A strategist at JPMorgan stated that ether’s fair value is way lower than its current price. According to a set of measurements based on network activity, he calculated ether’s value at $1,500, 55% lower than its market price. One of the reasons argued for this assessment, is that Ethereum is not so unique anymore, and it is facing tough competition from other chains like Solana and Avalanche.
It is another exciting moment for El Salvador’s President Nayib Bukele, but not too exciting for more than half of the citizens of El Salvador. While the country is in chaos over the President endorsing bitcoin as the country’s legal Tender, Nayib has gone ahead to announce that the country has bought a new 150 Bitcoin. The latest addition to El Salvador’s collection of Bitcoin will sum it up to 700 coins.
Cross-chain DeFi platform pNetwork has become the latest protocol to be targeted by hackers on Binance Smart Chain, reporting a loss of roughly $12.7 million worth of Bitcoin.
Solana drags the extreme volatility into the new week as losses return to $140.
Leading U.S. cryptocurrency exchange Coinbase has secured a contract to develop tech for the Department of Homeland Security worth as much as $1.36 million.
The continent of Africa may have the smallest cryptocurrency market share globally, but it has seen some of the highest growth in adoption in the past year. According to a report by Chainalysis, Africa had recorded 1,200% growth since June last year, with the need for cheaper remittances, the rise of peer-to-peer trading, and savings needs leading the revolution.
One of the reasons behind Bitcoin's (BTC) volatility, the substantial price oscillations that occur regularly, is the discrepancy of its use cases. Some pundits deem it "digital gold," a truly scarce and perfect store of value (SoV). Others consider Bitcoin a technology project or a type of software with a corresponding network.
Whale Alert, a crypto whale transaction tracker, reported the Bitcoin wallet on September 19, noting that it has been dormant for about 8.8 years. Back in 2012, the wallet had 616 BTC, which was worth only $6,667 at the time. The price of Bitcoin has risen by over 440,000%, thereby raising the initial price to over $29 million.
Turkey is eager to become a blockchain hub as a country with one leg in Europe and another in Asia. However, the same passion doesn’t apply to cryptocurrencies, as Turkish President Recep Tayyib Erdoğan reiterated recently.