Categories: Business
| On 1 month ago

Bitcoin, Ether, and other major coins crashed over 10%

By Aswin Kumar

The most popular cryptocurrency, Bitcoin, fell to $40K (currently trading at $42K) after hitting its monthly high of $52k earlier this month.

The fall also affected the 2nd most popular coin, Ethereum, which is currently trading at $2900 after falling from its monthly high of $3900 earlier this month.

Cryptocurrency prices took a sharp fall sparked by worries about contagion from China Evergrande Group swept through global markets.

As per CoinMarketCap, the prices of other major cryptocurrencies including SOL, DOGE, BNB, etc also fell to $130.89, $0.2063, $358.58 respectively.

While the whole market is bearish, the inflow for cryptocurrency investment funds and products stays high for the fifth consecutive week. According to the data by CoinShares, Crypto inflows amounted to $41.6 million for the week ended Sept. 17, with bitcoin getting the bulk of inflows at $15.3 million, and ether products garnering $6.6 million. 

Bitcoin is the most suffered in terms of inflow due to negative investor sentiments with inflow in only 3 weeks in the last 16 weeks amounting to 4.2 billion USD, as per the report.

With inputs from the latest reports, the Biden administration today issued a sanction against a cryptocurrency over “its alleged role in enabling illegal payments from ransomware”

The treasury department accused Suex OTC, SRO of facilitating transactions involving illicit proceeds for at least eight ransomware variants.

“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 previewing the announcement on Monday evening. The action “is a signal of our intention to expose and disrupt the illicit infrastructure using these attacks.”

The ransomware is used to takedown the system which controls everything from hospital billings to manufacturing.

“Rogue cryptocurrency exchanges have long been key enablers for ransomware gangs,” said Tom Robinson, chief scientist and co-founder of blockchain analysis firm Elliptic in an emailed statement. “This action by the U.S. government sends a clear signal that it will not tolerate this activity, wherever it is based.”

Meanwhile, El Salvador’s President Nayib Bukele said the country had “bought the dip,” in Bitcoin, totaling its BTC holding to 700.

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Aswin Kumar

A creative science nerd! Buy me a coffee: buymeacoffee.com/aswinkumar

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