Cryptocurrencies fall in unison with the market

El Salvador's government bought an additional 150 BTC, while the Bank of Russia spoke "strongly against" cryptocurrencies - these and other cryptocurrency market news in our daily review.

El Salvador's President Nayib Buquele said the authorities bought an additional 150 bitcoins on the first crypto's slideup to $45,000.

The Turkish authorities and the central bank have no problem with openness to cryptocurrencies, on the contrary, they are "waging a separate war and fight" against them, President Recep Tayyip Erdogan said, BloombergHT writes. According to him, the country will not promote the spread of private digital assets, but will continue to use its owncurrency.

The Central Bank of Russia is paying close attention to cryptocurrencies due to their use in anonymous settlements between citizens, Interfax wrote with reference to Ilya Yasinsky, director of the financial monitoring and currency control department of the regulator. According to him, due to the high volatility of digital currenciescannot be considered by Russians as an investment instrument.

"The policy of the Bank of Russia at the moment is that we are categorically against crypto," Yasinsky said.

Metropolitan law enforcers have detained a man suspected of defrauding a Moscow resident in apurchase of cryptocurrency. According to the Interior Ministry, the victim transferred bitcoins worth more than 7 million rubles to the fraudster during a personal meeting.

Bitcoin is a monetary standard, which one day may become the world's reserve currency. This opinion was expressed by SkyBridge Capital CEO Anthony Scaramucci on Career Stories podcast.

The Securities and Exchange Commission of Thailand (SEC) has granted a subsidiary of Hong Kong-based fintech startup Fraction Group a dedicated service license/ The firm is allowed to place and trade Ethereum tokens for physical and digital assets.

The firm was founded three years ago by former Lazard investment bank partner Eka NiraEka Nirapathpongporn (Eka Nirapathpongporn). It positions the platform as a place to invest, sell and manage stakes in assets ranging from urban condominiums to artwork to private foundations.

"Fraction offers the first SEC-approved implementation of Ethereum-based blockchain technology for equity managementm ownership of multiple assets," said Sean Sales, the firm's co-founder and CTO.

Under the first IFO, investors will be offered stakes in landmark properties built by developers Magnolia Quality Development Corporation, Charn Issara and Nirvana Daii in the capital and islands. They have a combined value of 15 billion Thai baht ($462 million).

For the pThe minimum lot is sufficient for investors to have 5,000 Thai Baht (~$150). The first IFO is expected to launch in the first quarter of 2022.

Secondary circulation of tokens will be implemented through Fraction's global liquidity pool through an SEC-licensed digital asset broker called KULAP.

As a reminder, the first regulatedSE Digital, a subsidiary of financial services provider Seamico Securities, has become the portal for ICOs in Thailand in late 2019.

In March 2021, Sumitomo Mitsui Trust Bank and security token issuance technology provider Securitize conducted a private placement of the first such instrument in Japan in accordance with local legislation.The cryptocurrency Etherium traded at $2,981.76 at 3:27 pm (12:27 GMT) on Monday, according to the index, down 10.66% on the day. It was the cryptocurrency's biggest drop in value since September 7.

The drop also triggered a decline in the market'sThe market capitalization of Etherium reached $354.83B, or 18.57% of the total capitalization of all cryptocurrencies. Whereas earlier at its peaks, the capitalization of Etherium was $479.29B.

Over the past 24 hours, Etherium has traded between $2,980.49 and $3,344.04.

Over the past 7 days, the cryptoluta Etherium felt a drop in the rate to the extent of losing 6.75%. The volume of Etherium currency traded in the last 24 hours prior to the publication of this piece was $20.10B or 17.91% of the total volume of all cryptocurrencies. The rate ranged from $2,980.4941 to $3,672.6824 for the last seven days.

At the moment, Etherium is still down 31.71% from its peak of $4,366.10, which was reached on May 12.

Meanwhile, other cryptocurrencies
Cryptocurrency Bitcoin last traded at $43,071.4, according to the Investi, falling 8.75% during the day.

Tether was trading at $1,0002 , according to index, down 0.03%.

Bitcoin's market capitalization is $816.74B or 42.74% of total cryptocurrency capitalization, while Tether's market capitalization is $68.30B or 3.57% of total crypto market capitalization. Cryptocurrencies are falling amid declining stock indices around the world. According to cryptocurrency exchange Binance as of 16:00 MSK, bitcoin lost 8.01% and traded around $43,471, while etherium fell 9.63% to $3,016.

A strategist at JPMorgan (NYSE:JPM) said the other day that the fair value of ether is much lower than its current price. According to his calculations based on network activity, ether's fair price is $1500, which is 55% below Friday's market price (about $3,470).

One of the reasons for the low valuationThe main reason is the loss of Ethereum's uniqueness, as smart contracts have emerged in other networks, such as Solana and Avalanche.

JPMorgan strategist Nicolas Panigirtzoglu believes Ethereum's price has risen as a result of market confidence in the project's future development, Markets Insider wrote.

"The current price reflects exponential growth in traffic usage that may not materialize," he wrote.

Ethereum has been a pioneer in the development and implementation of smart contracts on pThe cryptocurrency market, but they have already emerged from competitors, although it may be difficult for them to outperform Ethereum's network effects.

Even with some large venture capital investments, most of the innovations are still being implemented in Ethereum and then spread to other projects. This is what happened with DeFi (decentralized funding) and NFT (non-interchangeable tokens), which first appeared in Ethereum and then were transferred to other networks.

"It's not unique.tion," Panigirtzoglu said. - You already see competition from binance, competition from solana. And there will be more of them in the future.

He also named cardano, which has recently been updated to allow the creation of smart contracts.

However, Jack O'Holleran, CEO of ethereum developer Skale Labs, told Insider that Ethereum is likely to remain the dominant decentralized finance blockchain, especially with the upcomingx network changes that should help it get bigger and faster.

"The vast majority of smart contract developers are building in the Ethereum ecosystem," O'Holleran said. - "Even though other chains have announced major partnerships, we still see the vast majority of (developers) getting sucked into the Ethereum vortex.

Ether has risen in value by more than 850% against the dollar over the past year during the widespread crypto boom.

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