital currency, is the most popular development platform for smart contract applications,” reports Business Insider.

    Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, added to The Sun: “Bitcoin may boast the strongest brand in the crypto world but it doesn’t provide the same opportunities as a launch pad for decentralised apps.”

  • TOP FIVE RISKS OF CRYPTO INVESTMENTS

    • Consumer protection: Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements. 
    • Price volatility: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
    • Product complexity: The complexity of some products and services relating to cryptoassets can make it hard for consumers to understand the risks. There is no guarantee that cryptoassets can be converted back into cash. Converting a cryptoasset back to cash depends on demand and supply existing in the market. 
    • Charges and fees: Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.  
    • Marketing materials: Firms may overstate the returns of products or understate the risks involved.

     

  • HAS ETHEREUM REACHED $10,000?

    The price of Ethereum (ETH) is currently sitting at $3,084 – up by more than 5% over the past 24 hours, according to CoinMarketCap.

    It’s down 26% since its all-time high of $4,168.70 on May 10, 2021.

    However, it’s up by from $775 on January 1, meaning it has rocketed by around 300% since the beginning of the year.

    But there’s no guarantee the price of Ethereum will rise this much again – or even that it will rise at all as cryptocurrencies are extremely volatile.

    Before Ethereum started rising this year, its previous all-time high was on January 14 in 2018, when it hit $1,291.92.

  • BIDEN ADMINISTRATION SANCTIONS CRYPTO EXCHANGE, CONTINUED

    The Treasury Department for the administration accused Suex OTC, S.R.O. “of facilitating transactions involving illicit proceeds for at least eight ransomware variants,” according to Reuters.

    “Exchanges like Suex are critical to attackers’ ability to extract profits from ransomware attackers,” Treasury Deputy Secretary Wally Adeyemo said in a call with reporters on Monday night.

    The move “is a signal of our intention to expose and disrupt the illicit infrastructure using these attacks.”

  • BIDEN ADMINISTRATION SANCTIONS CRYPTO EXCHANGE

    The Biden administration on Tuesday revealed sanctions against a cryptocurrency exchange in regards to its alleged role in enabling illegal payments from ransomware attacks, according to officials and Reuters.

    It’s reportedly “part of a broader crackdown on the growing threat.”

  • EXPERT SAYS CRYPTO SANCTION SENDS ‘CLEAR SIGNAL’

    “Rogue cryptocurrency exchanges have long been key enablers for ransomware gangs,” Tom Robinson, chief scientist and co-founder of blockchain analysis firm Elliptic said in a statement provided to Reuters.

    “This action by the U.S. government sends a clear signal that it will not tolerate this activity, wherever it is based.”