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Bitcoin price: Why did Bitcoin drop along with values of Ethereum, Cardano, XRP? Why is crypto crashing?

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After rising to more than $ 52,000 just last week, Bitcoin prices fell to around $ 45,000 on Wednesday after El Salvador officially introduced the main coin as legal tender on Tuesday, September 7th.

The nearly 14% decline in Bitcoin price was reflected in cryptocurrency prices across the board – with falling values ​​of XRP Ripple, Ethereum and Cardano contributing to a $ 400 billion wiping out of the crypto market.

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This follows a period of renewed confidence in the coin as it headed for a much-anticipated return to a $ 1 trillion cap, peaking at $ 64,000 in April 2021.

Bitcoin price drops along with the values ​​of Ethereum, Cardano, XRP – is crypto crashing? (Image credit: Getty Images)

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Best cryptocurrency 2021: top performing crypto coins, Bitcoin and Dogecoin price …

Here are the latest prices of Bitcoin, Ethereum, Dogecoin, and more today as the cryptocurrency crash continues.

How Much Is Bitcoin Worth Today?

As of 8:45 a.m. today (Sep 8), the price of Bitcoin hovered around $ 45,362.73, or £ 32,963.05, according to CoinDesk.

While the market capitalization of the cryptocurrency was around $ 946.08 billion, or £ 693.45 billion, on Aug. 23, it had fallen to $ 853.25 billion by Wednesday morning.

At the time of writing, Bitcoin had lost $ 7,044.33 in the past 24 hours – a decrease of 13.44%.

On Tuesday morning just before 4 a.m., the coin traded at $ 52,722.34, or around £ 45,327.24.

Bitcoin’s dramatic slump clashed with El Salvador’s controversial acceptance of the coin as a form of legal tender – with President Nayib Bukele’s appreciation for Bitcoin encountering some confusion and protest in the country.

El Salvador’s digital wallet, Chivo, faced technical difficulties and dragged into downtime on Tuesday after it collapsed amid user demand and registrations.

El Salvador citizens were encouraged to log into the wallet and claim $ 30 in free BTC to download it, but it proved difficult to download the app from the Apple, Huawei, and Google Play stores.

Geoff McCabe, chairman of the Divi Project decentralized payments ecosystem and a member of Brock Pierce’s delegation, who met with the Salvadoran government to discuss the legal tender adoption of Bitcoin, commented: “This is a landmark moment in crypto history and important that it succeeds.

“It will validate the utility of Bitcoin (and crypto in general) and its power to restore financial and economic sovereignty to nation states and the individual.”

McCabe added, “The success in El Salvador is likely to have a domino effect.

“People are tired of the overwhelming power of the US dollar and decades of bullying.

“The delegation has been contacted by 20-30 countries who want to know more about what is going on in El Salvador and how to emulate it in their own country.”

When was the last big crypto crash?

In June, the Chinese government cracked down on sizeable crypto mining operations in Sichuan province, demanding that Chinese banks and payment channels stop supporting decentralized and anonymous crypto transactions.

This resulted in Bitcoin prices falling below $ 30,000 in a dramatic slump due to its rapid success.

The cryptocurrency has continued to rise and fall as other global administrations and regulators consider legislation to curb increased crypto activity, often attributed to money laundering and crime.

Following the move by the Chinese state, countries like South Korea have also committed to tackling the surge in money laundering via cryptocurrencies, while the Metropolitan Police announced that it has successfully completed a huge UK cryptocurrency money laundering operation.

In July, the Met seized a £ 180 million cryptocurrency operation in the UK’s largest cryptocurrency seizure to date.

In turn, cryptocurrency exchanges like Binance have felt the heat around the world as regulators and governments have begun to closely monitor the operation of such platforms following the global crackdown on cryptos.

The result of this was that bitcoin’s highest prices were cut in half in June, with the coin struggling to break out of the low to mid-range price range of $ 30,000 until it was spotted by Tesla founder Elon Musk at his appearance at the major Bitcoin conference received a welcome boost in July.

The bullish surge and increased confidence in Bitcoin will likely cause Bitcoin to stay at prices around the $ 50,000 mark, but with heightened resistance as it faces the $ 14,000 mark between its current price and April’s all-time high to regain.

What are the prices of Ethereum, Cardano and Ripple today?

Since all coins tend to move with Bitcoin, ether traded more than 15% in the past 24 hours at $ 3,284.50

£ 2,386.08 at 9 a.m. on Wednesday (September 8th).

Ethereum is a popular cryptocurrency that is synonymous with the rising crypto trend of NFTs. Ethereum hit an all-time high of $ 4,382.73, which it hit in the May cryptocurrency boom, but has struggled to return to that high since then.

The hype about the popular Memecoin Dogecoin Seemed to be decreasing lately as new altcoins took center stage.

Dogecoin was trading -19% in the past 24 hours at $ 0.241361 (GBP 0.175340) on Wednesday morning.

In the meantime, Cardano (ADA) Prices are hovering around $ 2.28 (£ 1.65), XRP ripple at $ 1.06 (0.767609) and Stellar at $ 0.313361 (£ 0.227646)

from 9.15 a.m. on Wednesday.

XRP and Stellar were the major cryptocurrencies that led the recent market crash, with values ​​of both up over 20% in the past 24 hours.

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Cryptocurrency

US Senator Calls On SEC Chairman To Provide Regulatory Clarity On Cryptocurrencies – Regulation Bitcoin News

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A US senator has asked the chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, to provide clear guidance on cryptocurrency regulation. The Senator stated that in many enforcement actions, “the SEC has failed to identify the securities involved or the reasons for their status as securities, which would have provided much-needed public regulatory clarity.”

US Senator wants the SEC to provide clear guidelines on crypto regulation

Senator Pat Toomey, ranked member of the U.S. Senate Committee on Banking, Housing, and Urban Development, wrote a letter to SEC Chairman Gary Gensler on Friday regarding the regulation of cryptocurrencies.

His letter followed Gensler’s testimony before the Senate Banking Committee last week. Toomey began:

I’m writing to address the concerns I raised at the hearing about the need for regulatory clarity around emerging technologies such as cryptocurrencies, including stablecoins.

“In order for investors to benefit from a fair and competitive market, regulators must proactively provide rules on how to get to industry,” the Senator said that the SEC “has instead adopted a strategy of regulation through enforcement in this area.” To date, the commission has launched more than 75 enforcement actions against the crypto industry, fines and penalties totaling more than $ 2.5 billion against crypto companies and individuals.

At the Senate hearing, Gensler extolled “the SEC’s success in pursuing crypto-related enforcement measures.” Toomey noted, however, that “in many of these enforcement actions, the SEC failed to identify the securities involved or the reasons for their status as securities, which would have provided much-needed public regulatory clarity.”

SEC Commissioner Hester Peirce is also concerned about the SEC’s approach to crypto regulation. She criticized her own agency in August for taking an enforcement-oriented approach to crypto regulation.

The Senator from Pennsylvania noted that the SEC’s approach was tied to Gensler’s belief that “the likelihood is pretty slim” that a given cryptocurrency platform has no securities. For example, Gensler told Senator Elizabeth Warren at the hearing that the Nasdaq-listed crypto exchange Coinbase (Nasdaq: COIN) could have dozens of tokens, which could be securities.

Recently, Coinbase was forced to abandon its plan to launch a loan product after the SEC threatened legal action and the company alleged it had received no explanation from the regulator. In the meantime, the security guard is in an ongoing proceeding with Ripple Labs and its executives as to whether XRP is a security.

Senator Toomey emphasized:

The SEC has a responsibility to do more than just provide probabilistic estimates.

The Senator concluded his letter with a list of questions for Gensler to answer for additional guidance on crypto regulation.

What do you think of Senator Toomey asking SEC Chairman Gensler to provide clear guidance on crypto regulation? Let us know in the comment section below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer of Liability: This article is for informational purposes only. It is not a direct offer or solicitation to make an offer to buy or sell, or a recommendation or endorsement of any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Crypto plunge a wake-up call — and tax opportunity — for investors

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A detail of the statue of Satoshi Nakamoto, a presumed pseudonym of the inventor of Bitcoin, in Budapest, Hungary.

Janos Sorrow | Getty Images News | Getty Images

The price of popular cryptocurrencies like Bitcoin and Ethereum fell on Friday after Chinese officials stepped up crackdown and essentially ruled crypto illegal.

Government intervention, while substantial, does not necessarily mean that financial advisers believe investors should run into the mountains. But it’s another reminder that crypto holdings are subject to wild fluctuations in price, they said.

“I wouldn’t call this the end of the world,” said Leon LaBrecque, accountant and certified financial planner with Sequoia Financial Group, based in Akron, Ohio. “It’s just a wake-up call.”

“This should be in recognition of the fact that it is a volatile asset and that all the ups and downs are a match,” he said.

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This volatility opens up opportunities for tax planning that may only be a few months away, advisors said, depending on the Democrats’ final compromise on federal tax law.

Bitcoin prices had fallen 6% to around $ 42,000 at 3 p.m. ET Friday afternoon. Ether, the second largest digital currency, fell more than 8% to around $ 2,890.

The People’s Bank of China terrified investors after declaring all crypto-related activity illegal. These activities include, for example, trading services and foreign exchanges. This is the latest move in the country’s wider crackdown on digital currencies.

The ban on Bitcoin and other cryptocurrencies can be of concern for current and prospective investors as the government limits buyers for a significant segment of the world’s population, advisors said. And other governments are likely to have additional regulations as well, they said.

But these can’t make much of a difference in terms of long-term prices. A daily slump in crypto costs, which may feel significant at this point, is likely just part of a longer-term price correction towards an average price, advisors said.

“Will government regulation make cryptocurrencies volatile? Yes,” said Wayne Wilbanks, managing principal and chief investment officer at Wilbanks Smith & Thomas Asset Management in Norfolk, Virginia. “Will it make crypto redundant? No.

“I don’t think China’s regulation, or even US regulations, will make that much of a difference in the long run,” he added.

Bitcoin, for example, is still up around 40% year-over-year despite the slump on Friday. (It’s far from its April high of around $ 63,000, however.)

To this day, volatility is a signature of cryptocurrencies. This year, for example, prices have fluctuated sharply after tweets from Tesla co-founder and crypto enthusiast Elon Musk.

Advisors usually recommend that investors allocate a small portion of their portfolio (anything that they would lose entirely) because of the risk involved.

Tax advantage

Investors can take advantage of recent volatility, according to Jeffrey Levine, CFP, Accountant and Chief Planning Officer at Buckingham Wealth Partners in Long Island, New York.

Equity, crypto and other investors can “reap” investment losses for a tax advantage. Basically, you can sell a lost investment (e.g. Bitcoin) and use the loss to destroy the gain on a winning investment elsewhere in your portfolio.

This “tax loss harvesting” reduces (or eliminates) the capital gains tax owed on the estimated value of an investment sold.

However, unlike stock investors, crypto investors who are sold out can quickly buy back into the same or similar digital currency. As a result, if the volatile asset price recovers shortly thereafter, they can receive the above tax benefit as well as a portfolio benefit.

House Democrats proposed closing this crypto loophole after this year to reform tax law.

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A financial TikTok influencer with almost 500,000 followers says bitcoin is going to ‘get slayed’ – and shares how cryptos and stablecoins make up his trading strategy | Currency News | Financial and Business News

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Mason Versluis

  • 21-year-old Mason Versluis has almost 500,000 followers on TikTok, where he gives tips on crypto and markets.
  • He recently spoke to Insider about how he chooses which coin to invest in and why.
  • Versluis said he would like to see bitcoin “slayed” as other coins have far more real-world use cases.
  • Sign up for our daily newsletter here, 10 things before the opening bell.

Bitcoin is the largest cryptocurrency by market value and is dwarfing its competitors for the time being. But the rise of crypto rivals with far more real world uses means it will be dethroned sooner rather than later, according to financial TikTok influencer Mason Versluis.

The 21-year-old Versluis also bears the username Crypto Mason and has almost 500,000 followers on his TikTok account, which he uses to shoot short videos to educate his viewers about crypto and the markets.

Versluis, who has been trading crypto since he was 15, recently spoke to Insider about his prospects for the market.

“The psychological thing that Bitcoin is always number one and king can be gone. By ‘kill Bitcoin’ I mean that I want something to happen and then we’ll see what happens afterwards, ”said Versluis.

Bitcoin has a market capitalization of just under $ 800 billion, according to CoinMarketCap, of the roughly $ 1.9 trillion that the entire crypto market is worth.

In the last 12 months it has gained almost 350% in price, but Versluis believes there is more value elsewhere.

“My dad told me about XRP when I was 17 and I’ve been back ever since,” he said.

“I’m one of those people who think XRP is a ‘better bitcoin’. And it actually solves the payment problem better than Bitcoin ever can or will, ”he added. Ripple Lab’s XRP token is used in fast payment systems – an area where Bitcoin can’t really compete given the comparatively slow network speed. One of the bigger crypto coins, XRP has kept pace with Bitcoin over the past year, rising 320%.

Ether, the native token of the Ethereum network, is the second largest cryptocurrency and accounts for around 20% of the market. The blockchain’s ability to run decentralized financial applications, smart contacts, and other protocols has resulted in an onslaught of investor money in ether this year, up nearly 800% over that time.

“It must have use cases, that is: Does this token do nothing? Am I only buying this token because I think it will increase in value?” said Versluis.

“That’s what I personally invest in, just because of the potential – they actually do something. Ethereum has so many decentralized applications built on it, ”he added.

When it comes to taking a position in a coin, Versluis says he’s not a day trader.

“It’s a lot of stress, you have to sit at the computer and watch the markets,” he said.

“I’m going to see an opportunity, put in some money and basically ramp up this rocket until I think it’s time to sell it. I sell them off and put them in a stablecoin like USDT or USDC. And then I just make profits and reinvest part of it in my main portfolio. So it’s a slow process, “he said.

As a relatively young trader who says that part of his passion for crypto is the decentralized, free nature, the question arises what Versluis thinks about the regulation in this market. Unlike many crypto fans, he’s not against it. However, he believes that all rules have to adapt to the reality of the crypto market and that one size does not fit everyone.

“It’s a digital world. And we’re only getting more digital and virtual, ”he said.

“You can’t just take the old system and the laws and slap it on crypto. It doesn’t work.

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