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Stocks and Bitcoin Crash On Escalating Job Fears: The Weekly Crypto Market Update

The events of the past seven days took a turn for the worst throughout the entire cryptocurrency market. Bitcoin started the week trading at around $11,500 and managed to advance to a peak of around $12,050 a few days later. And that’s when it went downhill. In less than two days, BTC lost around $1,500 […]

The post Stocks and Bitcoin Crash On Escalating Job Fears: The Weekly Crypto Market Update appeared first on CryptoPotato.

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The events of the past seven days took a turn for the worst throughout the entire cryptocurrency market. Bitcoin started the week trading at around $11,500 and managed to advance to a peak of around $12,050 a few days later.

And that’s when it went downhill.

In less than two days, BTC lost around $1,500 of its value, bringing the price down to its current level of $10,500. However, the primary cryptocurrency spiked to a low of $9,875 on Binance before recovering, taking all large-cap altcoins with it, with an exception of TRON’s TRX.

DeFi coins, which received most of the attention, are also bleeding out. Their frontrunner, the governance token of Yearn Finance, YFI, peaked at around $39,000 only to decrease to where it’s currently trading at $26,400.

Irrespective of the above, one of the landmark events of the last seven days were the astronomic fees on Ethereum’s network. As CryptoPotato reported, the fees charted continuous all-time highs, largely induced by the DeFi craze. Multiple users reported fees upwards of $100 for simple staking transactions, giving merit to the notion that DeFi is becoming profitable only for whales.

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Multiple DeFi protocols saw investors staking millions in a matter of hours, pursuing unseen yield percentages, completely ignoring the risks of their unaudited protocols. Examples include one of the latest trending platforms called SushiSwap – a fork of Uniswap with an included reward token.

It’s interesting to see how the market will progress in the following week. While Bitcoin managed to recover, for now, the CME gap down at $9,600 remains unfilled, prompting many to believe that it’s the next bearish target.

Market Data

Market Cap: $338B | 24H Vol: 148B | BTC Dominance: 56.9%

BTC: $10,441 (-2.67%) | ETH: $382,70 (-4.56%) | XRP: $0.251(-3.11%)

marketupdate_post

Binance Futures Open Interest Crossed $1 Billion in August. Data from the Binance August trading report reveals that the open interest for cryptocurrency futures surged to over $1 billion on two separate occasions during the month of August 2020. Indeed, the month was filled with tumultuous action and serious volatility.

Why Bitcoin Cash Holders Are in For More Free Coins This November. Bitcoin Cash’s network might undergo a hard fork during November. This might result in BCH holders receiving additional cryptocurrency as a result. Their market performance, however, is anyone’s guess.

Adoption: Pornhub Premium Now Accepts Bitcoin and Litecoin for Payments. The HD arm of the popular adult website Pornhub – Pornhub Premium, has announced that it accepts Bitcoin and Litecoin as a means of payment. This is a serious step towards the overall mass adoption of cryptocurrencies.

Coinbase Welcomes Andreessen Horowitz Co-Founder to Board of Directors. The leading US-based cryptocurrency exchange, Coinbase, announced new members to its board of directors. One of them is Marc Andreessen, the co-founder of the venture capitalist firm Andreessen Horowitz.

Short Bitcoin (SBTC) ETP Launched on Germany’s Xetra Electronic Exchange. 21 Shares’ Short Bitcoin ETP (SBTC) was listed on Xetra – a digital exchange operated by the Frankfurt Stock Exchange. This will provide investors in Europe with exposure to the inverse movement of Bitcoin’s price.

Blood Bath: Total Market Cap Shrunk $23 Billion as BTC Lost 5% and ETH 15%. The past two days were particularly unproductive for the cryptocurrency market as Bitcoin and Ethereum both lost major chunks of their USD value. The entire market cap is also down considerably as it seems to follow the movement of global stock indices.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Tron, and Tezos – click here for the full price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/stocks-and-bitcoin-crash-on-escalating-job-fears-the-weekly-crypto-market-update/

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Circle K to Host Bitcoin ATMs Across its Convenience Stores

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Major bitcoin ATM operator Bitcoin Depot has inked a long-term partnership deal with convenience store chain Circle K to install Bitcoin kiosks in the United States and Canada.

Bitcoin Depot and Circle K Partner to Install Bitcoin ATMs

Bitcoin Depot announced the deal via a press release on Thursday (July 22, 2021). According to the company, there are more than 700 Bitcoin ATMs already installed in Circle K locations in 30 states across the U.S.

The partnership provides individuals with a more convenient way to purchase bitcoin, thereby encouraging widespread adoption of the flagship cryptocurrency. Bitcoin Depot already has over 3000 BTC ATM kiosks located in almost every state in the U.S. and also allows users to buy more than 30 cryptocurrencies, including BTC, ETH, and LTC.

Speaking on the latest development, Brandon Mintz, CEO of Bitcoin Depot, said that the partnership deal with Circle K enables the crypto ATM company to expand its services internationally. Mintz also said that the installation of the Bitcoin ATMs would grow the number of customers visiting the convenience store chain while providing financial access to “underserved communities.”

Circle K’s Senior Vice President Global Merchandise and Procurement, Denny Tewell, also made a statement, saying:


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“At Circle K, we are passionate about making our customers’ lives a little easier every day, and we are continually looking at ways to enhance their experience in our stores and be their favorite shop for a growing range of needs and occasions.”

Tewell  added:

“Our partnership with Bitcoin Depot further builds on this commitment, giving our brand an important, early presence in the fast-growing cryptocurrency marketplace as a convenient destination where customers can buy Bitcoin.”

Bitcoin ATMs Continue Exponential Growth

The growth of crypto ATMs globally signals an increasing demand for bitcoin and other cryptocurrency assets. According to data from Coin ATM Radar, there are currently 23,915 crypto ATMs in 75 countries, up from 11,665 ATMs recorded in November 2020. This shows that the number of machines has more than doubled in eight months.

Statistics further show that the United States continues to lead with over 21,000 Bitcoin ATM locations, controlling more than 86% of the market. Canada comes second with BTC ATMs installations in 1696 locations, amounting to 6.8% of the world total.

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Source: https://cryptopotato.com/circle-k-to-host-bitcoin-atms-across-its-convenience-stores/

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Jack Dorsey Sees Bitcoin as a Big Part of Twitter’s Future

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Jack Dorsey, the CEO of Twitter – one of the largest social media platforms on Earth – said that Bitcoin will be a big part of the company’s future.

  • Yesterday, July 22nd, Twitter published its Q2 2021 letter to shareholders, as well as its Q2 Earnings Conference Call.
  • During the call, Jack Dorsey discussed many things, but Bitcoin and digital currencies took somewhat of a central stage, especially in light of current events and the fact that he’s been talking about it quite a bit.

I think this [read: Bitcoin] has a big part of our future. I think there’s a lot of innovation above just currency to be had, especially as we think about decentralizing social media more and providing more economic incentive. So I think it’s hugely important to Twitter and to Twitter shareholders that we continue to look at the space and invest aggressively in it. – Said Dorsey.

  • He also stressed on the fact that if there were a global currency of the Internet, Twitter would benefit a lot because it could move quickly with some of its products such as the Tip Jar, Subscription, Commerce, Super Follows, and so forth.
  • The CEO has been quite vocal about the importance of Bitcoin and its mass adoption.
  • Earlier, as reported by CryptoPotato, the CEO revealed that his financial services company, Square, plans to build a hardware Bitcoin wallet to improve and spread its adoption.
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Source: https://cryptopotato.com/jack-dorsey-sees-bitcoin-as-a-big-part-of-twitters-future/

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‘Wolf Of Wall Street’ Jordan Belfort: Elon Musk Is Filthy Rich To Pump And Dump Bitcoin

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Binance CEO CZ Lambasts Tesla CEO Elon Musk For 'Irresponsibly' Manipulating The Crypto Market

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Jordan Ross Belfort, best known as the “Wolf of Wall Street” portrayed by Leonardo DiCaprio, doesn’t believe that Tesla/SpaceX CEO Elon Musk really manipulates crypto prices contrary to countless claims.  

Speaking with Fox Business on Thursday, Belfort posited that Musk is stinking rich to be pumping and dumping dogecoin, bitcoin, or other cryptocurrencies in order to make a quick buck off of it. 

“I like Elon Musk and I think he’s rich enough. He doesn’t have to make an extra few dollars pumping and dumping.”

Jordan Belfort, the former Wall Street penny-stock broker who pleaded guilty to stock market fraud in 1999, explained that while Musk himself might not be pumping and dumping, traders might be using his endorsement and they pump and dump around the hype that the billionaire tycoon creates.

Musk, famous for his odd-timed tweets, has constantly been accused of being a master manipulator. Notably, his tweets on major cryptocurrencies like DOGE and BTC, have sent their prices up and down within seconds.

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At The B Word conference held on Wednesday, Musk shared details of the three cryptocurrencies that he personally owns as well as the cryptos held by his two companies. He also admitted that he might occasionally pump crypto prices, but he doesn’t dump. “If the price of bitcoin goes down, I lose money,” Musk explained.

The Tesla chief went on to state that he is interested in seeing bitcoin succeed — not just getting the price high and cashing out at higher prices.

Belfort, however, maintains that Musk is most likely “inadvertently being used” to pump and dump cryptocurrencies. 

Belfort Is Hoping Bitcoin Price Rips Lower

During his interview, Belfort also affirmed that he is invested in bitcoin (BTC), and ethereum (ETH) and is in it for the long haul. In fact, he hopes the price of the bellwether cryptocurrency falls again to as low as $5K per coin so that he can grab some more.

“I would love it to go lower because I’m a long-term investor so I don’t care if it goes up or down in the short term. I would love it to go back to $5000 and buy a ton of it here and that would be a great thing.”

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BTCUSD Chart By TradingView

At the time of publication, the bitcoin price is in the process of attempting a sustained breakout above $32,400 where the price has been hovering for 48 hours or so.

The Wall Street criminal-turned-author also noted that no one actually knows where the price of bitcoin goes next and if anyone says they do, they are definitely lying.

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Source: https://zycrypto.com/wolf-of-wall-street-jordan-belfort-elon-musk-is-filthy-rich-to-pump-and-dump-bitcoin/

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