Cardano cryptocurrency slumps 10%

Bitcoin is more like an instrument of barter, the use of which carries a high risk, than the "evolved" money. This was stated by the head of the Bank of Mexico, Alejandro Diaz de Leon, reports Reuters.

"When someone receives bitcoin in exchange for a good or a service, we believe that this [transaction] is more like barter. A person exchanges goods for goods, but not for money. The latter these days are fiat currencies issued by central banks. Bitcoin is more like a precious metal than a legal tender for day-to-day payments," he explained.

According to Diaz de In order for cryptocurrencies to be recognized as money, the asset class needs to become a reliable payment instrument. They should also perform a value-preserving function, but this is hampered by price volatility.

"People don't want their purchasing power, their wages day to day of the day rose or fell by 10%. You don't want to see that kind of volatility in purchasing power. In that sense, it [bitcoin] is not a reliable guarantor of value," the official stressed.

At a recent conference, Bank of Sweden Governor Stefan Ingves compared buying and selling bitcoin to trading maThe government has also taken a number of steps to improve the sustainability of currencies that lack state support.

"Usually private money collapses sooner or later," Bloomberg quoted Ingves as saying.

Recall that in August, Roberto Campos Neto, president of Brazil's central bank, spoke out in support of regulating cryptocurrenciesт.27% of U.S. citizens are positive about the hypothetical scenario of bitcoin being recognized as a means of payment. These results were obtained by the research organization YouGov.

A total of 4,912 respondents took part in the survey.

Strictly against such an initiative were tonly 28% of respondents, 11% would rather not welcome it, and 34% were undecided. Every ninth American would fully support the idea, every sixth would give preference to the option of moderate support.

The main supporters of the first cryptocurrency were respondentsYou are between 25 and 34 years old, the opponents are people over 55 years old.

Among women 41% had no idea about bitcoin, among men there were 27% of them. Almost every third representative of the male sex would have a positive attitude to legalization of the first cryptocurrency, among women this share was 21%.

The survey also found an increase in bitcoin supporters and awareness as annual income levels rise.

As a reminder, according to the GamblersPick survey, 37% of U.S. cryptoinvestors would not even sell digital assets to pay bills, and slightly more half - won't spend it on luxuries or vacations.

Earlier research by BitPay payment system and news aggregator PYMNTS showed that 60% of digital asset owners in the U.S. consider cryptocurrencies suitable for everyday purchases, despite the existing barriers.Nikita Semov, a practicing trader and founder of the Crypto Mentors project, talks about the current market situation.

Bitcoin has been in the phase of volatility narrowing for several days, which is typical for cryptocurrency instruments after significant impulses. Let's take a look at digital gold's growth prospects in the coming weeks.

From a global perspective, the first cryptocurrency is in a steady uptrend. However, the current uptrend is overshadowed by significant momentum on 7 Sepin December. Let's look into the causes.

Reaction was caused by price coming to Low Volume Node by volume analysis. The pulse bar has a significant shadow from below, which indicates the presence of demand at $42,000.

Globally in such formations there is nothing terrible and ruinThe current pattern indicates the need to form a sideways range before crossing the key level of $53,000. The current pattern points rather to the need to form a sideways range before crossing the key level of $53,000.

If we consider speculation, I recommend to look for sets from the boundaries to the limits of the diapzone, making transactions from the zone of "cheap" prices near the lower boundary of the range to the zone of "expensive" prices - the upper boundary.

Main expectation in the medium term will be built from balance formation with exit upwards (in the direction of previous trend).Deripaska named the pros of creating a digital ruble, and Nasdaq will act as a supplier of quotations for tokenized shares - these and other important news of the cryptocurrency market in our daily review.

CryptoBBinance announced the appointment of Brian Schroeder as president of the bitcoin exchange's U.S. unit.

Russian billionaire Oleg Deripaska said that the introduction of the digital ruble would protectThe Russian government is trying to make investments in the context of the sanctions wars, TASS wrote.

Mining company Argo Blockchain has agreed on a loan from Mike Novogratz's crypto-bank Galaxy Digital in the amount of £18 million. The funds will be spentThe Group's production facilities are located in Texas, United States of America.

The U.S. stock exchange Nasdaq will start delivering price quotes for tokenized shares, Bloomberg reported, citing the exchange.

The emergence of the numbersThe Federal Reserve's (CBDC's) further replacement of physical banknotes could provoke "dramatic changes". The Wall Street Journal (WSJ) came to that conclusion after interviewing representatives of the banking sector.American billionaire Leon Cooperman admitted in a commentary to CNBC that he does not understand the principle of the first cryptocurrency. He also called for caution when investing in bitcoinIn.

"If you don't understand bitcoin, then you're old. I'm 78 years old. I'm old. I don't understand it. I would be very careful about bitcoin," Cooperman stated.

He also noted that he considers it evilthen the best asset to hold the value.

Leon Cooperman is the head of the hedge fund Omega Advisors, which has $3.3 billion in assets under management. Forbes estimates the wealth of millennialsarder investor of $2.5 billion.

Recall that in September, Senator Elizabeth Warren called cryptocurrencies "the new shadow banks".

In August, bitcoin skeptic and gold supporter Peter Schiff acknowledged that the price of digital gold could soar to $100,000 and he was in vain not to buy the asset in 2011. However, the entrepreneur still considers the first cryptocurrency a bubbleм.Asset manager ARK Invest amended the prospectus of ARK Next Generation Internet ETF (ARKW). The entity invests in Canadian exchange-traded funds (ETFs) based on cryptocurrencies.

"The fund can interact with digital assets, such as bitcoin, indirectly through investments in registeredThe paper says: "The Canadian trusts or other co-investment vehicles like ETFs.

The company noted in the prospectus that its fund may also invest in shares of Grayscale Bitcoin Trust (GBTC). ARKW is one of the largest holders of these securities.The structure owns about 8.5 million GBTC units with a combined value of $319 million - the instrument accounts for 5.57% of its portfolio.

Bloomberg analyst Erik Balchunas suggested that ARK Invest is seeking to replace GBTC shares with units of one of the Canadian ETFs. According to him, since February 2021, GBTC quotations have fallen nand 22% - over the same period, securities of the Canadian fund managed by Purpose Investments fell in price by 6.46%.

"That's a pretty significant spread. I'm sure it annoys them [ARK Invest]," noted the analyst.

According to Balchunas, Cathy Wood's company will hold the funds in CanThe SEC will approve cryptocurrency-based futures funds even after it approves them. He explained that such instruments would not be able to outperform physically backed structures.

As a reminder, Bloomberg experts predicted that the US regulator will approve bitcoin ETFs by the end of October 2021.On Monday, September 13, the price of bitcoin is falling. As of 09:35 MSK, the first cryptocurrency is trading at $44,816.43 (-1.23%), according to CoinMarketCap.

Ether has fallen to $3284.66 (-0.99%).

Binance Coin fell 1.13% to $401.67.

FxPro's team of analysts notedHe says: "The benchmark cryptocurrency is trading around $44,600 on Monday morning. Bitcoin's correction last week reduced cryptocurrency market capitalization by $264 billion: the volume even dipped below $2 trillion at one point, but then recovered. The reason was the sensational completion of BTC adoption in El Salvador. Investors consider the lack of a new global reason for renewed growth to be the main pressing issue. By the way, altcoins lost in value more than bitcoin. The correction was particularly unpleasant for Cardano, as the coin was just gearing up for a new bump at the launch of smart contracts. Although some altcoins, such as Solana, were able to retainto keep growing. Observers believe that now is a good opportunity to buy cheaper coins and save the market from overheating. So, it is possible to maintain the current scenario until BTC falls to $43,000".Fintech company Ripple will provide the U.S. Securities and Exchange Commission (SEC) with internal audio and video recordings. This was reported by U.Today.

On August 31, the regulator filed a corresponding petition.

It is referring to recordings from general meetings since the fourth quarter of 2014, meetings with SBI [Holdings] and another. Ripple and the Japanese financial conglomerate entered into a partnership in 2016. As part of the agreement, they formed a joint ventureSBI Ripple Asia.

In December, SBI Holdings said the Commission's lawsuit would not affect the status of the XRP token in Japan.

According to the publication, the array of records also includes Ripple employees discussing the SEC investigation (Dec. 22, 2020), the company's prospects in light of XRP's falling price (Feb. 26, 2018) and cryptocurrency centralization (March 30, 2020).

The exact scope of the documents will be discussed by the parties during the meeting.

In early September 2021, the worldsoy judge Sarah Netburn ordered the California company to turn over access to employees' messages on the messenger Slack to the regulator.

Earlier, the court upheld Ripple's disclosure of SEC filings. The regulator is ordered to file them with a minimum number of edits.

In late August, the fintech company demanded that the Commission provide information about its employees' transactions with bitcoin, Ethereum and XRP, and also requested a documentThe cryptocurrency exchange Binance.

On September 9, lawyer Jeremy Hogan drew attention to the SEC's clarification. According to the filing, the regulator had not publicly referred to XRP as a security before going to court.

"The Commission acknowledges that certain third parties had inquired about the legal status of XRP prior to the filing of the case with the court. However, the Commission did not express an opinion one way or the other in response," the document states.

Recall that in December 2020.he SEC accused Ripple and its executives of unregistered sales of $1.3 billion in securities disguised as XRP tokens. The regulator later adjusted the lawsuit to focus on the actions of Brad Garlinghouse and Chris Larsen.

In July 2021, the company secured a subpoena from the agency's former director of corporate finance, William Hinman. During the hearing, he testified that he warned Ripple about the risk of recognizing XRP as a securityй.The total value of blocked assets (TVL) in Ethereum's Layer 2 (L2) Arbitrum solution rose more than 3,200% in a week to a record $2.2 billion.

As of this writing, Arbitrum accounts for nearly 74% of TVL in L2 protocols, according to L2Beat. On the second pageThe DeFi project dYdX with a rate of ~11% is at the top of the rating.

Offchain Labs, the company behind Arbitrum, announced the launch of its core network on August 31, 2021, following a $120 million funding round.

TVL's exponential growth in the protocol began on September 9, whenthe startup launched ArbiNYAN, a token-based profit farming program based on the NYAN token.

On Saturday, Messari analyst Ryan Watkins drew attention to Arbitrum's influx of funds:

"The volume of locked-in assets at Arbitrum is approaching $500 million, up 662% over the pastthe next week. Reaching $1 billion is just a matter of days. Don't oversleep the L2 solutions on Ethereum - they are not even far from their final form yet".

Watkins' prediction came true on the same day - the figure topped $1.4 billion.

NYAN's price was up from severalThe stock is up to nearly $8. However, it collapsed sharply, and at the time of writing the asset is trading around $0.5, according to Defined.

Recall that social content platform Reddit chose Arbitrum to scale its Community Points token-based rewards program.El Salvador's government will exempt foreign investors from capital gains tax and approach tax on bitcoin transactions. This was announced by Javier Argueta, legal adviser to the president, in a commentary to AFP.

"The step aims to to attract foreign investment," the official said.

The authorities intend to combat the use of bitcoin in illegal activities. To this end, according to Argueta, the Chivo cryptocurrency wallet has implemented a mechanism to track paymentsYou know, I'm not sure.

"We are implementing a number of recommendations from international organizations to combat money laundering," he said.

The adviser also pointed to the possibility of suspending bitcoin transactions in the event of a sharp drop in the exchange rate. This would reduce the negligence of theThe negative consequences of using cryptocurrency as a means of payment, he added.

As a reminder, on September 7, El Salvador enacted a law recognizing bitcoin as a legal means of payment.

According to estimates by the former director of extensionIn the wake of the integration of bitcoin wallet Chivo into El Salvador's financial system, payment companies and systems could lose up to $1 billion a year, according to Liquid cryptocurrency exchange Mario Gomez Losada. According to AFP, remittances to the country account for 20% of its GDP.Expert: Bitcoin price may fall by 20% to $37,000 by the end of the week

Bitcoin in the short term will remain under pressure and may after testing the level of $44 thousand go to the area of $37 thousand, that is 20% of the current levels, and ethereum (Ethereum) may also continue to decline in the near future - to $3 thousand, leading strategist of investment company Exante Yannis Kivkulis told RIA Novosti.

By 13.18 Moscow time the price of bitcoin on the largest exchange Binance decreased by 2.7% over the past 24 hours, to $ 44.66 thousand, Ethereum - by 6.15%, to 3.219 thousand.

"Cryptocurrencies failed to get meaningful price momentum from buyers late last week. The sell-off in El Salvador (El Salvador became the first country in the world to legalize bitcoin as a means of payment - ed.) only partially 'bounced back'. It seems that the cryptoCommodities are going to retest the "bottom" of the beginning of last week. Ether and bitcoin are under pressure since the beginning of the week", - says the expert.

"With the exception of bitcoin's brief dip to $43,000, this cryptocurrency has been getting support on the decline to $44-45,000 for over a month now. If buyers come in this area as well this time, we can expect an upward momentum to develop. However, it is worth waiting for aboutThe end of this test. Chances are high that the bulls will capitulate this time, facing persistent pressure from sellers," he believes.

In this case, Kivkulis doesn't exclude faster bitcoin fall - to the area of 37 thousand dollars already this week, and to 33 thousand dollars - in a month prospect; for Ethereum the failure under 3 thousand dollars in the nearest couple of days opens direct way to 2 thousand dollars.

"However, nhe more optimistic scenario cannot be ruled out: in case stock markets turn to growth, demand for risky assets may return to crypto. Even now it does not look as locally overheated as it was at the beginning of September and may be of interest for short-term purchases. Long-term buyers are likely to be interested in the area of July lows or even the area of 2017-2018 peaks," concludesн.Cryptocurrency Cardano traded at $2.3289 at 11:19 a.m. (08:19 GMT) on Monday, according to the Investing.com index, down 10.02% on the day. It was the cryptocurrency's biggest drop in value since September 13.

The drop also triggered a decline in the market'sCardano's capitalization rose to $75.2799B, or 3.74% of the total capitalization of all cryptocurrencies. While earlier at its peak, Cardano's capitalization stood at $94.8001B.

Over the past 24 hours, Cardano has traded between $2.3277 and $2.5922.

Over the past 7 days, the cryptocurrency Cardano aboutCardano currency lost 19.28%. The volume of Cardano currency traded in the last 24 hours prior to the publication of this piece was $8.4848B or 7.22% of the total volume of all cryptocurrencies. The rate has ranged between $2.0316 and $2.8747 in the last 7 days.

Right now, Cardano is still below 24.85% of its $3.10 peak, which was reached on September 2.

Meanwhile, other cryptocurrencies:
Bitcoin cryptocurrency last traded at $44,242.0, according to the Investing.com index, down 4.09% at thethe day's work.

Etherium was trading at $3,180.70 , down 7.67%, according to the Investing.com index.

Bitcoin's market capitalization is $835.3377B or 41.48% of total cryptocurrency capitalization, while Etherium's market capitalization is $375.1498B or 18.63% of total crypto market capitalization.

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