Bitcoin: sudden collapse, but no alarms

During the week, on Tuesday, Bitcoin experienced a flash crash. The event resulted in a 16% drop after 30 absolutely positive days. Analysts, however, curb all kinds of alarmism.

Bitcoin: fiat currency in El Salvador but sudden collapse

The trend looked positive, especially after Bitcoin became fiat currency in El Salvador. Yet, thanks to the work of Bitpanda analysts, we learn of a drop of 16% relative to just a few days ago. To take stock of the situation on Bitcoin and other cryptocurrencies is Orlando Merone, Country Manager for Italy at Bitpanda.

A price collapse occurred on Tuesday 7 September – from over € 44,800 to under € 37,000 – in a massive sell-off. In practice, there was a real flash crash, which mainly affected the derivatives market. The consequences? A liquidation of over 3.2 billion euros. Also Ethereum it experienced a similar collapse, while remaining above the support level of the 200-day moving average.

Litecoin supports NFTs, IOTA is growing, and Cardano looks promising

News also for Litecoin, which introduces OmniLite. The latter is a second level protocol that would allow the creation of stablecoins and smart contracts on the blockchain. The rollout would allow the creation of NFT, building on the previous Omni protocol. After this announcement there was a jump in Litecoin, which then settled after the recent market decline mentioned above. Before the collapse, the value of the crypto was almost 200€.

Orlando Merone, Bitpanda Country Manager for Italy

A significant leap also occurred for IOTA, the price of which has gone up by over 100% in the first 3 days of September. The crypto has in fact managed to reach € 1.72, before returning below € 1. At the moment IOTA is settling around 1.25€, which is in any case 50% more than the value at the end of August. The reasons behind this positive trend are to be found in the integration ofHornet update.

Among the best performing cryptocurrencies we certainly find Cardano. The price is in fact rising thanks to the Alonzo update which should arrive tomorrow, Sunday 12 September. ADA, Cardano’s native token price reached its all-time high at 2,6 euro, before falling back to 1.8 euros in recent days.