Greetings to all cryptotroopers!
We do hope that your weekend was better than for most of the cryptos. Digital currencies suffered dramatic turns these days, some altcoins were severely injured, Doge left a bit toasted. Keep calm, my comrade, it’s not a real war, it’s the simulation! And DailyCoin flipsider will be your Morpheus today.
So what happened:
- The Crypto market lost over $100 billions during a weekend
- DogeCoin price crashed right after the DOGE racecar
- Bitcoin hashrate dropped to the November lows
- Digital Euro promised to protect user privacy better than stablecoins
- The last but not least countries to jump into post-El Salvador-hype train
To Panic, or Not to Panic, That Is the Question
The cryptocurrency market witnessed some losses during the weekend. Over 100 billion dollars were liquidated. The global crypto market capitalization fell under $1.4 trillion on Monday.
All top-10 cryptocurrencies except stablecoins went in the red. Some of them, like Solana and Shiba Inu, suffered double-digit price drops. Chinese crypto ban and restrictions are considered the biggest trigger behind the recent drop.
- The cryptocurrency market has been in a downtrend since mid-May. Does anyone remember the days when the crypto market cap sat at $2.6 trillion all-time highs? It has lost almost 50% of value since then.
DogeCoin NASCAR Crash, but Bitmain Mining Machines Can Save the
The most famous meme coin went down by almost 20% in the past few days. The price crash coincided with DOGE’s participation in the NASCAR Xfinity Series Race At Nashville.
DogeCoin-sponsored NASCAR driver Stefan Parson hit the wall and crashed his race car. Don’t worry, everything is fine with the driver. Parson still managed to finish the race, although was the last one to do that.
- Dogecoin seems to have bad luck with petrol cars. Maybe, it should not toss and keep in line with the electric ones only? Otherwise, Elon may get hurt, so his curse may haunt DOGE for life.
- Let’s hope this won’t happen. Especially, when Bitmain released the more powerful DogeCoin mining machine.
China’s Bad Touch: Bitcoin Hashrate Dropped to November Lows
Bitcoin mining hashrate hit the lows last seen eight months ago. The Bitcoin network hashrate dropped to 102 tera hashes per second this weekend. It’s over 40% drop since mid-April when Bitcoin hashrate reached almost 200 tera hashes per second.
China is the major factor behind the current drop. The country has been one of the biggest Bitcoin mining providers, which produces over 70% of the world’s Bitcoin mining hashrate. Lately, however, China’s crypto miners are massively closing to the cryptocurrency mining bans.
- Less rash rate, fewer carbon emissions. A brief respite for the climate. The United States Bitcoin miners are already buying up mining equipment. You never know what the next day holds up in the sleeve.
European Central Bank Claimed to Protect User Privacy Better Than Stablecoins – Promises, Promises
Digital Euro got an influential supporter. The European Central Bank board member Fabio Panetta said digital euros could protect user’s privacy better than stablecoins.
ECB official believes the issuer of digital euro has no interest in storing and monetizing user data. He’s more critical of privately issued stablecoins, arguing that they work for commercial interests and profit.
Bank has conducted a survey earlier, showing that Europeans – both private users and entities – are highly concerned over their data collection.
- Nothing new under the sun. The ECB is protecting its child. Would be more surprising if it started advocating for alternative currencies?
Choo Choo, Hype Train: Governments Put Their Eyes on Bitcoin
Bitcoin became popular among the governments once again. Weeks after El Salvador made it an official national currency, another Central American country – Panama – wants Bitcoin as legal tender.
Paraguay also shows positive signs of Bitcoin legalization. Politicians from both countries plan to introduce Bitcoin-related bills to their legislation next month.
In the meantime, the United Kingdom takes the opposite turn. Local banks ban their users from buying cryptos from Binance and Kraken exchanges. It’s because of their weak security and frauds, British banks say.
- Low-income countries compete to become crypto and tech hubs for global investors. While Bitcoin is a low-hanging fruit for PR, the chain reaction of legalizations going on.