The Bitcoin hash rate decreased by 30% thus giving rise to expressions of fear. Binance’s cryptocurrency staking service will be available for eight crypto assets.
In recent days, Bitcoin’s price has suffered a significant decline, reaching a price of just under USD 8,000 on September 26th, after having remained, in previous weeks, around USD 10,000 per unit. According to CoinMarketCap data, the price of the cryptocurrency is USD 8,293, at the time of writing this article.
The fiat cryptocurrency basket that will support Facebook’s Libra was revealed in recent days. It will include 50% of US dollars (USD), 18% of euros (EUR), 14% of yen (JPY), 11% of pounds sterling (GBP), and 7% of Singapore dollars (SGD).
According to German publication Spiegel, the Libra Foundation revealed the exact composition of the fiat currency basket that will support Facebook’s cryptocurrency Libra. The confirmed absence of the Chinese yuan and the predominance of the US dollar characterize the power struggle behind this first GAFAM (Google, Apple, Facebook, Amazon and Microsoft) currency.
Bitcoin, as well as most altcoins, began on September 24th by throwing red numbers that showed a downward market trend. Although Bitcoin had respected the psychological support of between USD 9,000 and USD 9,500 per unit on September 24th, the price of BTC reached USD 8,421, a drop of 14% in less than 2 hours.
Ethereum’s capacity has been expanded by the mining community to allow processing more transactions per second in the network. This is due both to the increase in network traffic, mainly caused by the controversial stablecoin Tether, and to a gambling game called FairWin.
Venezuela would be seeking to use cryptocurrencies, such as Bitcoin (BTC) and Ether (ETH) to honor the debts of state oil company Petróleos de Venezuela (PDVSA). This measure would be an instrument to avoid international sanctions imposed by the United States, according to a report by the Bloomberg news agency.
The fall in Bitcoin’s price between September 24th and 25th was not fully reflected in Venezuela. At the same time in which BTC lost about 12% of its value in USD, the price of Bitcoin in bolivars (VES) fell just over half of that percentage. A new increase in the official and parallel exchange rates between the bolivar (VES) and the dollar prevented a greater fall in Bitcoin’s price.
Binance announced on September 26th that it will activate a cryptocurrency staking platform that will allow users to earn dividends by keeping funds in their wallets. The new service allows taking advantage of the rewards offered by some cryptocurrencies that operate on networks governed by the Proof of Stake (PoS) protocol.
On September 24th, the Bitcoin hash rate decreased by 30% in a dramatic way, giving rise to expressions of fear throughout the market and widespread panic that the network may not be secure enough. Recently, the Bitcoin hash rate set new highs, exceeding 100 EH/s. However, at the end of September, it fell from 98 EH/s to 67 EH/s, which represents a variation of 32%.
By Willmen Blanco