BREAKING: Futures Signal S&P 500 Will Retake 50-Day Line
Cryptocurrency News: A new day means new news for the digital world of cryptocurrencies. GameStop (GME) is partnering with crypto exchange FTX to collaborate on new e-commerce and marketing initiatives. GameStop previously launched NFT initiatives as the video game retailer’s sales wither, and FTX has become a lending lifeline for struggling crypto companies as Bitcoin’s price plunges.
In metaverse news, the iconic department store Bloomingdale’s is ringing in its 150th anniversary by launching a virtual store for New York Fashion week, starting Sept. 9.
Things are going from bad to worse for bankrupt crypto lender Celsius Network. New filings from the Vermont Department of Financial Regulation say Celsius was insolvent as early as 2019. And in its 341 bankruptcy meeting, where creditors question debtors under oath , Celsius admitted that the company never earned enough revenue to support the yields paid to investors. Vermont regulators say this suggests yields to existing investors were probably paid with assets of new investors.
As the price of Bitcoin stumbles, cryptocurrency mining pool Poolin, which is responsible for roughly 10% of Bitcoin’s computing power, has halted withdrawals amid a liquidity crunch.
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Bitcoin is trending toward $19,400 Thursday afternoon, after falling near $19,000 during trading hours. September is historically the worst month for the world’s largest cryptocurrency. Bitcoin’s price has fallen an average 8.5% in September over the last five years.
It’s already been a tough summer for BTC. Its value tumbled 13.9% during August, sending it below its 200-week moving average of $22,680. Bitcoin’s price is trading below the investor cost basis of $19,360, a critical area of support, according to ARK Investment Management’s latest cryptocurrency report.
Ethereum is nearing $1,660 as of market close Thursday. Ethereum is currently upgrading its network to a proof-of-stake consensus algorithm. The first phase of the merge, known as the Bellatrix upgrade, launched on Tuesday and prepares the blockchain for the merge. While the second phase, called the Paris update, will commence in the coming days. The merge is expected to complete between Sept. 16 – Sept. 20.
Scroll down for more cryptocurrency news and price updates.
Digital asset investments are extremely volatile. While cryptocurrency’s fundamentals and technical indicators may differ, investors should focus on the same key objectives. First, stay protected by learning when it’s time to sell, cut losses or capture profits. Second, prepare to profit if the cryptocurrency starts to rebound.
Despite their original promise, cryptocurrencies haven’t acted as hedges against inflation. Instead, they’ve trended with the broader indexes. Read The Big Picture and Market Pulse to track daily market trends.
View IBD’s Best Cryptocurrencies And Crypto Stocks To Buy And Watch page to help navigate the world of digital asset investments.
Want a deeper dive into crypto? Check out the What Is Cryptocurrency? explainer page.
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9/08/2022 If successful, the event that is commonly known as the Ethereum Merge is expected to make Ethereum transactions faster.
9/08/2022 If successful, the event that is commonly known as the…
Google has circled in on Amazon’s e-commerce turf while failing to take a major bite of revenue — so far. (© Dave Cutler)
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