What Happened in the Crypto Market While Everyone Was Sleeping – September 8 Review
The former CEO of the BitMEX cryptocurrency exchange, Arthur Hayes, considers bitcoin the best tool to protect savings during a period of aggravation in the geopolitical arena, the GameStop team spoke about a partnership with the FTX crypto exchange, analysts calculated El Salvador’s losses from investing in bitcoin – these and other news on the morning of September 8 in our review .
Behavior of cryptocurrencies – capitalization leaders
Bitcoin (BTC), according to the CoinGecko resource, started Thursday with a fall. As of 06:49, the cryptocurrency is trading at $19,226. Bitcoin’s 24 hour minimum is $18,704 and its maximum is $19,479.
The second largest cryptocurrency by capitalization, Ethereum, also started the day with a correction. As of the time of writing the review, the coin is trading at $1629.
In the top 10 most capitalized cryptocurrencies, according to CoinGecko, the best result in 24 hours was recorded by Ethereum (+7.8%), in a week – by Cardano (+6.7%). Within a day and the last seven days, all cryptocurrencies, with the exception of a number of stablecoins and bitcoin, showed positive dynamics. BTC losses for the week amounted to 4%.
In the top 100 most capitalized cryptocurrencies, according to the resource CoinGecko, the best result per day was recorded by Helium (+40.2%), per week – by Terra Luna Classic (+98.2%). Over the past 24 hours, Chain (-4.0%) has been losing in price more actively than others. The largest losses for the week were recorded by NEXO (-16.4%).
The value of El Salvador’s bitcoin portfolio has fallen by almost 60% amid the fall in BTC. This is indicated by an analysis of the volume of purchases of coins by local authorities and the movement of its course.
Recall that earlier experts talked about what threatens the fall of bitcoin to El Salvador. According to them, the country’s authorities invested only a small part of the budget in cryptocurrency. Therefore, the depreciation of BTC, according to our interlocutors, will not lead to a deterioration in the country’s economy.
Other cryptocurrency news for the morning of September 8
The distributor of game consoles and video games GameStop has become a partner of the American division of the FTX crypto exchange. Information about this appeared in a press release from the company.
As part of the collaboration, GameStop plans to provide its customers with access to FTX tools to immerse themselves in the world of digital assets. The parties also plan to develop initiatives in the field of e-commerce and online marketing. Including, FTX gift cards will appear in 3 thousand GameStop stores.
Recall that at the beginning of 2021, the distributor of game consoles became a victim of a pump, which was staged by Reddit forum users as part of the confrontation with Wall Street. Later, platform users switched to cryptocurrencies. Amid the hype around GameStop, the company decided to dive into the world of digital assets. For example, in 2022, she launched an NFT marketplace. Unfortunately, the platform did not become successful.
Arthur Hayes, the former CEO of the BitMEX cryptocurrency exchange, considers bitcoin to be the best choice for investors to save capital during the escalation of tension in the geopolitical arena, including military conflicts. He shared his opinion on the blog.
Arthur Hayes drew attention to the fact that inflation often follows armed conflicts. To combat it, it is worth using deflationary assets, for example, bitcoin, the emission of which is limited at the level of 21 million coins.
He also drew attention to the fact that cryptocurrency helps to overcome the risks of interception of control over resources by regulators. Savings in digital assets of private investors, subject to the rules of safe storage, will be out of reach of third parties.