Legacy and crypto crypto markets saw a strong correction today as traders fear that the second round of economic stimulus might be delayed as the White House, Senate and Congress could become entangled in a fight to fill the vacancy created by the passing of Supreme Court Justice Ruth Bader Ginsburg. In addition to this, financial stocks are leading the bloodbath as reports emerged that several banks could have been involved in facilitating the movement of over $2 trillion over a two-decade period. These suspicious transactions have been flagged as possible money laundering or criminal activity by the banks internal …

The U.S. Federal Reserve recently hinted that it could keep interest rates near zero at least through 2023. The Bank of England went a step ahead and said that it could explore options for cutting rates below zero in order to support an economy battered by the coronavirus lockdowns and the upcoming Brexit. In other news, Kraken exchange has become the first digital asset company to receive a charter to operate as a bank in the U.S. This is a huge change from the days when traditional banks refused to support crypto businesses. Daily cryptocurrency market performance. Source: Coin360 MicroStrategy’s …

Blockchain platform Polkadot (DOT) is the latest to invest back into its developer community with the launch of the Polkadot treasury. Run by community-elected council members, the pool will fund as many new community projects as possible. The treasury has already received multiple proposals related to infrastructure development, operations projects, and software development, by teams from Redspot, Centrifuge, Polkascan, and Encointer. The proposals to receive Treasury funding can be submitted by any holders of Polkadot’s native token DOT and will be approved based on their ability to “give traction to the network.” Proposals may relate to infrastructure deployment, network security …

This week MicroStrategy, a Nasdaq-listed company, announced that it had added 16,796 Bitcoin (BTC) to its existing holding of 21,454 Bitcoin. This means in less than a year the firm has amassed 38,250 Bitcoin. This is a defining moment as MicroStrategy becomes the first public company to adopt a Bitcoin standard. Other large companies may follow in MicroStrategy’s footsteps but they are likely to purchase at much higher levels according to Datavetaren, a pseudonymous software engineer. CNBC Mad Money host Jim Cramer also suggested that he might place 1% of his portfolio into Bitcoin as he considers gold ‘dangerous’. During …

Market capitalization and ‘flippenings’ happen to be important reflections of value for many crypto pundits and investors. Anyone who’s been in the game since 2017 will recall the heated discussions revolving around the Ether (ETH) to Bitcoin (BTC) flippening and the same commotion was caused by Bitcoin Cash (BCH) and EOS flipping top blockchains as they moved into the top-5. Now traders’ attention has shifted to Polkadot (DOT) as the network is currently ranked top-5 cryptocurrency by market capitalization and it seems that its ascension to the top came out of the blue. The network aims to be a decentralized …

Distributed storage project Bluzelle will be collaborating with the Web3 Foundation to bring its oracle system for use in the Polkadot decentralized finance ecosystem. The project formally announced on Sept. 15 that it would integrate its services with the Polkadot network, specifically its price oracle solution that could be used by DeFi projects building on the network. Bluzelle is a distributed database system featuring a set of validators committing their stake to ensure the validity of the data and associated changes. The project has recently turned to the oracle space, using its database core to provide additional functionality over existing …

Most retail traders find it difficult to go against the herd and buy when the market is down. They generally wait for the price to recover and for improvements in sentiment before jumping in. By doing this, retail traders typically miss the larger part of relief rallies and pocket a smaller profit. On the other hand, professional investors capitalize on sharp corrective moves by purchasing if they believe that the fundamental long-term trajectory remains intact. Daily cryptocurrency market performance. Source: Coin360 New research by OKEx Insights and Catallact indicates that retail traders were “shaken out” by Bitcoin’s (BTC) crash in …

The President of the European Central Bank (ECB) Christine Lagarde said that the coronavirus pandemic has acted as a catalyst in boosting the adoption of digital payments in the European Union. Lagarde expects the majority of the consumers to continue using digital services even in the future. In order to support the digitalization, the ECB has formed a task force, which is “exploring the benefits, risks and operational challenges” of developing a digital euro and is expected to announce its findings within the next few weeks. While a central bank digital currency might build up consumer interest in the short-term, …

Polkadot (DOT) validator Web3Italy has been “slashed” and “chilled” after going offline for 14 hours on Aug. 10 and 11. This means that the validator has lost their staked tokens and been temporarily kicked from the network, respectively. Web3Italy went offline at the same time that numerous other Web3 Foundation validators went offline resulting in the network taking action against the entire group. Web3 Foundation technical educator Bruno Skvorc said the act of being offline alone was not a “slashable offense,” but “being offline with a bunch of others is,” adding: “This validator was offline when a bigger set of …

The short-term gyrations in crypto and stock prices are usually based on sentiment and technicals, while the long-term trends generally follow stronger underlying fundamentals. Therefore, if the fundamentals do not weaken, smart investors view short sharp corrections as a buying opportunity. Data suggests that large investors, oftentimes dubbed ‘whales’, have been accumulating Bitcoin (BTC) since March. Along with them, several new small traders have also been buying Bitcoin and this suggests that retail and high net worth traders believe that Bitcoin will work as a store of value during the next crisis. Daily cryptocurrency market performance. Source: Coin360 Morgan Stanley’s …

Corrections are healthy for the strength of an uptrend because they shake out the excess exuberance and provide an opportunity to the traders who missed the bus earlier to make an entry at lower levels. About 68 crypto investors did the same thing when they used the recent dip to purchase anywhere between 1,000–10,000 Ether (ETH). Buying against the prevailing short-term negative sentiment during a correction is not an easy task but it is generally the right thing to do if the medium-term trend is bullish. Daily cryptocurrency market performance. Source: Coin360 Tops and bottoms are confirmed only in hindsight, …

The Nasdaq, S&P500 and Dow all corrected sharply on Sep. 3 and opened today with additional downside, suggesting that traders are rushing to the exit. Bitcoin (BTC) and several other major altcoins have also witnessed a strong bout of profit booking that has pulled down the total crypto market capitalization from $394 billion on Sep. 2 to about $339 billion today. Even gold, which is a traditional safe haven asset, has not been spared and lost ground in the past two days. This shows that traders are booking profits in every asset class that has run-up in the past few …