Crypto Market Analysis: 14th September 2021

Both bitcoin and ether are trading at lower levels after the flash crash of 7 September. Bitcoin saw the biggest fall in value following the collapse of Tuesday. Having traded close to $53,000 the cryptoasset plummeted to as low as $43,000 within 12 hours. The price of BTC has been trading in this range since and this morning sits around $44,700. Ether meanwhile saw a similar selloff, erasing the cryptoasset’s entire/total gains for September. ETH began a run around 1 September that saw it rise from trading levels of around $3,200 to just below $4,000. It is now however back trading around $3,300. Cardano Twitter phishing scam warning Scam detectors are warning of a new phishing scam affecting Twitter users. The scam generates from Russia according to Cardano Phishing Bot on Twitter and appears to be targeting prospective Cardano investors. The elaborate scam seems to be using old recordings of Cardano founder Charles Hoskinson to dupe would-be investors into sending amounts of ADA to the scammers. The scam purports to be an ADA ‘lottery’. Victims are encouraged to enter the jackpot with at least 1,000 ADA to be in with a chance to win 1,000,000 ADA. There is however no jackpot, and anyone participating will lose all their tokens. With scams becoming increasingly sophisticated in nature, crypto investors have to be ever-more vigilant to the risks of spurious offers. Bitcoin flash crash mars El Salvador launch On the day bitcoin became legal tender in the Central American nation of El Salvador, the price of bitcoin plummeted by over $7,000 in seconds. The day saw a spike of liquidations as the token was adopted as an official currency of the country, with Salvadorans now allowed to transact for everyday items in the cryptoasset. The single largest liquidation saw around $43 million of value cashed in, per Cryptopotato. Some $3.5 billion of bitcoin was liquidated in 24 hours. Adoption in the country has allegedly not been plain sailing, with Salvadorans queuing at cash machines to withdraw US dollars, according to Financial Times. Ukraine legislates for crypto Ukraine’s parliament has legislated to adopt formal regulations for crypto exchanges in the Eastern European country. Cryptoassets were legally recognised for the first time with the legislation with Ukraine’s Ministry of Digital Transformation overseeing the implementation of new regulations. Digital assets will now be allowed to launch within Ukraine, plus allowing banking institutions to create current accounts to hold crypto for firms, according to Anastasia Bratko of the Ministry of Digital Transformation. The ministry also announced it was looking to draw new tax revenues from the crypto industry as it burgeons in the country. 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 which 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 jorono from Pixabay