The Bitcoin price sank below the $18,500 price level for the first time on Saturday. Unable to recover to the $20,000 to $23,000 range in which it had been trading steadily for the past week.
At the time of writing, Bitcoin was trading at about $19,226 a coin, a drop of 5.74% in the last 24 hours according to our internal tool Crypto Online.
The market capitalization of Bitcoin plummeted around $350 billion. A 73% decrease from its all-time high in November, according to CoinGecko.
Historically, Bitcoin has experienced periods of asymptotic price increases followed by sharp declines, which usually unfold over several months to two years. Cryptocurrency traders and speculators refer to these periods as “cycles”. And they often reference historical price levels when setting new price targets.
Russia seems to be preparing to mine Bitcoin with gas flaring
The Russian government continues to establish links with major players in the cryptocurrency mining industry. Despite remaining skeptical about the legalization of trade and payments with them.
Russian state gas giant Gazprom Neft has partnered with BitRiver, the largest provider of crypto mining operations services in Russia. Gazprom will provide BitRiver’s partner data centers with electricity generated from the associated petroleum gas. As officially announced by the companies on June 16.
As part of the collaboration, BitRiver will develop a digital infrastructure based on Gazprom’s oilfields for cryptocurrency mining from the burning of waste gas.
Binance suspends withdrawals and deposits in Brazil following new central bank policy
Company announce in a statement it ended a partnership with the local payment gateway Capitual, which operated Binance deposits and withdrawals through Pix for a year and eight months.
On its platform, Binance informed users that deposits through Pix are experiencing instability due to a policy change made by the Central Bank of Brazil (BC). Without providing further details.
The blocking of the service coincides with the end of a BC-imposed deadline for Pix providers to implement new KYC (know your customer) requirements.
“Binance will replace Capitual with a local payment provider with extensive experience, which will be announced soon,” the company stated. And, he added that he will take legal action against Capitual, without providing further details.
Mark Cuban says the fall of cryptocurrencies highlights the wisdom of Warren Buffett
Billionaire cryptocurrency investor and Dallas Mavericks owner Mark Cuban says the current market crash reminds him of a well-known adage uttered by Warren Buffett.
Cuban sees a parallel between the rise and fall of cryptocurrency markets and projects. Thus the aphorism of the 91-year-old Oracle of Omaha, say that “only when the tide goes out do you find out who has been swimming naked.”
Cuban’s observation was revealed during an interview on Thursday with Fortune in which he discussed what he sees as flawed business models of some cryptocurrency projects that have fallen in the last two months.